Cornerstone FS reports strong first quarter revenue

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Cornerstone revenue" style="float: left; margin-right: 5px;" link_thumbnail="" loading="lazy" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/04/Cornerstone-revenue.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>Cornerstone noted that excluding the contribution from acquisitions, the unaudited revenue stood at £888,000. This figure has surpassed the six-month revenue reported by the Group of £837,000 for the first half of 2021.</p>
<p>Additionally, revenues generated by clients that Cornerstone served directly increased in the first quarter of 2022 to 77%, compared to 28% for the first half of the previous year.</p>
<p><a target="_blank" href="https://www.leaprate.com/tag/cornerstone/" rel="noopener">Cornerstone</a> said in the official announcement:</p>
<blockquote><p>A key contributor to this was the Group&#8217;s Asia team that was brought on board in the second half of 2021. As announced in its trading update on 14 January 2022, this change to majority direct revenue has had a positive impact on the Group&#8217;s gross margin, increasing to approximately 51.5% for the full year 2021 (unaudited) from 29.8% for the full year 2020. The Board remains confident in the Group&#8217;s prospects and looks forward to updating the market on further progress in its audited results for the year ended 31 December 2021, which it intends to announce in June 2022.</p></blockquote>
<p>In the past 12 months, Cornerstone has expanded its operations significantly to enter new markets. In 2021, the company expanded its presence in the Middle East with a <a target="_blank" href="https://www.leaprate.com/financial-services/fintech/cornerstone-expands-in-dubai-appoints-robert-obrien-to-lead-new-office/" rel="noopener">new office in Dubai</a>.</p>
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