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(Sharecast News) - Review website operator Trustpilot said on Monday that it would be to continue to operate its "ordinary course of business" despite troubles at its principal banking partner.
Trustpilot stated the closure of Silicon Valley Bank in the United States and the subsequent entry into receivership of its UK arm had left it with $24.0m of immediately accessible, made up of $19.0m cash on deposit with another bank, $4.5m guaranteed by the US Federal Reserve, and amounts due to be returned under guaranteed deposit insurance schemes in the UK.
The London-listed group highlighted that on 31 December, its net cash balance was $73.5m with no debt and added that "positive momentum and operating leverage" had continued since the year end, with the group being cash flow positive each month since September 2022. Trustpilot had $36.0m held in its SVB UK account, with $18.0m currently in transfer but pending confirmation.
"The board is confident in Trustpilot's liquidity position and resilience. Meanwhile, we have put in place measures to proactively manage our cash position during this period of uncertainty, and wider unpredictability in the current macroeconomic environment," said Trustpilot.
"We are encouraged that the Federal Reserve, Treasury and Federal Insurance Corporation have announced that depositors will have access to all their deposits from today, and we are awaiting news regarding our remaining cash deposits and cash in transit at SVB UK as they are now subject to the Bank of England's bank insolvency procedures in the UK."
As of 0850 GMT, Trustpilot shares were down 1.43% at 96.35p.
Reporting by Iain Gilbert at Sharecast.com
