Sparks

Trustpilot’s full-year results were as signalled in its January update, with revenue ahead by 18%, delivering an adjusted EBITDA figure in excess of what the market was then forecasting. Margin improvement is clearly strong, increasing from 8.8% to 11.4% as the group focuses more on its larger, higher-value enterprise customers and benefits from operational leverage as it scales. The growth effort centres on the key markets of the UK, US, Germany and Italy, all of which grew at roughly the same rate, implying there is no sign of the business maturing in the more established territories.

Trustpilot has continued to innovate to drive additional value for its customers through AI-driven insights, which is helping support growth in its net dollar retention rate (the amount spent by existing customers).

The outlook for the current year is for revenue growth in the high teens and a further step up in margins as the group reaps the benefits of scale. Trustpilot has a strong balance sheet and is continuing its share buyback programme into the current year.