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Wednesday 15 September 2021

Trustpilot upgrades on H1 results

TrustPilotDanish headquartered customer review website Trustpilot Group upgraded its forecasts for the full year after strong revenue growth in the first half. Interim results out this morning saw revenue grow 31% (22% in constant currency) to $62.5m in H1 2021 (H1 2020 £47.7m). Losses widened to $11m (H1 2020 $2m) partly down to associated costs of its March IPO. Bookings which provide visibility of future revenue, grew 28% in CC (H1 2020 16%). Bookings had slowed down during Covid but have seen a re-acceleration from the disruption caused by the pandemic.

Trustpilot has been around for 14 years and hosts reviews of businesses worldwide. Nearly a million new reviews get posted each month and the site offers a range of services to businesses. In addition to a free service, Trustpilot also provides several paid subscription modules offered on a SaaS basis. It has also done a good job of developing and embedding its brand as a mark of digital trust. 

Its IPO on the London market was a big boost for the City post Brexit in that it might just as easily have gravitated towards Amsterdam or New York. Although the business is headquartered in Copenhagen, it has a significant focus on the UK which accounts for around 40% of revenue and is its biggest market. The ‘Rest of World’ (mainly Continental Europe) contributes 36% whilst North America contributes 24%. In the UK it saw 27% CC revenue growth in H1, reflecting strong bookings growth from last year and benefiting from the successful positioning of its brand here. UK Bookings continued to grow strongly up 27% in CC.

Trustpilot’s stock has performed well since IPO and despite a dip in recent days is still up some 50% on March. Previous guidance was for high-teens constant currency revenue growth in 2021 and this has now been revised up to a rate for the full year consistent with H1.

Posted by: Marc Hardwick at 09:40

Tags: results   digital+marketplace  

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