LONDON (ShareCast) - (Sharecast News) - Trustpilot reported strong financial and operational growth for 2024 in its final results on Tuesday, driven by strategic execution, product innovation, and network effects.
The FTSE 250 review platform operator said it saw bookings grow 21% in constant currency to $239m, supported by simplified pricing and product enhancements.

Its last 12 months' net dollar retention rate improved to 103%, up from 99% in the prior year.

Revenue increased 18% in constant currency to $211m, with reported growth at 19%.

Adjusted EBITDA rose 55% to $24m, reflecting a 2.6 percentage point expansion in EBITDA margin due to operating leverage.

Trustpilot also reported strong cash generation and announced a £20 million extension to its share buyback programme.

User engagement on the platform continued to grow, with total reviews rising by 23% to 301 million and annual TrustBox impressions reaching 140 billion.

Following strong bookings early in the year, Trustpilot said it expeced revenue growth in the high teens for 2025 on a constant currency basis.

Adjusted EBITDA was projected to come in slightly ahead of market expectations, with a further two percentage point improvement in EBITDA margin.

"Our strategy is clear: we operate an open, trusted platform for consumers to help each other make the right choices, and for businesses to build trust, grow, and improve," said chief executive officer Adrian Blair.

"We maximise the platform's inherent network effects by concentrating on depth in focus markets and verticals; and we drive a software-as-a-service model with positive net dollar retention, underpinned by product innovation.

"We executed well against this in 2024, delivering record bookings, profitability and cash generation, returning $42.9m of capital to shareholders through two share buybacks."

Blair said the company refreshed its go-to-market approach by simplifying packages and updating pricing.

"Product innovation is at the heart of our offering and in April we introduced new features which provide unique insights into consumer behaviour and market dynamics.

"Taken together these have underpinned the significant improvement in last 12 months' net dollar retention and driven bookings growth.

"Looking forward, we will continue to deliver product innovation to embed trust across commerce, as trust becomes even more important in the age of AI."

Reporting by Josh White for Sharecast.com.

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