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The consolidated financial statements on pages 161 to 201 were approved and authorised for issue by the Board of
Directors on 17 March 2025 and signed on its behalf by:
Adrian Blair\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Hanno Damm
Chief Executive Officer Chief Financial Officer
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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-214": { "value": "-3561000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-215": { "value": "4457000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-216": { "value": "3538000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-217": { "value": "1699000.0", "decimals": -3, "dimensions": { "concept": "tru:ProceedsFromLeaseIncentives", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-218": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "tru:ProceedsFromLeaseIncentives", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-219": { "value": "5414000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-220": { "value": "591000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-221": { "value": "172000.0", "decimals": -3, "dimensions": { "concept": "tru:PaymentsOfTransactionCostsRelatedToReductionOfIssuedCapital", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-222": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "tru:PaymentsOfTransactionCostsRelatedToReductionOfIssuedCapital", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-223": { "value": "43249000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-224": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-225": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-226": { "value": "30000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-227": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-228": { "value": "30000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-229": { "value": "-40765000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-230": { "value": "-2947000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-231": { "value": "-21028000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-232": { "value": "14371000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-233": { "value": "91464000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-234": { "value": "73459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-235": { "value": "-1494000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-236": { "value": "3634000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-237": { "value": "68942000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-238": { "value": "91464000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-239": { "value": "348000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestRevenueExpense", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-240": { "value": "1026000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestRevenueExpense", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-241": { "value": "2832000.0", "decimals": -3, "dimensions": { "concept": "tru:OtherSimilarIncome", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-242": { "value": "1432000.0", "decimals": -3, "dimensions": { "concept": "tru:OtherSimilarIncome", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-243": { "value": "25398000.0", "decimals": -3, "dimensions": { "concept": "tru:AuthorizedAmountOfRepurchaseAgreement", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-10T00:00:00/2024-01-11T00:00:00", "unit": "iso4217:USD" } }, "f-244": { "value": "20000000.0", "decimals": -3, "dimensions": { "concept": "tru:AuthorizedAmountOfRepurchaseAgreement", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-10T00:00:00/2024-01-11T00:00:00", "unit": "iso4217:GBP" } }, "f-245": { "value": "183000.0", "decimals": -3, "dimensions": { "concept": "tru:ShareRepurchaseRelatedCost", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-10T00:00:00/2024-01-11T00:00:00", "unit": "iso4217:USD" } }, "f-246": { "value": "145000.0", "decimals": -3, "dimensions": { "concept": "tru:ShareRepurchaseRelatedCost", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-10T00:00:00/2024-01-11T00:00:00", "unit": "iso4217:GBP" } }, "f-247": { "value": "20000000.0", "decimals": -3, "dimensions": { "concept": "tru:AuthorizedAmountOfRepurchaseAgreement", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-09-11T00:00:00/2024-09-12T00:00:00", "unit": "iso4217:GBP" } }, "f-248": { "value": "17522000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-09-11T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-249": { "value": "13524000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-09-11T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-250": { "value": "146000.0", "decimals": -3, "dimensions": { "concept": "tru:ShareRepurchaseRelatedCost", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-09-11T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-251": { "value": "113000.0", "decimals": -3, "dimensions": { "concept": "tru:ShareRepurchaseRelatedCost", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-09-11T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-252": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-253": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-254": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-255": { "value": "5th Floor, The Minster Building, 21\u00a0Mincing Lane, London EC3R 7AG", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-256": { "value": "5th Floor, The Minster Building, 21\u00a0Mincing Lane, London EC3R 7AG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-257": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-258": { "value": "The activity of the Company and its subsidiaries (together, the \u2018Group\u2019) consists of developing and hosting an online review platform that helps consumers make purchasing decisions and businesses showcase and improve their service. Revenue is generated from selling its software as a service (\u2018SaaS\u2019).", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-260": { "value": "
1.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International
Accounting Standards (\u2018IFRS\u2019) and with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The consolidated financial statements have been prepared on the going concern basis and under the historical cost
convention, except for money market funds that have been measured at fair value through profit or loss.
The consolidated financial statements are presented in US Dollars (\u2018USD\u2019). All amounts have been rounded to the nearest
thousand, unless otherwise indicated. Where a balance is zero, this is stated as nil.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-259": { "value": "
1.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International
Accounting Standards (\u2018IFRS\u2019) and with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The consolidated financial statements have been prepared on the going concern basis and under the historical cost
convention, except for money market funds that have been measured at fair value through profit or loss.
The consolidated financial statements are presented in US Dollars (\u2018USD\u2019). All amounts have been rounded to the nearest
thousand, unless otherwise indicated. Where a balance is zero, this is stated as nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-261": { "value": "
1.2 Basis of consolidation
The consolidated financial statements include the parent company, Trustpilot Group plc, and its subsidiaries. Subsidiaries are
all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-262": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-263": { "value": "
1.3 Going concern
The directors of the Company (the \u2018Directors\u2019), in their detailed consideration of going concern, have performed a going
concern assessment for the Group by preparing monthly cash flows for an 18 month period and then sensitising for what
the Directors consider to be the most severe but plausible scenario that could arise. The assessment was tied to specific
risks identified in the principal risk and uncertainty section including \u2018confidence in our commitment to trust and
transparency\u2019, \u2018misuse of platform\u2019, \u2018changing and varied regulatory landscape\u2019, \u2018litigation and disputes\u2019,
\u2018macroeconomic environment\u2019 and \u2018failure to innovate\u2019. This equates to a reduction of 9% in revenues and 6% increase
in operating expenses over the going concern period.
As at 31 December 2024, the Group has a cash and cash equivalents balance of $68,942 thousand (FY23: $91,464
thousand) with zero debt on the balance sheet. In addition to cash on the balance sheet, the Group has access to a
revolving credit facility for up to $30,000\u00a0thousand (FY23: $30,000\u00a0thousand), available in multiple currencies, which has
been considered as part of headroom when considering going concern. The revolving credit facility is subject to balance
sheet covenants, which are considered in the course of scenario planning.
Additionally, the Directors have evaluated the impact of a reverse stress test over a three year period designed to illustrate
what would need to happen for the Group to exhaust its liquidity. Further detail can be found in the viability statement
within the Strategic report on page 59.
Having considered the severe but plausible downside scenario, the Directors have a reasonable expectation that the
Group has adequate resources to continue to operate for at least 18 months from the date of signing these financial
statements. As a result, they continue to adopt the going concern basis in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-264": { "value": "
1.4 New standards and interpretations
(a) New standards and amendments \u2013 applicable 1 January 2024
The Group has adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants-
Amendments to IAS 1, as issued in 2020 and 2022. The amendments apply retrospectively for annual reporting periods
beginning on or after 1 January 2024. They clarify certain requirements for determining whether a liability should be
classified as current or non-current and require new disclosures for non-current liabilities that are subject to covenants
within 12 months after the reporting period.
