Trustpilot Group (TRST) Trading Update summary

Financial performance highlights

• FY24 bookings reached $239m, up 23% year-on-year and 21% at constant currency, with strong growth in North America (+26% cc), UK (+22% cc), and Europe & ROW (+18% cc).

• Annual recurring revenue (ARR) at year-end was $231m, up 21% at constant currency and 17% reported, reflecting FX movements.

• Revenue for FY24 grew 18% at constant currency, with adjusted EBITDA expected to exceed consensus estimates.

• Net dollar retention rate improved to 103% from 99% in FY23, driven by product innovation and new pricing packages.

• Cash at year-end was $69m after completing $43m of a £40m share buyback programme.

Strategic and operational developments

• Focused on B2B product innovation, launching new features and pricing packages in 2024.

• Achieved strong new customer acquisition across all focus markets, especially in North America.

• Significant improvement in net dollar retention rate due to product and pricing initiatives.

• Continued expansion of the Trustpilot platform, with over 320 million reviews and 70 million monthly active users globally.

• Management remains confident in significant future growth opportunities.

Outlook and upcoming events

• Adjusted EBITDA for FY24 is expected to be ahead of the analyst consensus of $22.2m.

• Full year 2024 results will be reported on 18 March 2025, with a hybrid analyst and investor meeting scheduled.

• Ongoing share buyback programme nearing completion.

• Strategic focus remains on product innovation and market expansion.

• No changes to the company’s mission to be a universal symbol of trust through reviews.