Trustpilot Group PLC (LSE:TRST) narrowed first-half losses as revenues climbed, with a slowdown in booking growth in North America offset by strong performances in the UK and the rest of the world.
Revenue for the online review company came to US$73.41mln for the first half of 2022, up 18% year-on-year, or 25% at constant currencies.
Bookings in the UK, Europe and the rest of the world regions increased 27% at constant currencies, with 8% growth in North America compared to 15% last year.
The company reiterated its revenue outlook for the year was "underpinned by prior-period bookings growth" and remained committed to its "pathway to breakeven" in terms of adjusted EBITDA in 2024.
Pre-tax losses narrowed to US$9.2mln compared to a loss of US$17.2mln in the first half of last year, while adjusted EBITDA losses of US$5mln after making a profit of US$4mln in the first half of 2021.
"While we have not seen any significant changes in overall customer demand in our end markets in first half of fiscal 2022, we continue to monitor the uncertain macroeconomic environment closely and we think it is prudent to take a more cautious approach to our assumptions for new business growth and retention near-term," the company said in a statement.
"However, we benefit from a flexible operating model and expect to see significantly more operating leverage in the second half of the year than previously anticipated."
"The momentum we are seeing in consumer and business engagement in each of the regions in which we operate has been particularly encouraging," said Peter Holten Muhlmann, founder and chief executive.
Shares of the company shot up 15% to 71.33p in early trading.