Trustpilot lifts FY margin guidance, shares spark
By Michele Maatouk
Date: Tuesday 15 Jul 2025
(Sharecast News) - Trustpilot surged on Tuesday as the review website upgraded its full-year margin guidance, reporting a jump in first-half bookings and revenue.
In an update for the six months to 30 June, the company said it expects to report a 19% year-on-year jump in bookings to $140m, with UK bookings up 15%, Europe and Rest of World up 19% and North American bookings ahead 18%.
Trustpilot also said it expects first-half revenue growth of 21% to $123m.
The group said it was lifting its full-year 2025 adjusted EBITDA margin guidance to 14%. This compares with consensus expectations of 13.4%.
Chief executive Adrian Blair said: "The broad nature of our SaaS business model continues to prove its resilience, enabling us to deliver good growth and retention, particularly in the enterprise segment, combined with strong cash generation and operating leverage.
"We are pleased with our first half performance and as we continue to annualise the package migration which benefited last year's bookings, we now expect full year adjusted EBITDA margin to be 14%. We remain confident in the significant growth opportunities ahead in our focus markets and beyond."
At 0955 BST, the shares were up 13.5% at 286.64p.
Following the update, Berenberg - which rates the stock at 'buy' - lifted its FY25, FY26 and FY27 revenue forecasts by 2%, 1% and 1% respectively, and its adjusted EBITDA forecasts by 5%, 7% and 6% respectively.
"For a competitively advantaged software business that is expected to grow its revenues at a mid-teens year-on-year rate, 5.3x FY25 EV/sales is, in our view, an undemanding valuation," the bank said.
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