The Group's liabilities were not impacted by the amendments.
(b) New and revised IFRS Standards in issue but not yet effective
Certain new accounting standards and amendments to accounting standards have been published that are not mandatory
for 31 December 2024 reporting periods and have not been early adopted by the Group. The Group\u2019s assessment of the
impact of these new standards and amendments is set out below:
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7
(effective for annual periods beginning on or after 1 January 2026) \u2013 On 30 May 2024, the IASB issued targeted
amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not
only for financial institutions but also for corporate entities. These amendments:
\u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some
financial liabilities settled through an electronic cash transfer system;
\u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and
interest (\u2018SPPI\u2019) criterion;
\u2022 add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial
instruments with features linked to the achievement of environment, social and governance targets); and
\u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (\u2018FVOCI\u2019).
The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1
January 2027) \u2013 IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will
help to achieve comparability of the financial performance of similar entities and provide more relevant information and
transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial
statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the
statement of profit or loss and providing management-defined performance measures within the financial statements.
The Group is currently assessing the impact the amendments will have on the Group\u2019s consolidated financial statements.
To date, the following potential impacts have been identified:
\u2022 Although the adoption of IFRS 18 will have no impact on the Group\u2019s net profit, the Group expects that grouping items
of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is
calculated and reported. The following item might potentially impact operating profit:
\u2013 Foreign exchange differences currently aggregated in finance income and finance expenses will need to be
disaggregated, with some foreign exchange gains or losses presented above operating profit.
\u2022 The line items presented on the primary financial statements might change as a result of the application of the concept
of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. The Group does not
expect there to be a significant change in the information that is currently disclosed in the notes because the
requirement to disclose material information remains unchanged; however, the way in which the information is grouped
might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new
disclosures required for:
\u2013 management-defined performance measures;
\u2013 a breakdown of the nature of expenses for line items presented by function in the operating category of the
statement of profit or loss \u2013 this breakdown is only required for certain nature expenses; and
\u2013 for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss
between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
\u2022 From a statement of cash flows perspective, the starting point for calculating cash flows from operating activities will
change to operating profit. Additionally, there will be changes to how interest received and interest paid are presented.
Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change
from current presentation as part of operating cash flows.
The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is
required, and so the comparative information for the financial year ending 31 December 2026 will be restated in
accordance with IFRS 18.
1.5 Use of alternative performance measures (\u2018APMs\u2019)
The Group utilises a range of alternative performance measures (\u2018APMs\u2019) to assess its performance and this document
contains certain measures that are not defined or recognised under IFRS. The Group considers adjusted EBITDA, adjusted
EBITDA margin and adjusted free cash flow to be APMs that provide meaningful, additional measures of Group
performance.
The Group believes these APMs provide alternative measures by which to assess the operating performance of the Group
and, together with IFRS measures, are useful in evaluating the Group\u2019s operating performance. The APMs used in the
consolidated financial statements should not be considered superior to, or a substitute for, measures calculated in
accordance with IFRS. Definitions of the Group\u2019s alternative performance measures along with reconciliation to their IFRS
equivalent measure are included in note 4.
1.6 Functional and presentation currency
The consolidated financial statements are presented in USD.
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the individual entity operates (the \u2018functional currency\u2019).
1.7 Climate-related risks
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the
context of the climate change risks identified in the Task Force on Climate-related Financial Disclosures (\u2018TCFD\u2019) section
of the Strategic report and the Group\u2019s stated ambition of reducing Scope 1, 2 & 3 carbon emissions. The Group operates
as a digital business with the majority of our carbon emissions within Scope 3 which relate to our supplier arrangements,
business travel and employee commuting and capital goods. As a result, climate change is not expected to have a
significant impact on the Group\u2019s short-term or medium-term cash flows including those considered in the going concern
and viability assessments, impairment assessments of the carrying value of non-current assets and the estimates of future
profitability used in our assessment of the recoverability of deferred tax assets.
2. Summary of material accounting policies
The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies
have been applied.
2.1 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The Group considers the Chief Executive Officer (\u2018CEO\u2019) to be the chief operating decision maker, as the
CEO examines the Group\u2019s performance and makes all significant decisions regarding business development and
allocation of resources.
For that purpose, a single business segment has been identified as an operating segment which is consistent with the
internal reporting to the chief operating decision maker.
There is considered to be only one reportable segment, the results of which are shown in note 5.
2.2 Revenue
The Group generates revenue from the sale of company subscription plans, generally for a period of 12 months, where the
invoicing varies from monthly to yearly. The revenue is shown net of local sales tax and customer discounts.
Revenue recognition requires an agreement with the customer, which creates enforceable rights and obligations between
the parties, has commercial substance and identifies payment terms. The Group recognises revenue when it is probable
that the Group will collect the consideration to which it will be entitled in exchange for the services that will be transferred
to the customer.
Revenue is measured at the transaction price to which the Group expects to be entitled. The contracts are based on a
single performance obligation and the transaction price is allocated to this performance obligation based on a stand-alone
selling price. The Group satisfies the single performance obligation by recognising the revenue from subscriptions over
time as the software service is delivered to customers according to the subscription period. Contracts primarily utilise
quarterly or annual billing frequency with payment terms typically between 8 - 60 days.
The Group contracts with its customers to provide access to, and use of, its \u2018software-as-a-service\u2019 product over the term
defined in the contract. Specific product features accessible by customers are determined on a customer by customer
basis and are specified in customers\u2019 contracts. The subscription plan is considered to be a single performance obligation
which is satisfied over time and revenue is recognised on a straight-line basis over the subscription period.
No significant judgements are made which affect the determination of the amount or timing of the revenue from contracts
with customers.
Incremental costs of obtaining a contract relate largely to sales commissions paid to employees on new business which
are deferred and amortised over a period commensurate to the contract value and expected future renewal periods, to the
extent that they are recoverable. Amortisation is on a straight line basis and included within sales and marketing.
There is no variable consideration included in the transaction price for the company subscription plans.
The group does not expect to have any contracts where the period between the transfer of the promised goods or
services to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust
any of the transaction prices for a significant financing component or the time value of money.
If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability
is\u00a0recognised.
Accruals for refunds are made to the full value of the refund in the period to which the refund is identified.
2.3 Cost of sales
Cost of sales consists of the cost to deliver the Group\u2019s software service. Cost of sales includes the hosting and related
technologies to deliver the software service as well as the ongoing customer success and customer support efforts that
continue to be aligned with customers over the term of their subscription. Cost of sales primarily consists of the labour
costs associated with customer success and customer support efforts. Cost of sales are recognised when incurred.
