Last checked at 14 Jul 2022 07:00
Trustpilot Group PLC
14 July 2022
Trading update for the half-year ended 30 June 2022
First-half revenue increased to $73m, up c.25% year-over-year (YoY) at constant currency; FY22 revenue growth expected to be in line with expectations with adjusted EBITDA* breakeven in FY24
Trustpilot Group PLC ("Trustpilot"), a leading global review platform, provides an update on trading for the first six months of the financial year (1 January 2022 to 30 June 2022 ("H1 FY22")).
For H1 FY22 Trustpilot expects to report total revenue of $73m, up c.25% at constant currency (cc). We expect to report H1 FY22 ARR of $149m, compared to $134m in the prior year, representing c.23% cc growth. Total bookings increased to $87m, up by c.22% cc, versus a strong performance in the prior-year period (H1 FY21: +28% cc) and reflecting both continued strength in the UK and Europe & RoW regions, and c.8% cc growth in North America, where we expect our recently implemented new go-to-market strategy to begin to deliver an acceleration in bookings growth in H2 and beyond.
While noting the rapidly changing and uncertain macroeconomic environment, we continue to expect to deliver constant-currency revenue growth for FY22 in line with previous expectations and reiterate our outlook for adjusted EBITDA breakeven for FY24.
USD | H1 FY22 | H1 FY21 | (+/-) % actual | (+/-) % constant currency |
Total revenue | $73m | $62m | 18% | 25% |
ARR1 | $149m | $134m | 11% | 23% |
Total bookings2 | $87m | $75m | 15% | 22% |
1 Annual Recurring Revenue = Monthly Recurring Revenue * 12
2 The annual contract value of contracts signed in a given period
* Adjusted EBITDA being defined as earnings before interest, tax, depreciation and amortization, adjusted to exclude share-based compensation and restructuring costs.
Notice of half year results
Trustpilot is scheduled to report results for the six months ended 30th June 2022 on Tuesday 13th September 2022. On that day, a webcast and conference call for analysts and investors will take place at 09:00 BST. For registration and access to the webcast please visit https://investors.trustpilot.com.
Enquiries
Trustpilot
Derek Brown, Head of Investor Relations
Peter Holten Mühlmann, CEO
Hanno Damm, CFO
investor.relations@trustpilot.com
https://investors.trustpilot.com
Financial PR
Tulchan Communications
James Macey White
Matt Low
+44 20 7353 4200
About Trustpilot
Trustpilot was founded in 2007 with a vision to create an independent currency of trust.
A digital platform that brings businesses and consumers together to foster trust and inspire collaboration. We are free to use, open to everybody and built on transparency.
Trustpilot hosts reviews to help consumers shop with confidence and deliver rich insights to help businesses improve the experience they offer. The more consumers use our platform and share their own opinions; the richer the insights we offer businesses; and the more opportunities they have to earn the trust of consumers, from all around the world.
Trustpilot has over 900 employees and is headquartered in Copenhagen, with operations in London, Edinburgh, New York, Denver, Melbourne, Berlin, Amsterdam, Milan, and Vilnius.