Trustpilot Group (LON: TRST), the online consumer review platform, reported first-half bookings up 22% to $171.2m and revenue up 23% to $151.4m in results published this morning, as Enterprise and US demand accelerated growth from the prior year.
Shares closed at 261.8p yesterday, within a 52-week range of 125.4p to 299.8p.
Bookings rose 18% at constant currency, matching the pace of growth in the 2025 financial year, according to the company’s RNS. Enterprise new business logos grew 41% year on year, and customers paying more than $20,000 annually now make up 45% of annual recurring revenue, having grown at a 34% compound annual rate over three years. North America new business bookings jumped 76% year on year, while overall North America bookings rose 27% at actual and constant currency to $39.0m, with new customers including Bed Bath & Beyond and Sunrun. Trustpilot said it was ranked the most-cited review platform in AI-generated answers, according to research from Seer Interactive, with ChatGPT citations up more than 400% year on year in June.
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Adjusted EBITDA, a measure of underlying operating profit, rose 46% to $26.3m, lifting the margin by 2.8 percentage points to 17.4%. Statutory operating profit fell to $4.4m from $5.4m and the group posted a net loss of $1.1m, against a $2.1m profit a year earlier, after one-off items including an Italian regulatory fine and a US sales tax provision. Annual recurring revenue reached $313.5m, up 17% at constant currency, though net dollar retention, a measure of existing customer spend, slipped to 101% from 103%.
Chief executive Adrian Blair said: “We delivered a strong first half, with bookings up 18% at constant currency, led by outstanding momentum in the US and continued strength in the Enterprise customer segment.”
Management reiterated FY26 guidance of high-teens constant-currency revenue growth and a 2-3 percentage point improvement in adjusted EBITDA margin, describing the half as on track.
