Trustpilot has announced a jump in revenue this morning as an uptick in bookings saw it beat analysts’ expectations for 2021.
Bosses of the Danish consumer review site announced revenue growth of 24 per cent after booking numbers for the year rose 27 per cent on 2020 levels.
The firm has not revealed profit figures but analysts at JP Morgan said they expected the firm to be close to breaking even after it channeled cash into growth in its key North American and European markets.
The FTSE 250-listed firm added that it will report full-year earnings on 22 March.
Peter Holten Mühlmann, chief executive of Trustpilot said: “We are very encouraged by this excellent financial result, with revenue ahead of expectations and strong growth in bookings and ARR.
“Over the past twelve months, we have continued to make strong progress against our strategic ambitions for Trustpilot to be the most trusted and most used global consumer reviews platform”
Muhlmann said that the firm was “fast becoming a universal symbol of trust”.
Shares in the Trustpilot jumped almost 4% this morning after the trading update.
The Danish firm has had a mixed ride since listing on the London Stock Exchange in March last year but is currently trading at around 8% above its initial flotation price of 265p per share.
The stock is being shorted by JP Morgan Asset Management despite the rise, The Times reported.