Five directors of Cornerstone FS PLC, a cloud-based provider of global
payments and currency risk management services, have secured a total of 1.89%
shares in the company via the London Stock Exchange (LSE). The transaction was sealed
on January 20th.
According to a press statement shared with Finance Magnates, the five
directors are: Gareth Edwards
(Non-Executive Chairman), James Hickman (Chief Executive Officer), Judy Happe
(Chief Financial Officer), John Burns (Non-Executive Director) and Simon
Bullock (Non-Executive Director).
These directors, respectively, bought shares worth the following
percentages of total voting rights: 1.49%, 0.14%, 0.05%, 0.01% and 0.20%. In
total, they acquired a total of 223,500 ordinary shares in the capital of
Cornerstone, the statement said.
Watch this recent FMLS22 session on trends that will shape payment processing in 2023.
The development comes only weeks after Cornerstone disclosed that it
expects its revenue for fiscal year 2022 to surge by 109% to £4.8 million,
powered by strong trading momentum throughout the year. Finance Magnates
reports that this is 12% above market expectations. Similarly, the
company saw its half-year revenue skyrocket by 127% year-over-year in
2022.
Hickman, who assumed the CEO position in August last year,
has previously noted that the expected increase in revenue cuts across all areas of the
firm’s businesses.
Cornerstone, which was admitted to the Alternative
Investment Market of the London Stock Exchange in April 2021, has taken a
number of steps in recent months to strengthen its business.
In December last year, the company agreed to sell its electronic money
institution, Avila House, to Aspire Commerce for £300,000 to boost its cash reserves.
The transaction is expected to be closed during the first quarter of this year.
The deal comes less than a year after the company’s primary operating
subsidiary, FXPress, was granted the Authorized
Electronic Money Institution (AEMI) license by the UK Financial Conduct
Authority.
Furthermore, Cornerstone in September acquired Pangea FX Limited, a
specialist FX and treasury consulting company. Hickman explained that the
move will help the company to drive its growth.
Five directors of Cornerstone FS PLC, a cloud-based provider of global
payments and currency risk management services, have secured a total of 1.89%
shares in the company via the London Stock Exchange (LSE). The transaction was sealed
on January 20th.
According to a press statement shared with Finance Magnates, the five
directors are: Gareth Edwards
(Non-Executive Chairman), James Hickman (Chief Executive Officer), Judy Happe
(Chief Financial Officer), John Burns (Non-Executive Director) and Simon
Bullock (Non-Executive Director).
These directors, respectively, bought shares worth the following
percentages of total voting rights: 1.49%, 0.14%, 0.05%, 0.01% and 0.20%. In
total, they acquired a total of 223,500 ordinary shares in the capital of
Cornerstone, the statement said.
Watch this recent FMLS22 session on trends that will shape payment processing in 2023.
The development comes only weeks after Cornerstone disclosed that it
expects its revenue for fiscal year 2022 to surge by 109% to £4.8 million,
powered by strong trading momentum throughout the year. Finance Magnates
reports that this is 12% above market expectations. Similarly, the
company saw its half-year revenue skyrocket by 127% year-over-year in
2022.
Hickman, who assumed the CEO position in August last year,
has previously noted that the expected increase in revenue cuts across all areas of the
firm’s businesses.
Cornerstone, which was admitted to the Alternative
Investment Market of the London Stock Exchange in April 2021, has taken a
number of steps in recent months to strengthen its business.
In December last year, the company agreed to sell its electronic money
institution, Avila House, to Aspire Commerce for £300,000 to boost its cash reserves.
The transaction is expected to be closed during the first quarter of this year.
The deal comes less than a year after the company’s primary operating
subsidiary, FXPress, was granted the Authorized
Electronic Money Institution (AEMI) license by the UK Financial Conduct
Authority.
Furthermore, Cornerstone in September acquired Pangea FX Limited, a
specialist FX and treasury consulting company. Hickman explained that the
move will help the company to drive its growth.