REG - Trustpilot Group PLC - 19% constant currency bookings growth

TrustpilotAnnouncement

11/07/2024 07:00

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RNS Number : 9358V  Trustpilot Group PLC  11 July 2024

  Trustpilot Group plc


Trading update for the six months ended 30 June 2024

11 July 2024

19% constant currency bookings growth* driven by continued momentum in focus
markets and improved retention

 $m                           H1 24     H1 23   Expected change %
                              expected  actual  YoY        cc
 Bookings(1)                  118       98      20%        19%
 Annual recurring revenue(2)  211       180     17%        18%
 Revenue                      100       85      18%        17%

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.

* Expected

 

●    We expect to report first half bookings of $118m (H1 23: $98m), up
20% year on year and 19% at constant currency (cc), reflecting momentum across
our focus markets and significantly improved retention in North America:

○    UK bookings +19% cc;

○    Europe & ROW bookings +16% cc;

○    North America bookings +23% cc;

●    Last Twelve Month (LTM) net dollar retention rate increased to 101%
(LTM June 23: 99%);

●    Expected H1 24 revenue growth of 17% cc, in line with expectations
given prior year's bookings growth;

●    Strong cash generation, with net cash of $76m (FY 23: $92m) after
completing initial £20m share buyback in H1 24;

●    Completion of shareholder and court approved capital reduction,
effective 19 June, enables future share buybacks, in line with our stated
capital allocation strategy.

 

Adrian Blair, CEO of Trustpilot said: "We are pleased to report strong growth
across the business in the first half of the year. This was combined with
significant strategic and operational progress, and a clear focus on helping
our business customers to build trust, grow and improve. In April we released
new product features that provide businesses with AI driven insights into
customer behavior and market dynamics, and we are encouraged by the feedback
we have received so far."

 

"As we look ahead, we remain confident in the significant growth opportunities
available to us in our focus markets of the UK, US, Germany and Italy, and
beyond. The combination of new sales and an improvement in net dollar
retention, supported by product innovation, underpins our confidence to
reiterate our guidance of mid-teens constant currency revenue growth and
margin improvement for the full year."

 

Notice of results

 

The Group will report results for the six months ended 30 June 2024 on 11
September 2024. A hybrid analyst and investor meeting will be held at 9am BST
at the London Stock Exchange or via
https://www.lsegissuerservices.com/spark/TRUSTPILOTGROUP/events/6b29384a-82e0-4b8c-b111-eefcd043861e.
(https://www.lsegissuerservices.com/spark/TRUSTPILOTGROUP/events/6b29384a-82e0-4b8c-b111-eefcd043861e)
Please contact us if you would like to attend in person.

 

 Contacts

 Trustpilot Group plc                        Headland Consultancy

 Louise Bryant, Head of Investor Relations   Stephen Malthouse

 investor.relations@trustpilot.com           Rob Walker

 +44 (0) 7813 210 809                        Charlie Pepper

                                             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 260 million reviews and 57 million monthly active
users across the globe, with 117 billion annual Trustpilot brand impressions,
and the numbers keep growing. We have more than 900 employees and we're
headquartered in Copenhagen, with operations in Amsterdam, Denver, Edinburgh,
Hamburg, London, Melbourne, Milan and New York.

 

 

 

 

 

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