Report

Trustpilot | 1HFY24 results – Executing on strategy

Trustpilot reported results for 1H24 in line with the trading statement, including a 19% YoY increase in bookings to US$118m on a constant currency (cc) basis, a 2ppt increase in Last Twelve Months net dollar retention rate to 101% and group revenue of US$100m, up 18% with annual recurring revenue up 17% to US$211m. The company became profitable at the operating level in the first half for the first time and reported a net profit of US$7.7m (1H23 (US$2.5m)). Adjusted EBITDA came in ahead of expectations at US$11m. The company reiterated expectations for FY24 revenue growth in the mid-teens but now expects adjusted EBITDA to be at the top end of the US$18m-US$22m consensus range. Confirming the strong performance, and emphasising that the business is now net free cash flow generative, Trustpilot announced a follow on share buyback for up to £20m.
Underlying
TRUSTPILOT GROUP PLC

Provider
Capital Access Group
Capital Access Group

Capital Access Group advises companies on effective engagement with investors. Our experienced team offers market-leading access with hard-to-reach investors, including smaller institutions, pension funds and private client fund managers. These under-serviced investors are located not only in London but across the regions of the UK and Europe. We have an unrivalled knowledge of this extensive audience, to whom our published research is distributed, as well as to larger institutions. We offer this service as part of an integrated investor communications strategy to promote a company’s investment story.

Our clients, ranging from AIM to FTSE 100 companies, benefit from our professional, long-term relationships with investors. Not only do we identify and target investors, we contact them directly and relay their views back to clients with analysis, interpretation and advice. This ensures that our clients are in control of their investor engagement. The objective is to improve the reach and engagement with investors, which in turn strengthens the share price.

Analysts
Colin Smith

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