2.4 Sales and marketing
Sales and marketing costs consists of the efforts primarily directed at new customer acquisition. Sales costs include direct
sales support functions such as sales operations and partnerships while marketing costs consist of both marketing staff
labour costs as well as marketing program expenditures.
2.5 Technology and content
Technology and content costs include the compensation and associated expenses for employees engaged in the research
and development of both new and existing services. These costs also include the development, design and upkeep of our
digital platforms, the curation and presentation of services, as well as the infrastructure expense incurred. Infrastructure
costs include depreciation and amortisation of servers, networking equipment and data centre facilities, in\u00a0addition to
other essential expenditures required to support the Group\u2019s platform.
Amortisation of development costs is included in technology and content due to the nature of the asset on which the
amortisation is charged. The period where there is consumption of the benefits of the asset is not impacted by the period
over which revenue is recognised or the level of revenue that is generated by the asset. Therefore this is considered a
more appropriate presentation than to show within cost of sales.
2.6 General and administrative
General and administrative expenses comprise costs incurred by the back-office functions such as finance, legal and
human resources, including wages, costs under share-based programmes and other office costs. General and
administrative expenses include a proportion of depreciation, primarily consisting of right-of-use assets depreciation.
Additionally, general and administrative expenses comprise gains or losses on the disposal of tangible assets and disposal
of leases.
2.7 Other operating income
Other operating income includes income of a secondary nature to the Group\u2019s primary activities.
2.8 Finance income and expenses
Finance income and expenses are recognised in the consolidated statements of profit or loss at the amounts that concern
the financial year. Finance income and expenses include interest income and expenses calculated in accordance with the
effective interest method.
Foreign exchange gains and losses on transactional activities are included in finance income and finance expenses within
the consolidated statement of profit or loss. The cash flows arising on foreign exchange gains and losses, other than cash
and cash equivalents are included in changes to net working capital \u2013 Increase in other payables.
2.9 Income tax
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries in which the Company and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be
paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end
of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are
offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously. It is assessed at each reporting date whether it is likely that in the future there
will be sufficient taxable profits against which the deferred tax assets can be utilised.
Changes in deferred tax is recognised in the consolidated statement of profit or loss, except to the extent that it relates to
items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
2.10 Earnings per share
Earnings per share (\u2018EPS\u2019) for the Group is calculated in accordance with IAS 33. The following types of EPS are reported:
(i) Basic earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for
the\u00a0period.
Contingently issuable ordinary shares are included in the calculation of basic EPS from the date when all necessary
conditions are satisfied, if \u2018little or no\u2019 consideration is required upon release of the restricted share award, or to exercise
the share option.
Deferred share awards, with no service or other condition or exercise price, are not included in the calculation of basic
EPS until such time as the share option or restricted share award has vested.
Repurchased shares are excluded from the calculation of basic EPS from the date of share repurchase. Accordingly, no
further adjustment is made when the shares are subsequently cancelled.
(ii) Diluted earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the
period as well as all potentially ordinary shares. The impact of potentially dilutive ordinary shares is excluded when they
would be anti-dilutive.
2.11 Intangible assets
Intangible assets include in progress and completed development projects.
Intangible assets have a finite useful life and are subsequently carried at cost less accumulated amortisation and
impairment losses.
Costs associated with maintaining IT-platforms are recognised as an expense as incurred. Development costs that are
directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognised as
intangible assets when the following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 Management intends to complete the software and use or sell it;
\u2022 There is an ability to use or sell the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software
are\u00a0available;
\u2022 The expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the projects include employee costs. Capitalised development
costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
The Group amortises intangible assets with a finite useful life using the straight-line method over the following periods:
Development projects \u2013 In progressNone
Development projects \u2013 Completed3 years
Completed and in progress development projects are reviewed semi-annually to determine whether there are indications
of impairment. If such indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower
than the carrying value, the development projects are impaired to the recoverable value.
2.12 Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation. The cost includes
expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of
any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are
charged to the consolidated statement of profit or loss during the reporting period in which they are incurred.
Depreciations are calculated using the straight-line method, net of their residual values over their estimated useful lives,
as follows:
Leasehold improvementsTerm of lease
Other fixtures and fittings, tools and equipment3 years
There is an exception relating to the lease in Denmark, where there is a rolling 12 month lease in place with the assumption
that Trustpilot A/S will not leave the premises within the next 12 months. The leasehold improvements in respect of this
lease are depreciated over a period of 3-5 years.
The assets\u2019 residual values and useful lives are reviewed annually, and adjusted if appropriate.
2.13 Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is
charged to the consolidated statement of profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period.
The leases of the Group consist of property rentals.
The assets and liabilities arising from the property leases are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments included in the property leases:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 Variable lease payment that are based on an index or a rate, and;
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the
Group\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.
On commencement of the lease, right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability;
\u2022 Any lease payments made at or before the commencement date less any lease incentives received, and;
\u2022 Any initial direct costs.
The right-of-use asset is subsequently depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and
the lease term of the asset.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for lease payments made.
The carrying amount of lease liabilities are re-measured if there is a modification, a change in the lease term or a change in
lease payments as a result of a rent review or change in the relevant index or rate. When the lease liability is remeasured,
an equivalent adjustment is made to the right-of-use asset unless its carrying amount is reduced to zero, in which case
any remaining amount is recognised in profit or loss.
The lease term is defined as the non-cancellable period of a lease together with periods covered by options to extend the
lease if it is reasonable certain that the options will be exercised and periods covered by options to terminate the lease if it
is reasonably certain that the options will not be exercised.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Variable lease payments and payments associated with short-term leases are recognised on a straight-line basis as an
expense in the consolidated statement of profit or loss under the line item - general and administrative expense.
The Group classifies leases of 12 months or below as short-term leases, except in the case of the Denmark lease where
the termination date is within 6 months, however the Group has made a judgement that the lease will be extended for an
additional 12 month period.
Payments and receipts are presented as follows in the Group statement of cash flows:
\u2022 Short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included
in the measurement of the lease liabilities are presented within cash flows from operating activities;
\u2022 Payments for the interest element of recognised lease liabilities are included in interest paid within cash flows from
operating activities;
\u2022 Payments for the principal element of recognised lease liabilities are presented within cash flows from financing
activities; and
\u2022 Lease incentives received are presented within cash flows from financing activities where they represent a
reimbursement of fit-out costs.
2.14 Impairment of non-current assets
Non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount
exceeds its recoverable amount.
Development projects are reviewed semi-annually to determine whether there are indications of impairment. The
recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows
which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-
current assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each
reporting period.
