Trustpilot lifts earnings guidance after strong H1

Online business review website Trustpilot lifted earnings guidance on driven by a strong first half performance that saw it return to profit.

The company said it now expected to report adjusted first-half core earnings of $3m compared with a loss of $5.4m a year earlier and annual earnings would be at the top of a company-compiled range of $2.4 - $4m.

Group revenue for the six months to June 30 was expected to be $85m compared with $73 million. Total annual recurring revenue was $180m, up from $149m. Total bookings were up 16% to $98m.

Regionally, bookings growth was 15% in the UK and 21% in Europe & rest of world, which Trustpilot called "a resilient performance against a challenging macroeconomic backdrop".

In North America, bookings increased 11%, with an acceleration in the second quarter aided by an encouraging improvement in the US net dollar retention rate, and continuing benefits from its go-to-market strategy in the region.

Reporting by Frank Prenesti for Sharecast.com