Trustpilot Group plc - FY22 print – next year's guidance

Davy Research
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Trustpilot (TRST) released its full FY22 print this morning. The January 12th trading update had provided us with FY22 headline figures of Bookings (+20% year-on-year (yoy) constant currency (CCY)) and Revenue (+23% yoy CCY), while adjusted EBITDA was disclosed as ‘ahead of the range of expectations’. Adjusted EBITDA came in at -$4.4m, compared to (updated) expectations of -$5.9m. FY23 guidance was provided for the first time, with adjusted EBITDA profitability guided (current consensus -$2.6m), although revenue growth is expected to be slower than previously guided.