Cornerstone FS predicting Q1 2023 revenue ahead of prospect
The Group accomplished strong trading momentum through FY 2022, with total revenue for the year ended 31 December 2022 of approximately £4.8 million.
This momentum increased in Q1 2023 beating management’s expectations with unaudited revenue expected to be approximately £1.95 million versus £0.95 million for the same period last year. This better-than-expected performance reflects growth across the Group’s business and the progress being made as a result of the increased focus on revenue generation with the sales team that was introduced at the end of last year and an expanding partnership network.
Furthermore, the Group achieved its first, unaudited, quarter of being EBITDA positive.
The Board, however, does not expect this exceptional Q1 trading to continue at the same rate in Q2 2023, with management expecting revenues to revert to its original budgeted levels for the period. The Board remains cautiously optimistic for rest of the financial year.