Cornerstone FS PLC (AIM:CSFS) chief executive James Hickman speaks to Thomas Warner from Proactive London after the foreign exchange and payments solutions company published a full-year trading update that revealed a year-on-year doubling of revenues a hefty increase in gross margins.
Hickman attributes this success to the dedicated efforts and strategic planning executed in 2022 and early 2023, and highlights the importance of the expansion of their sales team and a shift in strategy towards direct market approaches. This move involved offboarding their white-label back book, which Hickman credits for noticeable improvements in margins and immediate revenue growth.
Despite this shift, the company maintains a strong focus on cost control, avoiding extensive marketing campaigns. Looking ahead, Cornerstone FS plans to continue its growth without major marketing initiatives. Instead, the company relies on partnerships and affiliates, including accountants, solicitors, and property agents, for customer acquisition.
To accommodate customer demands, they are expanding their presence with regulatory approval submissions in the UAE, Dubai, and Canada, and are launching new products and services. This includes expanding currency corridors to better serve customer needs.
Hickman concludes by reassuring investors of Cornerstone FS's significant transformation and strides made in 2023. With ambitious and focused strategies, the company anticipates substantial dividends in the next two to three years, marking a promising future for both existing and potential investors.
