(Alliance News) - Trustpilot Group PLC on Thursday reported a rise in revenue for 2023, as it launched a fresh share buyback programme.
Trustpilot shares jumped 20% to 175.30 pence each on Thursday morning in London.
The Copenhagen-based consumer reviews platform said in 2023, expected revenue jumped 18% to USD176 million from USD149 million in 2022.
Annual recurring revenue is set to have climbed 22% to USD197 million from USD162 million. Meanwhile, total bookings are anticipated to have grown 18% to USD195 million from USD165 million.
Chief Executive Officer Adrian Blair said: "Building on a solid performance in the first half of the year, we achieved further growth and margin improvement in the second half, with profitability and positive free cash flow ahead of expectations for the year. In addition to our focus on delivering sustainable operating leverage, we achieved robust growth in new business and a resilient retention rate across all regions."
Further, Trustpilot started a share buyback programme of up to GBP20 million, the sole purpose of which is to reduce share capital.
The company will release its 2023 results on March 19.
By Tom Budszus, Alliance News slot editor
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