Trustpilot expects revenue jump on ‘strong growth’ amid share price rally
Trustpilot expects a jump in revenue for the first half of 2024 as the global review platform looks to keep up a rally in its share price.
The FTSE 250 firm said on Thursday that it expected bookings of $118m (£92m) for the half year, which would be up 20 per cent from the same period in 2023.
It forecast total revenue growth of 18 per cent year on year, in line with expectations.
Trustpilot said it expected to benefit from a 23 per cent jump in North America bookings, noting “significantly improved retention” in the market. It also expected a 19 per cent increase for the UK and a 16 per cent rise for Europe and the rest of the world.
“In April we released new product features that provide businesses with AI driven insights into customer behaviour and market dynamics, and we are encouraged by the feedback we have received so far,” said Adrian Blair, Trustpilot’s chief executive.
“As we look ahead, we remain confident in the significant growth opportunities available to us in our focus markets of the UK, US, Germany and Italy, and beyond.
“The combination of new sales and an improvement in net dollar retention, supported by product innovation, underpins our confidence to reiterate our guidance of mid-teens constant currency revenue growth and margin improvement for the full year.”
Founded in 2007, Denmark-headquartered Trustpilot hosts reviews of businesses and charges users for analytics and other tools. It listed on the London Stock Exchange in March 2021.
Trustpilot’s shares have soared 256 per cent over the last 12 months. In March, the firm reported a profit of $7m (£6m) for 2023, swinging back from a loss of $15m (£12.8m) in 2022. It also completed a £20m share buyback in recent months.