Trustpilot Group PLC (LSE:TRST) shares stepped higher on Thursday after the consumer reviews platform reported strong trading in 2024, with a 23% year-over-year rise in bookings to $239 million – which would be 21% growth at constant currencies.
Similarly, annual recurring revenue (ARR) was up 21% to $231 million, while overall revenue climbed 18% to $211 million.
North America was Trustpilot’s top-performing region, with bookings up 26%.
Earnings (adjusted EBITDA) is now anticipated to beat the prior analyst consensus of $22.2 million.
Trustpilot said it ended the year with $69 million of cash, after a $43 million share buyback programme.
"The Trustpilot platform continues to expand, driving a growth flywheel as more consumers read and write reviews, and more businesses use our products to build trust, grow and improve,” chief executive Adrian Blair said in a statement.
“In 2024 we focused on B2B product innovation, launching new features combined with new pricing and product packages. As a result, we delivered strong new business growth, combined with a significant improvement in the net dollar retention rate.”
Blair added: “We made considerable strategic and operational progress in 2024 and remain confident in the significant growth opportunities ahead."
In London, Trustpilot shares were up 41p or 14.9% changing hands at 315.5p.