21st Mar 2023 11:15
(Alliance News) - Trustpilot Group PLC on Tuesday reported a stronger financial and operational performance in 2022, and announced its chief executive will step back into a non-executive role.
The Copenhagen-based online consumer reviews platform said revenue rose 13% year-on-year to USD148.9 million from USD131.4 million, or by 23% in constant currency.
Total cumulative reviews rose 27% to 213 million, with 46 million new reviews posted during the period. Monthly unique users reached 44 million from 41 million a year before.
"Due to the additional measures we implemented in 2022, fewer fake reviews needed to be removed in the period," the firm noted.
Loss before tax narrowed to USD15.0 million from USD26.6 million.
Looking ahead to 2023, it expects to move towards adjusted earnings before interest, tax, depreciation and amortisation, having reported negative USD4.4 million in 2022, swung from positive USD3.9 million in 2021.
It said due to macroeconomic uncertainty, it has seen lower new business and retention bookings in the first quarter, which will cause lower annual revenue from in-period bookings.
"Consequently we are more cautious in our outlook and expect a mid-teens percentage constant currency revenue growth rate in the current year, albeit with greater operating leverage and higher adjusted Ebitda than previously expected," the firm said.
Separately, the firm announced Founder & Chief Executive Peter Holten Muhlmann will transition to the role of non-executive director. He will be a "evangelist and brand ambassador", focused on the firm's efforts in Trust & Transparency, but continuing to work "very closely" with the business.
The board will begin a search for a new CEO, while Muhlmann to replace in place until one is found.
"I am truly thrilled to have the chance to focus my efforts and skills on promoting our brand and helping to drive the Trust agenda around the world. I have felt for some time that this is where I can make the greatest contribution and add the most value to Trustpilot in the years to come," Muhlmann said.
Shares in Trustpilot were up 1.4% to 93.75 pence each in London on Tuesday.
By Elizabeth Winter, Alliance News senior markets reporter
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