Trustpilot delivers bookings growth but lack of upgrade hurts shares
Trustpilot Group PLC on Thursday reported strong growth in bookings, led by North America, but shares fell, with one analyst suggesting the market may be disappointed by the lack of a guidance upgrade.
The Copenhagen-based consumer review platform expects to report bookings of USD171 million in the six months ended June 30, up 22% from USD140 million a year ago, or 18% at constant exchange rates, with growth driven by Enterprise and US momentum.
Growth at CER was ahead of the 16.5% market consensus cited by JPMorgan.
North America bookings increased 27% at CER, UK bookings by 11% at CER and Europe & Rest of the World bookings by 19% at CER.
The FTSE 250-listed company expects revenue growth of 19% at CER in the first half from £122.8 million the year prior.
Chief Executive Adrian Blair said: "We delivered strong bookings growth and gross retention in the first half, particularly in North America.
"AI is proving a significant tailwind for customer growth across all focus markets, particularly in Enterprise, as usage by both consumers and businesses continues to surge."
Trustpilot said it is on track to deliver full-year guidance of high-teens CER revenue growth and an adjusted earnings before interest, tax, depreciation and amortisation margin up two to three percentage points year-on-year, from £261.1 million and 15.6% posted in 2025.
Nonetheless, shares in Trustpilot fell 11% to 258.33 pence each in London on Thursday, although they have risen 64% year-to-date.
Peel Hunt media analyst Jessica Pok explained: "While it is another good print with continued growth in bookings and further progress in North America, we believe the market may be disappointed by the lack of a guidance upgrade."
But Ross Broadfoot at RBC Capital Markets said: "Whilst there is no upgrade today, we believe this performance should see risk to the upside for later this year."
Period-end net cash was USD21.9 million, down from USD47.6 million at the end of 2025, after executing USD42.5 million in share buybacks and employee benefit trust purchases in the period.
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