Trustpilot Group plc (LON:TRST) has announced that its financial results for the six months ended 30 June 2024 have been submitted in full unedited text to the Financial Conduct Authority’s National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
- Significant strategic progress, with product innovation delivering new features and packages:
◦ Supported a 19% constant currency** increase in bookings1 to $118 million, and an improvement in Last Twelve Months (LTM) net dollar retention rate2 to 101% (H1’23: 99%).
◦ Platform users continue to grow, with 67 million unique monthly users9, up 28% and now over 300 million reviews on the platform, demonstrating the network effects;
- Group revenue increased 18% to $100 million, with annual recurring revenue3 up 17% to $211 million;
- Adjusted EBITDA* ahead of expectations at $11 million (H1’23: $6 million) with a 3.9ppt increase in adjusted EBITDA margin* due to operating leverage;
- Continued operating cash generation with period end cash of $76 million (FY23: $91 million) after completing the £20 million ($26 million) share buyback;
◦ Launching a further share buyback of up to £20 million today given strong cash position and confidence in future cash generation;
- Outlook for mid-teens constant currency revenue growth for the full year maintained and now expect adjusted EBITDA* to be towards the top end of market expectations10
Adrian Blair, CEO, commented:
“When I joined Trustpilot a year ago, I said that I aimed to bring greater strategic clarity, rigorous execution, and increasing profitability. We have made good progress across these areas.
“Our strategy is clear. We are an open, trusted review platform for consumers to help each other make the
right choices, and provide insights for businesses to build trust, grow and improve. By targeting key focus
markets and verticals, we maximise the inherent network effects of the platform.“We executed well against the strategy in the first half. Consumer adoption of the platform continues to
grow, with unique monthly users9 up 28% over the same period last year. For businesses, we released a
series of new product features to our software platform in April which provide unique insights into consumer behaviour and market dynamics, and we are pleased with the early feedback we have received.“As a result we delivered strong bookings1 growth and adjusted EBITDA* ahead of expectations in the first half, alongside a significant improvement in the net dollar retention rate. There is still plenty to do and we are excited by the significant growth opportunities available to us in our focus markets and beyond. We remain confident in delivering sustainable growth and improving operating leverage over the long term.”
