Trustpilot Group plc

Trading update for the six months ended 30 June 2024

11 July 2024

19% constant currency bookings growth* driven by continued momentum in focus markets and improved retention 

1. The annual contract value of contracts signed in a given period translated at monthly average rates.

2. Annual recurring revenue is defined as the annual value of subscription contracts measured on the final day of a reporting period.

* Expected

●    We expect to report first half bookings of $118m (H1 23: $98m), up 20% year on year and 19% at constant currency (cc), reflecting momentum across our focus markets and significantly improved retention in North America:

○    UK bookings +19% cc;

○    Europe & ROW bookings +16% cc;

○    North America bookings +23% cc;

●    Last Twelve Month (LTM) net dollar retention rate increased to 101% (LTM June 23: 99%);

●    Expected H1 24 revenue growth of 17% cc, in line with expectations given prior year's bookings growth;

●    Strong cash generation, with net cash of $76m (FY 23: $92m) after completing initial £20m share buyback in H1 24;

●    Completion of shareholder and court approved capital reduction, effective 19 June, enables future share buybacks, in line with our stated capital allocation strategy.

Adrian Blair, CEO of Trustpilot 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. In April we released new product features that provide businesses with AI driven insights into customer behavior and market dynamics, and we are encouraged by the feedback we have received so far."

"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."

The Group will report results for the six months ended 30 June 2024 on 11 September 2024. A hybrid analyst and investor meeting will be held at 9am BST at the London Stock Exchange or via https://www.lsegissuerservices.com/spark/TRUSTPILOTGROUP/events/6b29384a-82e0-4b8c-b111-eefcd043861e. Please contact us if you would like to attend in person.

Trustpilot began in 2007 with a simple yet powerful idea that is more relevant today than ever - to be the universal symbol of trust, bringing consumers and businesses together through reviews. Trustpilot is open, independent, and impartial - we help consumers make the right choices and businesses to build trust, grow and improve.

Today, we have more than 260 million reviews and 57 million monthly active users across the globe, with 117 billion annual Trustpilot brand impressions, and the numbers keep growing. We have more than 900 employees and we're headquartered in Copenhagen, with operations in Amsterdam, Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York.