Trustpilot H1 revenues grow despite 'rapidly changing and uncertain' backdrop

Consumer review website operator Trustpilot said on Thursday that interim revenues had grown roughly 25% year-on-year amid a "rapidly changing and uncertain macroeconomic environment".

Trustpilot expects to report total interim revenues of $73.0m and full-year annual recurring revenues of $149.0m - up from $134.0m in the prior year.

Total bookings increased to $87.0m, up roughly 22% year-on-year at constant currency rates, reflecting both continued strength in the UK and Europe & RoW regions and approximately 8% growth in North America, where the growth expects its recently implemented new go-to-market strategy to begin to deliver an acceleration in bookings growth in the second half and beyond.

While noting the "rapidly changing and uncertain macroeconomic environment", Trustpilot continues to expect to deliver full-year constant-currency revenue growth in line with previous guidance and reiterated its outlook for adjusted EBITDA breakeven in 2024.

As of 0925 BST, Trustpilot shares had sunk 12.90% to 81.88p.

Reporting by Iain Gilbert at Sharecast.com