(Alliance News) - Cornerstone FS PLC on Tuesday reported a return to profit in the first half of 2023, as revenue surged.

The cloud-based payment provider said it swung to a profit of GBP23,247 from a loss of GBP3.0 million a year prior.

Revenue climbed 90% to GBP3.6 million from GBP1.9 million a year prior. Cost of sales increased 93% to GBP1.4 million from GBP727,081. However, share-based compensation costs decreased to GBP172,679 from GBP2.2 million.

Administrative costs were also 46% lower at GBP2.2 million compared to GBP4.1 million.

Looking ahead, the company said the strong trading momentum continued in the second half of 2023. It expects results for the year to be "significantly" ahead of market expectations, including achieving its first full year of positive adjusted earnings before interest, tax, depreciation and amortisation, compared to an adjusted Ebitda loss of GBP869,319 in 2022.

Chief Executive Officer James Hickman said: "When combined with a large and supportive market backdrop, as global digital payment transaction values expand and the on-going shift of payment transactions away from banks to specialist firms continues, the board has great confidence in the future of the group."

Cornerstone FS shares rose 5.5% to 12.40 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News reporter

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