London-listed online review service Trustpilot saw its shares surge this morning after it reported profits ahead of market expectations for the first half of the year.
The Copenhagen-headquartered firm posted £7.3m in profit for the first half of 2024, a major swing compared with its profit of £117,000 in the same period last year.
Adrian Blair, the former Just Eat COO who took over as Truspilot’s chief executive in 2023, credited the strong performance in part to the group’s integration of AI.
This year, Trustpilot launched an AI feature that provides premium users with customer behaviour and market dynamic insights.
“Our strategy is clear. We are an open, trusted review platform for consumers to help each other make the right choices, and provide insights for businesses to build trust, grow and improve,” Blair said.
“There is still plenty to do and we are excited by the significant growth opportunities available to us in our focus markets and beyond. We remain confident in delivering sustainable growth and improving operating leverage over the long term.”
Trustpilot is launching a £20m share buyback programme, its second of the year. In March Trustpilot reported £5.6m of profit for the year ended December 2023.
Trustpilot shares are up around 10% from the close of the trading on Tuesday.