Trustpilot shares rocket on earnings upgrade - UKTN

Trustpilot shares rocket on earnings upgrade – UKTN

Posted by Admin January 16, 2025 Tech

Shares in Trustpilot soared as much as 16% as markets opened in London on Thursday after the customer review platform said its earnings expectations were set to come in ahead of analyst consensus.

The stock surge means Trustpilot’s shares have now more than doubled in the past year, making the company one of the best performers on the FTSE 250 index — but they remain short of the peaks they reached in mid-2021.

The London-based business today reported a 23% jump in 2024 bookings to $239m, with UK bookings rising 22% but bookings in North America rising even more strongly, up 26%.

Overall revenue rose 18% 0n a constant currency basis to $211m, while annual recurring revenue was up 21% to $231m.

Adrian Blair, CEO of Trustpilot said: “The Trustpilot platform continues to expand, driving a growth flywheel as more consumers read and write reviews, and more businesses use our products to build trust, grow and improve.

“In 2024 we focused on B2B product innovation, launching new features combined with new pricing and product packages. As a result, we delivered strong new business growth, combined with a significant improvement in the net dollar retention rate.”

Trustpilot reported strong cash generation, with cash of $69m at year end after having completed around 80% of its £40m share buyback programme.