Trustpilot delivers annual loss despite FY revenue growth

Review website operator Trustpilot Group delivered an annual loss on Tuesday despite breaking even during the tail end of the year.

Trustpilot posted a full-year underlying loss of $4.4m for the twelve months ended 31 December even as annual revenues shot up 23% to $149.0m on a constant currency basis.

Bookings rose 20% to $165.0m but increased discretionary marketing spending and investments in growth impacted the London-listed group's bottom line. Net cash at the end of the period was $$73.5m - unchanged from year-end balances in 2021.

On an operational basis, Trustpilot highlighted a 27% increase in cumulative reviews to 213.0m, with active domains hitting 100,000 for the first time in its history - up from 84,000 in the prior year.

Elsewhere, Trustpilot revealed that founder and chief executive Peter Holten Mühlmann had informed the board of his intention to transition into a new role as non-executive director, where he will remain with the group as both an "evangelist and brand ambassador".

As of 0830 GMT, Trustpilot shares were down 4.89% at 87.97p.

Reporting by Iain Gilbert at Sharecast.com