Trustpilot reported results for 1H24 in line with the trading statement, including a 19% YoY increase in bookings to US$118m on a constant currency (cc) basis, a 2ppt increase in Last Twelve Months net dollar retention rate to 101% and group revenue of US$100m, up 18% with annual recurring revenue up 17% to US$211m. The company became profitable at the operating level in the first half for the first time and reported a net profit of US$7.7m (1H23 (US$2.5m)). Adjusted EBITDA came in ahead of expectations at US$11m. The company reiterated expectations for FY24 revenue growth in the mid-teens but now expects adjusted EBITDA to be at the top end of the US$18m-US$22m consensus range. Confirming the strong performance, and emphasising that the business is now net free cash flow generative, Trustpilot announced a follow on share buyback for up to £20m.
