REG - Trustpilot Group PLC - Trading Statement - 21% cc bookings growth

TrustpilotAnnouncement

16/01/2025 07:00

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RNS Number : 5033T  Trustpilot Group PLC  16 January 2025

 
   Trustpilot Group plc


Trading update for the twelve months ended 31 December 2024

16 January 2025

 Strong FY24 performance with 21% constant currency bookings growth and
 adjusted EBITDA expected to be ahead of consensus*

 

 $m                           FY 24     FY 23   Expected change %
                              expected  actual  YoY        cc
 Bookings(1)                  239       195     23%        21%
 Annual recurring revenue(2)  231       197     17%        21%
 Revenue                      211       176     20%        18%

1. The annual contract value of contracts signed in a given period translated
at monthly average rates.

2. Annual recurring revenue is defined as the annual value of subscription
contracts measured on the final day of a reporting period.

 

●    Expect to report FY 24 bookings of $239m (FY 23: $195m), up 23% year
on year and 21% at constant currency (cc), reflecting a strong performance
across our focus markets, particularly in North America:

○    UK bookings +22% cc;

○    Europe & ROW bookings +18% cc;

○    North America bookings +26% cc;

●    Last Twelve Month (LTM) net dollar retention rate expected to be
103% (FY 23: 99%) as a result of product innovation, combined with new pricing
and product packages introduced last April;

●    Expected ARR of $231m at 31st December 2024, up 21% cc and 17%
reported, reflecting recent FX movement of EUR and GBP vs. USD;

●    Expected FY 24 revenue growth of 18% cc;

●    Adjusted EBITDA expected to be ahead of consensus*;

●    Strong cash generation, with cash at 31 December 2024 of $69m (FY
23: $91m) having completed $43m (c.£33m) of the £40m share buyback programme
underway.

 

Adrian Blair, CEO of Trustpilot 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, combined with a significant
improvement in the net dollar retention rate.

 

New customer acquisition was strong throughout the year across all focus
markets, particularly North America, and we are very pleased with the
resulting overall growth in bookings of 21% cc, with adjusted EBITDA expected
to be ahead of consensus*. We made considerable strategic and operational
progress in 2024 and remain confident in the significant growth opportunities
ahead."

* On 14 January 2025, the FY24 company-compiled analyst mean consensus was for
constant currency revenue growth of 16% and adj. EBITDA of $22.2m. Nine
analysts contributed to consensus.

 

 Notice of FY24 results

 

The Group will report 2024 full year results on 18 March 2025. A hybrid
analyst and investor meeting will be held on the day at 9:00am GMT at JP
Morgan, 60 Victoria Embankment, London EC4Y 0JP and via
https://sparklive.lseg.com/TRUSTPILOTGROUP/events/222012ad-791c-4742-b36a-535fa02f6e31/trustpilot-fy-2024-results.
(https://www.lsegissuerservices.com/spark/TRUSTPILOTGROUP/events/6b29384a-82e0-4b8c-b111-eefcd043861e)
Please contact trustpilot@headlandconsultancy.com
(mailto:trustpilot@headlandconsultancy.com) if you would like to attend in
person.

 

 

 Contacts

 

 Trustpilot Group plc                        Headland Consultancy

 Louise Bryant, Head of Investor Relations   Stephen Malthouse / Rob Walker / Charlie Pepper

 investor.relations@trustpilot.com           trustpilot@headlandconsultancy.com

 +44 (0) 7813 210 809                        Tel: +44 (0) 20 3805 4822

 

 About Trustpilot

 

Trustpilot began in 2007 with a simple yet powerful idea that is more relevant
today than ever - to be the universal symbol of trust, bringing consumers and
businesses together through reviews. Trustpilot is open, independent, and
impartial - we help consumers make the right choices and businesses to build
trust, grow and improve.

 

Today, we have more than 320 million reviews and 70 million monthly active
users across the globe, with 140 billion annual Trustbox impressions, and the
numbers keep growing. We have more than 900 employees and we're headquartered
in Copenhagen, with offices in Amsterdam, Denver, Edinburgh, Hamburg, London,
Melbourne, Milan and New York.

 

 

 

Note: Total number of reviews on the platform includes those which may have
subsequently been removed. A Trustbox impression corresponds to a successful
loading of a page containing the respective Trustbox and it does not imply
that the Trustbox has been viewed by someone.

 

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