Shares in Trustpilot Group PLC (LSE:TRST) rose 9% to 205.6p after the consumer reviews group reported an acceleration in growth in the second half of the year and signalled that profits would come in ahead of expectations.
In a note following the update, analysts at Peel Hunt reiterated their 'buy' rating on the shares, with a target price of 380p, pointing to stronger-than-expected bookings growth and a healthy cash position.
For the year to December 2025, Trustpilot reported bookings of $291 million, up 18% on a constant exchange rate basis, or 22% on a reported basis. That marked a pick-up from the first half of the year, when constant-currency growth was 17%.
Bookings are a key measure for subscription-based businesses, reflecting the value of contracts signed with customers during the period.
The acceleration was broad-based. In the UK, bookings growth improved from 15% in the first half to 16% for the full year.
Europe and the rest of the world saw growth rise from 19% to 20%, while North America remained the strongest region, with growth stepping up from 18% in the first half to 21% for the year.
Revenue for 2025 came in at $261 million, representing 20% growth on a constant-currency basis and 24% on a reported basis. That was around 4% ahead of Peel Hunt’s forecast and 2% above market consensus.
While Trustpilot did not disclose full-year EBITDA in the update, it said the figure would be ahead of market expectations.
The group ended the year with net cash of $48 million, slightly ahead of forecasts, and announced a $10 million extension to its existing share buyback programme, signalling confidence in its balance sheet and cash generation.
Peel Hunt said the update pointed to modest upgrades to its numbers, with revenue and EBITDA for 2025 likely to edge higher. The broker also flagged potential upside to 2026 forecasts, where it currently assumes 15% constant-currency revenue growth, given the momentum in bookings.
Trustpilot also provided an update on an Italian regulatory review, which it expects to conclude in March. Italy accounts for less than 5% of group revenues, limiting any potential financial impact.
Peel added that structural tailwinds remain in place, noting that the growing use of artificial intelligence-powered search is increasing the prominence of Trustpilot reviews in search results, something that companies value.
The broker said the shares trade on about three times forecast 2026 sales and 19 times EBITDA, and maintained its buy recommendation.