Trustpilot shares rally as 2024 bookings improve by almost a quarter
Trustpilot Group PLC on Thursday said it expects to achieve double-digit revenue growth in 2024 as it expressed confidence in the growth opportunities ahead.
The Copenhagen-based consumer reviews platform said it anticipates revenue for 2024 to increase by 20% to $211 million from $176 million the prior year.
Its shares climbed 17% to 322.25 pence on Thursday morning in London.
Bookings are also anticipated to rise on-year by double digits, with Trustpilot expecting 2024 numbers to be up 23% to $239 million from $195 million. The FTSE 250-listed firm credited these improvements to a strong performance across its focus markets, particularly in North America where bookings were up by 26% at constant currency.
The firm noted that it expects to beat full-year market expectations for adjusted earnings before interest, tax, depreciation and amortisation at constant currency of $22.2 million. For 2023, the firm reported adjusted Ebitda of $15.5 million.
Its full-year results are scheduled to be released on March 18.
Trustpilot Chief Executive Adrian Blair said: ‘The Trustpilot platform continues to expand, driving a growth flywheel as more consumers read and write reviews, and more businesses use our products to build trust, grow and improve. In 2024 we focused on B2B product innovation, launching new features combined with new pricing and product packages. As a result, we delivered strong new business growth.
‘We made considerable strategic and operational progress in 2024 and remain confident in the significant growth opportunities ahead.’
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