2.15 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition, and subsequently measured at amortised cost, at fair value through
other comprehensive income (\u2018FVOCI\u2019), or fair value through profit or loss (\u2018FVTPL\u2019).
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its
fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Trade receivables that do not contain a
significant financing component or for which the Group has applied the practical expedient are measured at the
transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows
that are solely payments of principal and interest (\u2018SPPI\u2019) on the principal amount outstanding. Financial assets that are not
SPPI are classified and measured at FVTPL, irrespective of the business model.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified into four categories:
\u2022 Financial assets at FVTPL
\u2022 Financial assets at amortised costs (debt instruments)
\u2022 Financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments)
\u2022 Financial assets designated at FVOCI with no recycling of cumulative gains and losses upon derecognition
(equity\u00a0instruments)
Financial assets at FVTPL
Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in their fair value
recognised in the consolidated statement of profit or loss. The Group\u2019s financial assets measured at FVTPL includes the
money market funds.
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u2018EIR\u2019) and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The
Group\u2019s financial assets measured at amortised cost includes cash at bank and in hand, trade receivables, deposit and
other receivables.
Trade and other receivables
Trade receivables and other receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less loss allowance.
The Group holds the trade receivables and other receivables with the objective to collect the contractual cash flows and
measures them subsequently at amortised cost.
Deposits
Deposits relate to leasehold premises, which are included in the consolidated balance sheet as either non-current assets
or current assets depending on the maturity date of the lease. There is an exception relating to the lease in Denmark,
where there is rolling 12 month lease in place with the assumption that Trustpilot Group plc will not leave the premises
within the next 12 months and therefore the deposit is reported as non-current.
Impairment
The Group recognises an allowance for expected credit losses (\u2018ECLs\u2019) for all debt instruments not held at FVTPL. The
most significant financial assets of the Group are its trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of
the original EIR. See note 16 for further description of the Group\u2019s impairment policies for trade receivables.
While cash and cash equivalents, deposits and other receivables are also subject to the impairment requirements of IFRS
9, the identified impairment loss is immaterial.
Derecognition
A financial asset is primarily derecognised when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset and either
\u2013 the Group has transferred substantially all the risks and reward of the asset, or
\u2013 the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, at fair value through profit or loss, borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has no derivatives
designated as hedging instruments.
All financial liabilities are recognised initially at fair value and, in the case of borrowings, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include borrowings, trade payables and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Borrowings
Borrowings are initially recognised at fair value which is generally proceeds received, and net of transaction costs incurred.
Subsequently, borrowings are measured at amortised cost.
Borrowings are classified according to the length and terms, which means that settlement of liability more than 12 months
after the reporting period is classified as non-current, the settlement less than 12 months is classified as current.
Trade payables and other payables
Trade payables are initially measured at fair value, less any transaction costs. In subsequent periods, trade payables are
measured at amortised cost using the effective interest method so that the difference between the proceeds and the
nominal value is recognised in the consolidated statement of profit or loss under finance expenses over the loan period.
Other payables are measured at amortised cost.
2.16 Contract liabilities
Contract liabilities represents the obligation to transfer services to customers for which the Group has received
consideration from the customer. Contract liabilities are unwound as related performance obligations are satisfied over the
related subscription period.
The majority of contracts are 12 months, although some contracts have extended periods. All contract lives are
considered to be within the normal operating cycle and therefore all contract liabilities are presented as current within the
consolidated balance sheet. However, for transparency purposes, if any payments have been received which relate to a
period over 12 months from the year end date, these amounts are disclosed in note 20.
2.17 Contract acquisition costs
Contract acquisition costs represents incremental costs of obtaining a contract. To the extent sales commission relates to
renewals, the practical expedient has been applied to expense incremental costs as incurred. For further details refer to
note 3.1.
All contract lives are considered to be within the normal operating cycle and therefore all contract acquisition costs are
presented as current within the consolidated balance sheet.
2.18 Prepayments
Prepayments recognised as an asset comprise prepaid expenses relating to subsequent financial reporting years.
2.19 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and also money market funds with a
maturity of three months or less, that are held for the purpose of meeting short-term cash commitments and are readily
convertible to a known amount of cash and subject to an insignificant risk of changes in value.
2.20 Equity
Share capital
Ordinary shares are classified as equity. Own equity instruments that are reacquired (treasury shares) are recognised at
cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation
of the Group\u2019s own equity instruments.
Share premium
The share premium account is used to record the aggregate amount or value of premiums paid in excess of the nominal
value of these new ordinary shares issued. Costs that directly relate to the issue of ordinary shares are deducted from
share premium net of corporation tax.
Capital redemption reserve
The capital redemption reserve is a non-distributable reserve in which all redemption of the Company\u2019s own shares are
transferred to.
All shares cancelled are reclassified at nominal value from share capital to capital redemption reserve.
Merger reserve
The merger reserve represents the difference between the carrying value of share capital, share premium and associated
foreign currency translation gains acquired under merger accounting to the cost of investment (the fair value).
Accumulated losses
Accumulated losses comprise all current and prior period retained losses.
Foreign currency translation reserve
Exchange differences arising on translation of the parent company and of foreign controlled entities into the presentation
currency, USD, are recognised in other comprehensive income and accumulated in a separate reserve within equity. The
cumulative amount is reclassified to profit or loss when the net investment is disposed of.
The assets and liabilities of the parent company and the Group\u2019s subsidiaries are translated into presentational currency,
USD, using period-end exchange rates. Income and expenses items are translated at the average exchange rates for the
period. Where the differences arise between these rates, they are recognised in other comprehensive income in a separate
reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
Contributed equity
Where the Company purchases any of the Company\u2019s equity instruments, for example as the result of a share buyback,
the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity
attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such
ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.
2.21 Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.
2.22 Share-based payments
The Group currently operates a number of share schemes: Employee Warrants, Long Term Incentives Plan, Restricted
Stock Plan and Deferred Share Bonus Plan. The Long Term Incentive Plan, Restricted Share Plan and Deferred Share
Bonus Plan are restricted share schemes.
The warrant program and restricted share schemes are classified as equity arrangements. As such, the fair value of the
warrants and restricted shares granted under the schemes are recognised as an expense with a corresponding increase in
equity. The total amount to be expensed is determined by reference to the fair value of the warrants and restricted shares
granted including the impact of any non-vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options or
restricted shares that are expected to vest based on the respective market vesting, non-market vesting and service
conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
adjustment to equity.
Further information about the warrant and restricted share schemes, including models used to calculate the fair value are
disclosed in note 8.
2.23 Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rate ruling at the date of the
transaction. Foreign currency monetary items are translated at the rates of exchange ruling at the end of the reporting
period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlements of monetary items and on the retranslation of monetary items are included
in profit or loss for the year, except for foreign currency movements on intercompany balances, where settlement is not
planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Foreign
exchange movements on external borrowings which are designated as a hedge of the net investment in its related
subsidiaries are recognised in the foreign currency translation reserve.
