19th Sep 2023 10:17
(Alliance News) - Consumer reviews platform Trustpilot Group PLC hailed a "strong" first-half performance and reported a swing to adjusted profit came "earlier than originally forecast".
Shares in the company surged 17% to 97.40 pence each in London on Tuesday morning.
The Copenhagen-based firm said revenue in the first half ended June 30 rose 15% on-year to USD84.6 million from USD73.4 million.
It narrowed its pretax loss to USD4.0 million from USD9.2 million a year prior. In addition, Trustpilot reported adjusted earnings before interest, tax, depreciation, and amortisation of USD5.7 million, swinging from a loss of USD5.4 million.
"Our business delivered a strong first-half performance enabling us to move to adjusted Ebitda profitability and positive free cash flow earlier than originally planned. Whilst we experienced the effects of the uncertain macro environment in Q1, which affected new business and retention bookings, we subsequently saw a more encouraging performance in Q2 which has continued into Q3," Trustpilot said.
It backed its annual top-line outlook, predicting mid-teens constant currency revenue growth. However, it now believes its adjusted Ebitda will beat the current range of market expectations.
By Eric Cunha, Alliance News news editor
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