- Payment services provider Cornerstone FS said it expected to revenue an and margins to rise as increased trading momentum continued through its financial year-end.

Full-year revenue was now expected to come in at approximately £2.3 million, up from £1.7 million last year, reflecting a 'very strong second half of the financial year, with unaudited revenue approximately 75% higher than in the first six months of 2021,' the company said.

The group's new Asia team -- brought on board in the second half of 2021 -- boosted revenue from clients that the proportion of total revenue that was accounted for by clients that the group serves directly to approximately 56% compared with 12% for the previous year.

As a result, the company said it expected to report a 'substantial' improvement in gross margin to approximately 51.5% (2020: 29.8%),' the company said.

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