Exchange adjustments on share capital, share premium and capital redemption reserve
Share capital, share premium and capital redemption reserve are denominated in a currency that differs from the Group\u2019s
presentational currency and are translated at each year end using the closing rate. All resulting exchange differences
noted on retranslating equity items are recognised directly in equity as part of the foreign currency translation reserve and
do not form part of other comprehensive income.
2.24 Statement of cash flows
The consolidated statement of cash flows shows the Group\u2019s cash flows for the year analysed and presented as
operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group\u2019s cash
and cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated as the profit for the year, adjusted for changes in working capital and
non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses.
Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets and
property, plant and equipment.
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal
element on lease payments, as well as payments to and from shareholders.
3. Critical accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies.
The judgements, estimates as well as the related assumptions made are based on historical experience and other factors
that management considers to be reliable, but which by their very nature are associated with uncertainty and
unpredictability. Actual results may differ from these estimates.
The significant accounting estimates and judgements at the balance sheet date, that have a significant risk of causing
material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below:
3.1 Significant accounting estimates
Significant accounting estimates are expectations of the future based on assumptions, that to the extent possible are
supported by historical trends or reasonable expectations. The assumptions may change to adapt to the market
conditions and changes in economic factors etc. The Group believes that the estimates are the most likely outcome of
future events.
Share-based payments
The Group recognised $7,403 thousand (FY23: $6,339 thousand) in respect of share-based payments. Estimating the fair
value for share-based payment transactions requires determination of the most appropriate valuation model, which
depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate
inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making
assumptions about these. The assumptions and models used for estimating fair value for share-based payment
transactions are disclosed in note 8.
Estimates are also undertaken regarding expected forfeiture rates of unvested shares as well as performance estimates
under the LTIP program. Estimates only impact phasing of expenses as all actual forfeitures and performance is ultimately
trued-up in reporting.
Incremental cost of obtaining customers\u2019 contracts
The Group recognised $6,835\u00a0thousand (FY23: $3,981\u00a0thousand) incremental costs of obtaining contracts with customers.
The incremental costs of obtaining a contract relate to sales commission paid to employees and are recognised as
contract assets at the time of signing contracts with customers. The capitalised costs of obtaining a contract are
amortised on a straight line basis over the period of the customer life, typically three years.
If the amortisation period was changed to two years, closing contract acquisition costs would decrease by $1,610
thousand. If the amortisation period was changed to five years, closing contract acquisition costs would increase by
$1,288 thousand. Amortising over one year would decrease the contract acquisition costs by $5,049 thousand. The
impact of changing the amortisation period to one or five years was not material in FY23.
Amortisation of cost to obtaining contracts is reported within sales and marketing. Further details can be found in note 17.
Recognition of deferred tax assets
As at 31 December 2024, the Group has recognised tax assets of $20,114 thousand with a tax value of $83,441 thousand
(FY23: tax assets of $12,428 thousand with a tax value of $56,491 thousand) predominantly in respect of Trustpilot A/S,
Trustpilot Limited and Trustpilot Plc, and unrecognised tax assets of $20,950 thousand with a tax value of $99,763
thousand (FY23: $23,975 thousand \u2013 tax value over $110,000 thousand) predominantly in respect of Trustpilot, Inc. that
relates to tax loss carry-forward amounts. Trustpilot A/S and the US and UK subsidiaries have incurred the losses over the
previous years as a consequence of expanding the Group and its operations. Of the $99,763 thousand, $58,559 thousand
(FY23: $69,000 thousand) of the losses can be carried forward indefinitely with no expiration date while $41,204 thousand
(FY23: $41,000 thousand) is subject to a finite utilisation period with expirations beginning as soon as 2033.
Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the
likelihood of the asset being recovered within a reasonably foreseeable timeframe considering the future expected profit
profile and business model of each relevant country, as well as any restrictions on use. As the Group has a history of
making taxable losses, IAS 12 Income Taxes further requires that convincing evidence is available to support
management\u2019s assessment that sufficient taxable profits will be available in the future. Reflecting the improving forecasts
and expectation of using tax losses in Trustpilot A/S, Trustpilot Group Plc and Trustpilot Ltd due to contract renewals for
existing UK customers moving from Trustpilot A/S to Trustpilot Limited in 2024, the Group has recognised a deferred tax
asset of $20,040 thousand (FY23: $12,347\u00a0thousand)in respect of losses which has been based on a risk adjusted
forecast. Current forecasts indicate that the recognised losses will be utilised over the next 3 years.
The severe but plausible downside scenario was modelled, which included a 5% reduction in FY25 in the Group\u2019s future
expected taxable income. The downside scenario showed that the deferred tax asset would still be utilised over the next 3
years.
The assumptions used in these forecasts, and scenarios considered, were consistent with other financial statement
forecasts, such as the going concern and viability assessments.
For Trustpilot, Inc., even though the Group\u2019s approved budget shows that the company should be able to generate
taxable profits in the foreseeable future, management has concluded that it will not be able to meet the strict criteria in IAS
12 to provide \u2018convincing evidence\u2019, as the budget is sensitive to the timing and level of investments in the Trustpilot-
platform and similar factors. Consequently, no additional deferred tax assets have been recognised for the Group\u2019s tax
loss carry-forwards. Additional detail can be found in note 15.
3.2 Significant accounting judgements
Significant accounting judgements are made when applying accounting policies. Significant accounting judgements are
the judgements made by the Group that can have a significant impact on the financial results.
Determining the lease term
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease, if it is reasonably certain not to be exercised.
Extension and termination options are included in a number of property leases across the Group. Management applies
judgement in evaluating whether it is reasonably certain or not to exercise the options to extend and/or terminate the
leases. When determining the lease term, Management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The Group considers factors including historical lease durations; and the costs and business disruption
required to replace the asset. Most extension options have not been included in the lease liability, because the Group
could replace the asset (the offices) without significant cost or business disruption.
As at 31 December 2024, potential future cash outflows of $7,330 thousand (undiscounted) have not been included in the
lease liability, because it is not reasonably certain that the leases will be extended (FY23: $7,806 thousand).
Additionally, Trustpilot has recognised potential future cash outflows of $13,892 thousand (undiscounted) within the
Group\u2019s lease liability relating to the periods covered by an option to terminate the lease, because it is not reasonably
certain that the lease termination options will be exercised (FY23: $15,793 thousand).
The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances
occurs, which affects this assessment, and that is within the control of the lessee. The lease term is reassessed if an
option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. Information on
potential future rental payments related to periods following the exercise date of termination options that are not included
in the lease term is disclosed in note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-265": { "value": "
1.6 Functional and presentation currency
The consolidated financial statements are presented in USD.
