Company type
Limited Corporation
Established
2007
Size
Large
Employees
300
Revenue
1,003 MDKK
Gross profit
756 MDKK
Operating Profit (EBIT)
73 MDKK
Profit for the year
141 MDKK
Equity
601 MDKK
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Rank Profit for the year

Rank in industry
2/1,522
"Top 10%"
Rank in Denmark
1,057/350,621
"Top 10%"

Top management top 3

Board top 3

Adrian Peter Blair 1Chairman of board
Hanno Damm 1Boardmember
Peter Holten Mühlmann 4Boardmember

Legal owners top 3

Rights certificate

Selskabet tegnes af tre bestyrelsesmedlemmer i forening eller af selskabets administrerende direktør i forening med én direktør eller ét bestyrelsesmedlem

Company information based on CVR

NameTrustpilot A/S
CVR30276582
AddressPilestræde 58, 5, 1112 København K
IndustryWeb portals [631200]
Established12-02-2007 (17 yr)
First financial statement period12-02-2007 to 30-06-2008
Company typeLimited Corporation
Number of employees302 (man years:294)
Advertising protectionNo
AuditorPricewaterhousecoopers Statsautoriseret Revisionspartnerselskab since 27-12-2018
Financial statement period01-01 to 31-12
Company capital4,749,522 DKK
4,711,997 DKK (12-03-2021 - 25-03-2021)
4,705,154 DKK (03-03-2021 - 11-03-2021)
4,684,374 DKK (06-01-2021 - 02-03-2021)
4,715,146 DKK (03-03-2020 - 05-01-2021)
4,710,965 DKK (16-08-2019 - 02-03-2020)
Articles of assoc. last24-06-2022

Member of industries

Purpose

Selskabets formål er udvikle og sælge e-commerce kvalitetsvurderinger og dermed beslægtet virksomhed

Financial Statement

 202320222021
Currency/unit000' DKK000' DKK000' DKK
Revenue
1,003,151
+17%
856,695
+28%
669,167
-4%
Gross Profit
756,093
+19%
637,854
+28%
499,335
-13%
Profit for the year
141,044
+793%
15,796
+8%
14,631
-
Equity
601,010
+4%
577,646
+3%
561,516
+1,071%
Total Assets
999,639
+11%
900,607
+5%
858,940
+47%

Mangement review summary

Description of significant activities of entity
Primary activitiesTrustpilot was founded in 2007 with a vision to create an independent currency of trust.
A digital platform that brings businesses and consumers together to foster trust and inspire collaboration. We are free to use, open to everybody and built on transparency.
Trustpilot hosts reviews to help consumers shop with confidence and deliver rich insights to help businesses improve the experience they offer. The more consumers use our platform and share their own opinions; the richer the insights we offer businesses; and the more opportunities they have to earn the trust of consumers, from all around the world.
Trustpilot A/S had 300 employees as of December 2023 and is headquartered in Copenhagen, with operations in London, Edinburgh, New York, Denver, Melbourne, Berlin, Vilnius, Milan, and Amsterdam.
Description of development in activities and financial affairs
Development in activities and financesOur growth and results for 2023 demonstrate the continued strength of our business from both a financial and strategic perspective. The investments we continue to make in trust & transparency, and our culture of high performance, are helping us to maximize shareholder value whilst maintaining our strong sense of purpose.
• Revenue grew by 17% to DKK 1,003.2 million, from DKK 856.7 million in 2022.
• Trustpilot A/S reported a profit for the year of DKK 143.8 million, compared to a proift of DKK 15.8 million in
2022.
The result of the year is impacted by a recognition of accumulated carried forward tax losses in the Profit and Loss statement and a deferred tax carried forward assets of 88.3mio on the balance
• Deferred revenue grew with 15% to DKK 215.3 million from DKK 187.3 million in 2022.
• We were pleased to see consumer and business adoption of the Trustpilot platform continue to grow across
all regions in 2023. By the end of the year, Trustpilot had exceeded 267 million total cumulative reviews, an increase of 25 per cent YoY, with an average of 57 million monthly unique users and close to 20 million consumers leaving their first review on Trustpilot in the year.
• During the year, our business customers sent 780 million review invitations (FY22: 697 million), an average of
65 million per month (FY22: 58 million). The Trustpilot brand continued to gain in strength, with 9.8 billion monthly TrustBox impressions, up 13 per cent YoY to 117 billion for the year.
• During 2023, Trustpilot removed over 3.3 million fake reviews from its platform (FY22: 2.6 million) equating to 6% of reviews posted in the year – our fraud detection systems automatically eliminated approximately 82 per cent of these. 68 per cent of the fake or fraudulent reviews removed in 2023 were either 5-star or 4-star reviews (FY22: 65 per cent). In addition to those removed automatically, consumers and businesses validly flagged over 545 thousand reviews, an increase of 18 per cent YoY, of which approximately 98 per cent were flagged by businesses. We ended the year with 490 thousand verified reviewers globally (FY22: 198 thousand), a valuable additional step in promoting trust online.
• Strengthened leadership team with a new CEO and CPO for the Trustpilot Group.
Description of expected development
OutlookWe delivered a strong performance in 2023, as we accelerated our move into profitability, delivering adjusted EBITDA ahead of expectations.
The bookings growth we achieved in 2023 and the ongoing momentum in the business underpins our confidence in continuing to deliver mid-teens constant currency revenue growth in 2024, and we also expect to achieve further operating leverage in the 2024. The Board is confident in the Company's ability to deliver sustainable growth and long-term margin improvement, as we expand to capture the significant global opportunity ahead.
Date of general meeting: 25-06-2024

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