13th Sep 2022 09:49
(Alliance News) - Trustpilot Group PLC on Tuesday reported a double-digit rise in interim revenue and a narrowed loss as it backed its annual revenue outlook.
Shares were up 23% at 76.10 pence each on Tuesday morning in London.
For the six months that ended on June 30, the Copenhagen-based online review platform reported an 18% rise in revenue to USD73.4 million from USD62.4 million a year earlier, reflecting the "translational FX headwind that resulted from the material strengthening of the US dollar against sterling and the Euro during the period," it explained.
Pretax loss narrowed to USD9.2 million from USD17.3 million, as general and administrative expenses fell 30% to USD21.2 million from USD30.1 million a year ago.
Trustpilot said bookings rose by 22% to USD87 million from USD75 million a year ago.
Chief Executive Officer Peter Holten Muhlmann said: "We are pleased by our half-year results which demonstrate the continued strength of our business, both financially and strategically. The momentum we are seeing in consumer and business engagement in each of the regions in which we operate has been particularly encouraging."
Looking ahead, Trustpilot backed its revenue outlook for 2022, underpinned booking growth. It also said it's on track to breakeven adjusted earnings before interest, tax, depreciation and amortisation in 2024.
By Xindi Wei; [email protected]
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