Trustpilot Group PLC (LSE:TRST) pleased the market today as it forecast that adjusted EBITDA for the year will be ahead of the range of expectations.
The leading global review platform said it expects total revenue of US$149mln, a 13% increase year-on-year, despite significant forex headwinds, or around 23% at constant currency.
Total bookings increased to US$165mln, up around 11% compared to the prior year, and the group said its balance sheet remains strong with US$73.5mln of cash and no debt.
CEO Peter Holten Mühlmann commented: "Despite the uncertain economic backdrop in the second half of the year we have continued to see robust growth in annual recurring revenue and our subscription model has been resilient, enabling us to maintain a 100% net dollar retention rate.”
Investors were impressed and shares surged 12.5% to 105.06p.
“A very strong statement today to show any doubters that the Trustpilot model is working well, and good momentum in the business” broker Peel Hunt commented.