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the individual entity operates (the \u2018functional currency\u2019).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-266": { "value": "
1.7 Climate-related risks
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the
context of the climate change risks identified in the Task Force on Climate-related Financial Disclosures (\u2018TCFD\u2019) section
of the Strategic report and the Group\u2019s stated ambition of reducing Scope 1, 2 & 3 carbon emissions. The Group operates
as a digital business with the majority of our carbon emissions within Scope 3 which relate to our supplier arrangements,
business travel and employee commuting and capital goods. As a result, climate change is not expected to have a
significant impact on the Group\u2019s short-term or medium-term cash flows including those considered in the going concern
and viability assessments, impairment assessments of the carrying value of non-current assets and the estimates of future
profitability used in our assessment of the recoverability of deferred tax assets.
", "dimensions": { "concept": "tru:DescriptionOfAccountingPolicyForClimateRelatedRisksTextBlock", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-267": { "value": "
2.1 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The Group considers the Chief Executive Officer (\u2018CEO\u2019) to be the chief operating decision maker, as the
CEO examines the Group\u2019s performance and makes all significant decisions regarding business development and
allocation of resources.
For that purpose, a single business segment has been identified as an operating segment which is consistent with the
internal reporting to the chief operating decision maker.
There is considered to be only one reportable segment, the results of which are shown in note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-268": { "value": "
2.2 Revenue
The Group generates revenue from the sale of company subscription plans, generally for a period of 12 months, where the
invoicing varies from monthly to yearly. The revenue is shown net of local sales tax and customer discounts.
Revenue recognition requires an agreement with the customer, which creates enforceable rights and obligations between
the parties, has commercial substance and identifies payment terms. The Group recognises revenue when it is probable
that the Group will collect the consideration to which it will be entitled in exchange for the services that will be transferred
to the customer.
Revenue is measured at the transaction price to which the Group expects to be entitled. The contracts are based on a
single performance obligation and the transaction price is allocated to this performance obligation based on a stand-alone
selling price. The Group satisfies the single performance obligation by recognising the revenue from subscriptions over
time as the software service is delivered to customers according to the subscription period. Contracts primarily utilise
quarterly or annual billing frequency with payment terms typically between 8 - 60 days.
The Group contracts with its customers to provide access to, and use of, its \u2018software-as-a-service\u2019 product over the term
defined in the contract. Specific product features accessible by customers are determined on a customer by customer
basis and are specified in customers\u2019 contracts. The subscription plan is considered to be a single performance obligation
which is satisfied over time and revenue is recognised on a straight-line basis over the subscription period.
No significant judgements are made which affect the determination of the amount or timing of the revenue from contracts
with customers.
Incremental costs of obtaining a contract relate largely to sales commissions paid to employees on new business which
are deferred and amortised over a period commensurate to the contract value and expected future renewal periods, to the
extent that they are recoverable. Amortisation is on a straight line basis and included within sales and marketing.
There is no variable consideration included in the transaction price for the company subscription plans.
The group does not expect to have any contracts where the period between the transfer of the promised goods or
services to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust
any of the transaction prices for a significant financing component or the time value of money.
If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability
is\u00a0recognised.
Accruals for refunds are made to the full value of the refund in the period to which the refund is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-269": { "value": "
2.8 Finance income and expenses
Finance income and expenses are recognised in the consolidated statements of profit or loss at the amounts that concern
the financial year. Finance income and expenses include interest income and expenses calculated in accordance with the
effective interest method.
Foreign exchange gains and losses on transactional activities are included in finance income and finance expenses within
the consolidated statement of profit or loss. The cash flows arising on foreign exchange gains and losses, other than cash
and cash equivalents are included in changes to net working capital \u2013 Increase in other payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-270": { "value": "
2.9 Income tax
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries in which the Company and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be
paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end
of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are
offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously. It is assessed at each reporting date whether it is likely that in the future there
will be sufficient taxable profits against which the deferred tax assets can be utilised.
Changes in deferred tax is recognised in the consolidated statement of profit or loss, except to the extent that it relates to
items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-271": { "value": "
2.10 Earnings per share
Earnings per share (\u2018EPS\u2019) for the Group is calculated in accordance with IAS 33. The following types of EPS are reported:
(i) Basic earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for
the\u00a0period.
Contingently issuable ordinary shares are included in the calculation of basic EPS from the date when all necessary
conditions are satisfied, if \u2018little or no\u2019 consideration is required upon release of the restricted share award, or to exercise
the share option.
Deferred share awards, with no service or other condition or exercise price, are not included in the calculation of basic
EPS until such time as the share option or restricted share award has vested.
Repurchased shares are excluded from the calculation of basic EPS from the date of share repurchase. Accordingly, no
further adjustment is made when the shares are subsequently cancelled.
(ii) Diluted earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the
period as well as all potentially ordinary shares. The impact of potentially dilutive ordinary shares is excluded when they
would be anti-dilutive.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-272": { "value": "
2.11 Intangible assets
Intangible assets include in progress and completed development projects.
Intangible assets have a finite useful life and are subsequently carried at cost less accumulated amortisation and
impairment losses.
Costs associated with maintaining IT-platforms are recognised as an expense as incurred. Development costs that are
directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognised as
intangible assets when the following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 Management intends to complete the software and use or sell it;
\u2022 There is an ability to use or sell the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software
are\u00a0available;
\u2022 The expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the projects include employee costs. Capitalised development
costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
The Group amortises intangible assets with a finite useful life using the straight-line method over the following periods:
Development projects \u2013 In progressNone
Development projects \u2013 Completed3 years
Completed and in progress development projects are reviewed semi-annually to determine whether there are indications
of impairment. If such indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower
than the carrying value, the development projects are impaired to the recoverable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-273": { "value": "
2.12 Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation. The cost includes
expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of
any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are
charged to the consolidated statement of profit or loss during the reporting period in which they are incurred.
Depreciations are calculated using the straight-line method, net of their residual values over their estimated useful lives,
as follows:
Leasehold improvementsTerm of lease
Other fixtures and fittings, tools and equipment3 years
There is an exception relating to the lease in Denmark, where there is a rolling 12 month lease in place with the assumption
that Trustpilot A/S will not leave the premises within the next 12 months. The leasehold improvements in respect of this
lease are depreciated over a period of 3-5 years.
The assets\u2019 residual values and useful lives are reviewed annually, and adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-274": { "value": "
2.13 Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is
charged to the consolidated statement of profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period.
The leases of the Group consist of property rentals.
The assets and liabilities arising from the property leases are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments included in the property leases:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 Variable lease payment that are based on an index or a rate, and;
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the
Group\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.
