Cornerstone FS (CSFS): FY21 update: ahead of market expectations
Cornerstone is experiencing strong growth, benefiting particularly from favourable underlying market trends and from the expansion of its Asia-focused operations during FY21. The trading update for FY21 to end-December confirms strong revenue momentum (38% year-on-year growth) and an emphatic 21.7% point YoY uplift in gross margin. The margin uplift was driven by higher customer revenue through direct channels (c.56% of total revenue in FY21), versus the indirect introducer network, although all channels saw growth. With a coherent product development roadmap in place and a strong pipeline of acquisitions, Cornerstone should continue to deliver solid growth over the medium term.
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