13th Jul 2023 09:13
(Alliance News) - Shares in TrustPilot Group PLC rose nearly 20% on Thursday, after the online consumer reviews platform said it expects to report higher revenue and bookings in the first half of the year.
Shares in TrustPilot were up 19% at 80.89 pence in London on Thursday morning.
Copenhagen-based TrustPilot said it expects to report that revenue in the six months that ended June 30 was up 15% to USD85 million from USD73 million a year before, or 18% at constant currency.
For all of 2023, it repeated its guidance for mid-teens percentage revenue growth at constant currency.
Total bookings in the period are estimated to have increased by 13% to USD98 million from USD87 million the year before. The increase is 16% at constant currency.
Annual recurring revenue rose 21% in the first half to USD180 million from USD149 million, or by 17% at constant currency.
"Regionally, bookings growth was 15% in the UK and 21% in Europe & RoW, a resilient performance against a challenging macroeconomic backdrop," the company said.
"In North America, bookings increased 11%, with an acceleration in the second quarter aided by an encouraging improvement in our US net dollar retention rate, and continuing benefits from our refreshed go-to-market strategy in the region."
As a result, Trustpilot said it said it now expects like-for-like adjusted earnings before interest, tax, depreciation and amortisation at the the top end of the range of market expectations, which it put at USD2.4 million to USD4.0 million. Adjusted Ebitda was negative USD4.4 million in 2022.
Net cash balance was up 13% to USD83 million at the end of the first-half, compared to USD73.5 million on December 31.
Trustpilot will release its full interim result on September 19.
By Will Neill, Alliance News reporter
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