Trustpilot H1 revenues grow

11th Jul 2024 08:18

(Sharecast News) - Review website operator Trustpilot said on Thursday that interim revenues had grown, reflecting momentum across its focus markets and "significantly improved" retention in North America.

Trustpilot said revenues were expected to be 18% higher at $100.0m, with annual recurring revenue growth of roughly 17% at $211.0m. Bookings were seen 20% stronger at $118.0m.

The London-listed group also highlighted strong cash generation during the period, with net cash of $76.0m after completing its initial £20.0m share buyback in H124.

Chief executive Adrian Blair said: "We are pleased to report strong growth across the business in the first half of the year. This was combined with significant strategic and operational progress, and a clear focus on helping our business customers to build trust, grow and improve.

"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."

As of 0910 BST, Trustpilot shares were down 4.67% at 224.50p.

Reporting by Iain Gilbert at Sharecast.com