Vitruvian sells 15.5m Trustpilot shares in placing

Vitruvian Partners has sold 15.5m shares in Trustpilot in a placing at 200p each.

Berenberg, which conducted the accelerated bookbuild, said on Wednesday that the size of the placing was increased from the 12.5m originally proposed due to "strong investor demand".

The placing shares represent around 3.7% of the company’s issued share capital and the price is a discount of 3.8% to the closing share price on Tuesday.

At 0855 GMT, the shares were down 7.1% at 193.25p.

Trustpilot said on Tuesday that it swung to a profit in 2023 as revenue and user numbers jumped.

In the year to the end of December 2023, the review platform swung to a profit of $7.1m from a loss of $14.6m the year before as revenue rose 18% to $176m.

Adjusted earnings before interest, tax, depreciation and amortisation came in ahead of expectations at $15.5m, versus a loss of $4.4m a year earlier.

Bookings were up 18% to $195m, with 22% growth in Europe and Rest of World, 17% growth in the UK and a 12% gain in North America.

Annual recurring revenue grew 22% to $197m and monthly unique users on the platform rose 30% to more than 57 million.