DJ Hardman & Co Research on Cornerstone FS (CSFS): Strong FY22 update and Avila House divestment
Hardman & Co Research Hardman & Co Research on Cornerstone FS (CSFS): Strong FY22 update and Avila House divestment 16-Jan-2023 / 07:00 GMT/BST
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Hardman & Co Research on Cornerstone FS (CSFS):
Strong FY22 update and Avila House divestment
The new CEO is proving to be decisive, while benefiting from continuing strong underlying momentum in the company's end-markets. The trading update released on 11 January 2023 confirmed a strong finish to FY22, with revenue for the last two months of the year coming in GBP0.5m ahead of expectations, taking the FY22 outturn to GBP4.8m versus previous guidance of GBP4.3m. The Avila House disposal announced in December is timely, realising GBP300,000 upfront and a further similar sum during FY23 from a licensing arrangement. The e-money licence that Avila brought had been superseded by Cornerstone's own licence. Our DCF-implied fair equity value for Cornerstone is GBP8.9m.
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End of Announcement - EQS News Service
1535239 16-Jan-2023
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(END) Dow Jones Newswires
January 16, 2023 02:00 ET (07:00 GMT)
