London, UK – Trustpilot, the leading review website for businesses, has announced an increase in its adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) guidance for the year. The company reported a strong first half performance, returning to profit as previously anticipated.
For the half-year ended June 30, Trustpilot expects to report adjusted Ebitda of $3 million, compared to a loss of $5.4 million in the same period last year. This metric excludes exceptional and other one-off items. Furthermore, the company anticipates that its full-year adjusted Ebitda will be at the upper end of the market forecast range. Based on eight analysts’ predictions, this range is estimated to be between $2.4 million and $4.0 million.
In terms of revenue, Trustpilot anticipates a significant increase for the first half, with expectations of reaching $85 million compared to $73 million in the previous year – an 18% rise at constant currency rates. Total annual recurring revenue was reported at $180 million, a noticeable increase from $149 million, while total bookings saw a 16% growth to $98 million from $87 million.
Looking ahead, Trustpilot reaffirmed its guidance for 2023 revenue growth in the mid-teens.
On another note, the company has stated that it is progressing with the search for a new chief executive officer (CEO). Following CEO Peter Holten Muhlmann’s announcement of stepping down from the role, Trustpilot is actively seeking his replacement. Muhlmann will transition to a position of founder and non-executive director but will continue as CEO until a suitable successor has been appointed.
