Trustpilot - 1H23 Results Update
Trustpilot reported results in line with the interim update apart from a further beat to expectations for adjusted EBITDA, notwithstanding the increase in consensus estimates following the update. Guidance for mid-teens constant currency revenue growth for FY23 was maintained but Trustpilot again expects adjusted EBITDA for FY23 to exceed recent upwardly revised expectations which are for a mean of US$6.2m with a high of US$6.6m. For the first time, the company flagged the potential for a return of capital, most likely by way of share buyback, given the current valuation. Adrian Blair, who has only just joined the company as CEO was introduced to investors for the first time and set out a preliminary agenda stressing clarity, discipline and execution, given the scale of the choices Trustpilot enjoys.
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