- Shares drop on profit taking
- First half revenue up 17%
- Mid-teens full-year revenue growth
Sometimes it is better to travel than arrive and that seems to be the case for online review platform Trustpilot (TRST) after the shares sank almost 7% despite the firm notching up 19% growth in first-half bookings to $118 million.
The shares have been on a tear this year gaining 58% making them one of the best performers in the mid-cap FTSE 250 index. Over the last 12 months the shares top the mid-cap leaderboard with gains of 256%, so some profit taking is not that surprising.
WHAT DID THE COMPANY SAY?
The company expects first half revenue to grow 17% in constant currencies to $100 million and to achieve strong cash generation with net cash sitting at $76 million after completing an initial $20 million share buyback.
Chief executive Adrian Blair said: ‘We are pleased to report strong growth across the business in the first half of the year. This was combined with significant strategic and operational progress, and a clear focus on helping our business customers to build trust, grow and improve.
‘In April we released new product features that provide businesses with AI driven insights into customer behavior and market dynamics, and we are encouraged by the feedback we have received so far.
‘As we look ahead, we remain confident in the significant growth opportunities available to us in our focus markets of the UK, US, Germany and Italy, and beyond. The combination of new sales and an improvement in net dollar retention, supported by product innovation, underpins our confidence to reiterate our guidance of mid-teens constant currency revenue growth and margin improvement for the full year.’
Copenhagen-headquartered Trustpilot is a running Shares Great Idea and featured in the Mid-Cap Stars feature.
The company will report first half results to the end of June on 11 September 2024.
