Trustpilot Group PLC (LSE:TRST) shares jumped 10% as the online review platform company launched a new £30 million share buyback as greater cash generation improved in the first half of the year, despite bookings growth slowing.
Revenue rose 23% to $122.8 million, helped by enterprise customer wins that included Barclays, Boots, Lindt and Vimeo recently, while bookings increased 19% to $140 million, though this rate of growth slowed from 23% in the second half of last year.
Adjusted EBITDA climbed 70% to $18 million, with margins up to 14.6%, and profit before tax increased 45% to $3.7 million.
Adjusted free cash flow more than doubled to $15 million, with $67 million cash in the coffers, down 11% on a year ago.
Chief executive Adrian Blair said the group’s innovations, such as TrustLayer API, were “meaningfully advancing how consumers experience Trustpilot”.
He said the strong first-half showing had prompted an upgrade to its full-year margin guidance. The outlook for the full year was maintained for "high-teens" constant currency revenue growth, with adjusted EBITDA margin now expected to be "in line with H1", up from 14% before.
The shares rose 18.4p to 220.2p in early trading on Tuesday.
** Update: Adds share price **