Business
Trading Statement
Trading Statement.
About this update from Trustpilot Group Plc
[{"type":"text","content":"\n\nTrustpilot Group plc\n13 July 2023\n \nTrading update for the half-year ended 30 June 2023\n \nGroup revenue increased 18% with H1 adj. EBITDA of approximately $3m - upgrading profitability guidance for FY23\n \nTrustpilot Group plc (\"Trustpilot\"), a leading global review platform, provides an update on trading for the six months ended 30 June 2023 (\"H1'23\").\n \n\n\n\nUS$\n\n\nH1'23\n\n\nH1'22\n\n\nYoY actual\n%\n\n\nYoY constant currency %\n\n\n\n\nTotal revenue\n\n\n$85m\n\n\n$73m\n\n\n+15\n\n\n+18\n\n\n\n\nARR1\n\n\n$180m\n\n\n$149m\n\n\n+21\n\n\n+17\n\n\n\n\nTotal bookings2\n\n\n$98m\n\n\n$87m\n\n\n+13\n\n\n+16\n\n\n\n \nH1'23 financial highlights\nTrustpilot expects to report Group revenue of $85m (H1'22: $73m), up 18%3 at constant currency, with adj. EBITDA of approximately $3m (H1'22: $(5.4)m). We expect total annual recurring revenue (ARR) of $180m (H1'22: $149m), up 17%, with total bookings up 16% to $98m (H1'22: $87m). The last twelve months (\"LTM\") net dollar retention rate was 99% in the period (H1'22: 100%).\n \nRegionally, bookings growth was 15% in the UK and 21% in Europe & RoW, a resilient performance against a challenging macroeconomic backdrop. In North America, bookings increased 11%, with an acceleration in Q2 aided by an encouraging improvement in our US net dollar retention rate, and continuing benefits from our refreshed go-to-market strategy in the region.\n \nOur balance sheet remains strong and our net cash balance increased to $83m at the end of H1, reflecting positive free cash flow in the period, compared to $73.5m on 31 December 2022.\n \nUpdate on appointment of new Chief Executive Officer\nWe are pleased with the progress being made in the search for a new Chief Executive Officer and look forward to updating the market in due course.\n \nOutlook\nWe reiterate our expectation for FY'23 of mid-teens cc revenue growth. Due to resilient trading combined with improved operational efficiency, we now expect like-for-like full-year adj. EBITDA4 above the top end of the range of market expectations5 (excluding the effects of IFRS 15 - see note 6 below).\n \nNotice of half-year results\nTrustpilot is scheduled to report interim results for the six months ended 30 June 2023 on Tuesday 19 September 2023. On that day, a webcast and conference ca...