Trustpilot Group PLC on Tuesday noted ongoing momentum and a ‘significant’ global opportunity ahead, as it reported higher revenue and a soundly reduced loss.

The Copenhagen-based consumer reviews platform said pretax loss narrowed to $1.9 million in 2023 from $15.0 million in 2022.

Revenue climbed 18% to $176.4 million from $148.9 million. Cost of sales increased 15% to $30.9 million from $26.9 million.

‘The board is confident in the company’s ability to deliver sustainable growth and long-term margin improvement, as we expand to capture the significant global opportunity ahead,’ Trustpilot said.

Chief Executive Officer Adrian Blair said: ‘ We made strong strategic progress in 2023, building on robust foundations to grow our network of consumers and businesses and deliver profitability and positive cash flow ahead of expectations. By driving consumer adoption and delivering ever greater value to businesses through innovation, we are confident of delivering sustainable growth and long term margin improvement.’

Trustpilot shares rose 2.1% to 209.40 pence each on Tuesday morning in London.

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