Review website Trustpilot has posted a profit of $7.1m (£5.6m) for 2023 with a boost in monthly users driving revenue growth.
The London-listed review platform posted an 18% revenue increase to £176.4m, lifting the company to profit after it lost £14.6m in 2022.
The company credited the improved performance in 2023 to a 30% increase in monthly users along with an 18% increase in bookings revenue.
Founded in 2007, the Denmark-headquartered company – which hosts reviews of businesses and charges firms for user analytics and review request tools – listed on the London Stock Exchange in 2021.
The results are the first posted by the company since the appointment of Adrian Blair as CEO. The former Just Eat COO was announced as the successor to Trustpilot founder Peter Holten Mühlmann in July last year.
“In my first six months at Trustpilot, I have witnessed first-hand just how powerful our platform is for consumers and businesses worldwide,” Blair said.
“We made strong strategic progress in 2023, building on robust foundations to grow our network of consumers and businesses and deliver profitability and positive cash flow ahead of expectations.”
Trustpilot shares were up around 11% as the market opened this morning.
Last year, Trustpilot won two lawsuits against companies accused of posting fake reviews on its platform.
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