On commencement of the lease, right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability;
\u2022 Any lease payments made at or before the commencement date less any lease incentives received, and;
\u2022 Any initial direct costs.
The right-of-use asset is subsequently depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and
the lease term of the asset.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for lease payments made.
The carrying amount of lease liabilities are re-measured if there is a modification, a change in the lease term or a change in
lease payments as a result of a rent review or change in the relevant index or rate. When the lease liability is remeasured,
an equivalent adjustment is made to the right-of-use asset unless its carrying amount is reduced to zero, in which case
any remaining amount is recognised in profit or loss.
The lease term is defined as the non-cancellable period of a lease together with periods covered by options to extend the
lease if it is reasonable certain that the options will be exercised and periods covered by options to terminate the lease if it
is reasonably certain that the options will not be exercised.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Variable lease payments and payments associated with short-term leases are recognised on a straight-line basis as an
expense in the consolidated statement of profit or loss under the line item - general and administrative expense.
The Group classifies leases of 12 months or below as short-term leases, except in the case of the Denmark lease where
the termination date is within 6 months, however the Group has made a judgement that the lease will be extended for an
additional 12 month period.
Payments and receipts are presented as follows in the Group statement of cash flows:
\u2022 Short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included
in the measurement of the lease liabilities are presented within cash flows from operating activities;
\u2022 Payments for the interest element of recognised lease liabilities are included in interest paid within cash flows from
operating activities;
\u2022 Payments for the principal element of recognised lease liabilities are presented within cash flows from financing
activities; and
\u2022 Lease incentives received are presented within cash flows from financing activities where they represent a
reimbursement of fit-out costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-275": { "value": "
2.14 Impairment of non-current assets
Non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount
exceeds its recoverable amount.
Development projects are reviewed semi-annually to determine whether there are indications of impairment. The
recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows
which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-
current assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each
reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-276": { "value": "
2.15 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition, and subsequently measured at amortised cost, at fair value through
other comprehensive income (\u2018FVOCI\u2019), or fair value through profit or loss (\u2018FVTPL\u2019).
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its
fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Trade receivables that do not contain a
significant financing component or for which the Group has applied the practical expedient are measured at the
transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows
that are solely payments of principal and interest (\u2018SPPI\u2019) on the principal amount outstanding. Financial assets that are not
SPPI are classified and measured at FVTPL, irrespective of the business model.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified into four categories:
\u2022 Financial assets at FVTPL
\u2022 Financial assets at amortised costs (debt instruments)
\u2022 Financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments)
\u2022 Financial assets designated at FVOCI with no recycling of cumulative gains and losses upon derecognition
(equity\u00a0instruments)
Financial assets at FVTPL
Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in their fair value
recognised in the consolidated statement of profit or loss. The Group\u2019s financial assets measured at FVTPL includes the
money market funds.
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u2018EIR\u2019) and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The
Group\u2019s financial assets measured at amortised cost includes cash at bank and in hand, trade receivables, deposit and
other receivables.
Trade and other receivables
Trade receivables and other receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less loss allowance.
The Group holds the trade receivables and other receivables with the objective to collect the contractual cash flows and
measures them subsequently at amortised cost.
Deposits
Deposits relate to leasehold premises, which are included in the consolidated balance sheet as either non-current assets
or current assets depending on the maturity date of the lease. There is an exception relating to the lease in Denmark,
where there is rolling 12 month lease in place with the assumption that Trustpilot Group plc will not leave the premises
within the next 12 months and therefore the deposit is reported as non-current.
Impairment
The Group recognises an allowance for expected credit losses (\u2018ECLs\u2019) for all debt instruments not held at FVTPL. The
most significant financial assets of the Group are its trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of
the original EIR. See note 16 for further description of the Group\u2019s impairment policies for trade receivables.
While cash and cash equivalents, deposits and other receivables are also subject to the impairment requirements of IFRS
9, the identified impairment loss is immaterial.
Derecognition
A financial asset is primarily derecognised when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset and either
\u2013 the Group has transferred substantially all the risks and reward of the asset, or
\u2013 the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, at fair value through profit or loss, borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has no derivatives
designated as hedging instruments.
All financial liabilities are recognised initially at fair value and, in the case of borrowings, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include borrowings, trade payables and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Borrowings
Borrowings are initially recognised at fair value which is generally proceeds received, and net of transaction costs incurred.
Subsequently, borrowings are measured at amortised cost.
Borrowings are classified according to the length and terms, which means that settlement of liability more than 12 months
after the reporting period is classified as non-current, the settlement less than 12 months is classified as current.
Trade payables and other payables
Trade payables are initially measured at fair value, less any transaction costs. In subsequent periods, trade payables are
measured at amortised cost using the effective interest method so that the difference between the proceeds and the
nominal value is recognised in the consolidated statement of profit or loss under finance expenses over the loan period.
Other payables are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-277": { "value": "
i) Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition, and subsequently measured at amortised cost, at fair value through
other comprehensive income (\u2018FVOCI\u2019), or fair value through profit or loss (\u2018FVTPL\u2019).
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its
fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Trade receivables that do not contain a
significant financing component or for which the Group has applied the practical expedient are measured at the
transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows
that are solely payments of principal and interest (\u2018SPPI\u2019) on the principal amount outstanding. Financial assets that are not
SPPI are classified and measured at FVTPL, irrespective of the business model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-278": { "value": "
Trade and other receivables
Trade receivables and other receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less loss allowance.
The Group holds the trade receivables and other receivables with the objective to collect the contractual cash flows and
measures them subsequently at amortised cost.
2.18 Prepayments
Prepayments recognised as an asset comprise prepaid expenses relating to subsequent financial reporting years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-279": { "value": "
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, at fair value through profit or loss, borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has no derivatives
designated as hedging instruments.
All financial liabilities are recognised initially at fair value and, in the case of borrowings, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include borrowings, trade payables and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Borrowings
Borrowings are initially recognised at fair value which is generally proceeds received, and net of transaction costs incurred.
Subsequently, borrowings are measured at amortised cost.
Borrowings are classified according to the length and terms, which means that settlement of liability more than 12 months
after the reporting period is classified as non-current, the settlement less than 12 months is classified as current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-280": { "value": "
Trade payables and other payables
Trade payables are initially measured at fair value, less any transaction costs. In subsequent periods, trade payables are
measured at amortised cost using the effective interest method so that the difference between the proceeds and the
nominal value is recognised in the consolidated statement of profit or loss under finance expenses over the loan period.
