London-listed review service Trustpilot expects an annual recurring revenue bump of 17% in the first half of 2024.
The Copenhagen-founded firm reported expected revenue of $100m (£78m) for the first half of the year, off the back of a 20% increase in the value of bookings contracts.
“We are pleased to report strong growth across the business in the first half of the year,” said CEO Adrian Blair.
“This was combined with significant strategic and operational progress, and a clear focus on helping our business customers to build trust, grow and improve.”
Blair said the launch of the firm’s AI-driven feature – which provides insights into customer behaviour and market dynamics – in April supported growth in 2024.
“As we look ahead, we remain confident in the significant growth opportunities available to us in our focus markets of the UK, US, Germany and Italy, and beyond,” Blair added.
“The combination of new sales and an improvement in net dollar retention, supported by product innovation, underpins our confidence to reiterate our guidance of mid-teens constant currency revenue growth and margin improvement for the full year.”
Blair, a former COO at Just Eat Takeaway, was appointed as Trustpilot’s chief executive in July 2023, taking over from company founder Peter Mühlmann.
In March, Trustpilot posted a profit of £5.6m for 2023 following a boost in monthly users.