Trustpilot ups FY profit guidance, launches £20m share buyback

Reviews website operator Trustpilot launched an approximately £20.0m share buyback programme on Thursday as it said full-year profits looked set to beat consensus estimates.

Trustpilot said full-year revenues had risen 18% to $176.0m, a 17% year-on-year increase at constant currency, while bookings increased 16% to $195.0m and the group's net dollar retention rate for the period came to 99%, down ever so slightly from 2022's 100% performance. It also said it had closed the year with $91.0m of cash and no debt.

The FTSE 250-listed group added that its buyback, which will by run by merchant bank Joh. Berenberg, Gossler & Co, forms parts of plans to return excess capital to shareholders made back in September.

Chief executive officer Adrian Blair said: "Building on a solid performance in the first half of the year, we achieved further growth and margin improvement in the second half, with profitability and positive free cash flow ahead of expectations for the year.

"In addition to our focus on delivering sustainable operating leverage, we achieved robust growth in new business and a resilient retention rate across all regions."

As of 1035 GMT, Trustpilot shares had surged 19.51% to 174.0p.

Reporting by Iain Gilbert at Sharecast.com