Trustpilot delivers annual loss despite FY revenue growth
By Iain Gilbert
Date: Tuesday 21 Mar 2023
(Sharecast News) - Review website operator Trustpilot Group delivered an annual loss on Tuesday despite breaking even during the tail end of the year.
Trustpilot posted a full-year underlying loss of $4.4m for the twelve months ended 31 December even as annual revenues shot up 23% to $149.0m on a constant currency basis.
Bookings rose 20% to $165.0m but increased discretionary marketing spending and investments in growth impacted the London-listed group's bottom line. Net cash at the end of the period was $$73.5m - unchanged from year-end balances in 2021.
On an operational basis, Trustpilot highlighted a 27% increase in cumulative reviews to 213.0m, with active domains hitting 100,000 for the first time in its history - up from 84,000 in the prior year.
Elsewhere, Trustpilot revealed that founder and chief executive Peter Holten Mühlmann had informed the board of his intention to transition into a new role as non-executive director, where he will remain with the group as both an "evangelist and brand ambassador".
As of 0830 GMT, Trustpilot shares were down 4.89% at 87.97p.
Reporting by Iain Gilbert at Sharecast.com
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