Trustpilot delivered an excellent set of results for FY23. The company beat already increased expectations for adjusted EBITDA, reported its first ever net profit and was powerfully net cash generative. That was driven by a strong performance in operating metrics, a bounce back in the growth rate of bookings and other customer metrics, together with a greater focus on delivering bottom line performance. To date, the company has completed more than half of the £20m share buyback which commenced in January. Company guidance is for mid-teens revenue growth (constant currency), which could prove conservative we believe given the momentum in bookings and annual recurring revenue, and for further operating leverage in 2024. The strong share price performance experienced since the summer has been fully justified by these results and while the rating may look demanding we expect further increases in earnings forecasts given the implications of Trustpilot's delivered performance and its guidance.