Shares in online reviews platform Trustpilot (LSE: TRST) soared 20% on Thursday after the company reported better-than-expected revenue growth in 2023 and launched a £20 million share buyback programme.
The Danish firm said revenue last year increased 18% to $176 million, driven by a 22% rise in high-margin annual recurring revenue to $197 million. Total bookings also grew 18% to $195 million.
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In a trading update, Trustpilot chief executive Adrian Blair highlighted “further growth and margin improvement in the second half” of 2023, with profitability and positive free cash flow beating expectations.
Trustpilot shares have climbed 84% over the past year. The $175 million company will release full 2023 results on March 19. Its share buyback aims to reduce capital by purchasing up to £20 million worth of stock.
