Trustpilot swings to full-year profit

(Sharecast News) - Trustpilot said on Tuesday that it swung to a profit in 2023 as revenue and user numbers jumped. In the year to the end of December 2023, the review platform swung to a profit of $7.1m from a loss of $14.6m the year before as revenue rose 18% to $176m.

Adjusted earnings before interest, tax, depreciation and amortisation came in ahead of expectations at $15.5m, versus a loss of $4.4m a year earlier.

Bookings were up 18% to $195m, with 22% growth in Europe and Rest of World, 17% growth in the UK and a 12% gain in North America.

Annual recurring revenue grew 22% to $197m and monthly unique users on the platform rose 30% to more than 57 million.

Chief executive Adrian Blair said: "In my first six months at Trustpilot, I have witnessed first-hand just how powerful our platform is for consumers and businesses worldwide. We made strong strategic progress in 2023, building on robust foundations to grow our network of consumers and businesses and deliver profitability and positive cash flow ahead of expectations.

"By driving consumer adoption and delivering ever greater value to businesses through innovation, we are confident of delivering sustainable growth and long term margin improvement."

At 0915 GMT, the shares were up 3.7% at 212.69p.