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(Alliance News) - Danish consumer reviews website Trustpilot Group PLC lifted its outlook on Wednesday despite a widened pretax loss in the first half.
Shares in Trustpilot were trading down 6.0% at 389.51 pence each in London on Wednesday. Trustpilot debuted on the London Stock Exchange in March at an initial public offering price of 265p, meaning the stock is up 47% since. It was promoted into the FTSE 250 index in June.
In the six months ended June 30, revenue reached USD62.4 million, up 31% from USD47.7 million the previous year.
However, in the same period the company's pretax loss widened to USD17.3 million from USD6.4 million a year ago as overheads rose.
During the first half, general and administrative expenses almost trebled annually to USD30.1 million from USD11.5 million. Technology and content costs also grew, up 38% year-on-year to GBP15.2 million from GBP11.0 million.
Meanwhile, the number of reviewed domains increased by 41% to 626,000 in the first half from 445,000 the previous year, whilst active domains jumped 42% to 73,000 from 51,000.
The overall, cumulative number of reviews on the Trustpilot platform also grew in the first half of the year, up 44% to 144 million, the company said, from 100 million last year.
Trustpilot lifted its outlook at the half-year point. It previously expected constant currency revenue growth in the "high-teens". It now expects growth at similar levels to the 28% constant currency revenue surge from the first half.
Chief Executive Peter Holten Muhlmann said: "The growth we have achieved also reflects an element of recovery from the impact of the Covid-19 pandemic which affected [the first half of 2020]. The subsequent re-acceleration in our business that we saw in [the second half of 2020] has continued, as anticipated, into the first half of this financial year."
By Scarlett Butler; scarlettbutler@alliancenews.com
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