Other payables are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-281": { "value": "
2.19 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and also money market funds with a
maturity of three months or less, that are held for the purpose of meeting short-term cash commitments and are readily
convertible to a known amount of cash and subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-282": { "value": "
2.20 Equity
Share capital
Ordinary shares are classified as equity. Own equity instruments that are reacquired (treasury shares) are recognised at
cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation
of the Group\u2019s own equity instruments.
Share premium
The share premium account is used to record the aggregate amount or value of premiums paid in excess of the nominal
value of these new ordinary shares issued. Costs that directly relate to the issue of ordinary shares are deducted from
share premium net of corporation tax.
Capital redemption reserve
The capital redemption reserve is a non-distributable reserve in which all redemption of the Company\u2019s own shares are
transferred to.
All shares cancelled are reclassified at nominal value from share capital to capital redemption reserve.
Merger reserve
The merger reserve represents the difference between the carrying value of share capital, share premium and associated
foreign currency translation gains acquired under merger accounting to the cost of investment (the fair value).
Accumulated losses
Accumulated losses comprise all current and prior period retained losses.
Foreign currency translation reserve
Exchange differences arising on translation of the parent company and of foreign controlled entities into the presentation
currency, USD, are recognised in other comprehensive income and accumulated in a separate reserve within equity. The
cumulative amount is reclassified to profit or loss when the net investment is disposed of.
The assets and liabilities of the parent company and the Group\u2019s subsidiaries are translated into presentational currency,
USD, using period-end exchange rates. Income and expenses items are translated at the average exchange rates for the
period. Where the differences arise between these rates, they are recognised in other comprehensive income in a separate
reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
Contributed equity
Where the Company purchases any of the Company\u2019s equity instruments, for example as the result of a share buyback,
the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity
attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such
ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-283": { "value": "
2.21 Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-284": { "value": "
2.22 Share-based payments
The Group currently operates a number of share schemes: Employee Warrants, Long Term Incentives Plan, Restricted
Stock Plan and Deferred Share Bonus Plan. The Long Term Incentive Plan, Restricted Share Plan and Deferred Share
Bonus Plan are restricted share schemes.
The warrant program and restricted share schemes are classified as equity arrangements. As such, the fair value of the
warrants and restricted shares granted under the schemes are recognised as an expense with a corresponding increase in
equity. The total amount to be expensed is determined by reference to the fair value of the warrants and restricted shares
granted including the impact of any non-vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options or
restricted shares that are expected to vest based on the respective market vesting, non-market vesting and service
conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
adjustment to equity.
Further information about the warrant and restricted share schemes, including models used to calculate the fair value are
disclosed in note 8.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-285": { "value": "
2.23 Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rate ruling at the date of the
transaction. Foreign currency monetary items are translated at the rates of exchange ruling at the end of the reporting
period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlements of monetary items and on the retranslation of monetary items are included
in profit or loss for the year, except for foreign currency movements on intercompany balances, where settlement is not
planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Foreign
exchange movements on external borrowings which are designated as a hedge of the net investment in its related
subsidiaries are recognised in the foreign currency translation reserve.
Exchange adjustments on share capital, share premium and capital redemption reserve
Share capital, share premium and capital redemption reserve are denominated in a currency that differs from the Group\u2019s
presentational currency and are translated at each year end using the closing rate. All resulting exchange differences
noted on retranslating equity items are recognised directly in equity as part of the foreign currency translation reserve and
do not form part of other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-286": { "value": "
2.24 Statement of cash flows
The consolidated statement of cash flows shows the Group\u2019s cash flows for the year analysed and presented as
operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group\u2019s cash
and cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated as the profit for the year, adjusted for changes in working capital and
non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses.
Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets and
property, plant and equipment.
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal
element on lease payments, as well as payments to and from shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-287": { "value": "
3. Critical accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies.
The judgements, estimates as well as the related assumptions made are based on historical experience and other factors
that management considers to be reliable, but which by their very nature are associated with uncertainty and
unpredictability. Actual results may differ from these estimates.
The significant accounting estimates and judgements at the balance sheet date, that have a significant risk of causing
material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below:
3.1 Significant accounting estimates
Significant accounting estimates are expectations of the future based on assumptions, that to the extent possible are
supported by historical trends or reasonable expectations. The assumptions may change to adapt to the market
conditions and changes in economic factors etc. The Group believes that the estimates are the most likely outcome of
future events.
Share-based payments
The Group recognised $7,403 thousand (FY23: $6,339 thousand) in respect of share-based payments. Estimating the fair
value for share-based payment transactions requires determination of the most appropriate valuation model, which
depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate
inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making
assumptions about these. The assumptions and models used for estimating fair value for share-based payment
transactions are disclosed in note 8.
Estimates are also undertaken regarding expected forfeiture rates of unvested shares as well as performance estimates
under the LTIP program. Estimates only impact phasing of expenses as all actual forfeitures and performance is ultimately
trued-up in reporting.
Incremental cost of obtaining customers\u2019 contracts
The Group recognised $6,835\u00a0thousand (FY23: $3,981\u00a0thousand) incremental costs of obtaining contracts with customers.
The incremental costs of obtaining a contract relate to sales commission paid to employees and are recognised as
contract assets at the time of signing contracts with customers. The capitalised costs of obtaining a contract are
amortised on a straight line basis over the period of the customer life, typically three years.
If the amortisation period was changed to two years, closing contract acquisition costs would decrease by $1,610
thousand. If the amortisation period was changed to five years, closing contract acquisition costs would increase by
$1,288 thousand. Amortising over one year would decrease the contract acquisition costs by $5,049 thousand. The
impact of changing the amortisation period to one or five years was not material in FY23.
Amortisation of cost to obtaining contracts is reported within sales and marketing. Further details can be found in note 17.
Recognition of deferred tax assets
As at 31 December 2024, the Group has recognised tax assets of $20,114 thousand with a tax value of $83,441 thousand
(FY23: tax assets of $12,428 thousand with a tax value of $56,491 thousand) predominantly in respect of Trustpilot A/S,
Trustpilot Limited and Trustpilot Plc, and unrecognised tax assets of $20,950 thousand with a tax value of $99,763
thousand (FY23: $23,975 thousand \u2013 tax value over $110,000 thousand) predominantly in respect of Trustpilot, Inc. that
relates to tax loss carry-forward amounts. Trustpilot A/S and the US and UK subsidiaries have incurred the losses over the
previous years as a consequence of expanding the Group and its operations. Of the $99,763 thousand, $58,559 thousand
(FY23: $69,000 thousand) of the losses can be carried forward indefinitely with no expiration date while $41,204 thousand
(FY23: $41,000 thousand) is subject to a finite utilisation period with expirations beginning as soon as 2033.
Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the
likelihood of the asset being recovered within a reasonably foreseeable timeframe considering the future expected profit
profile and business model of each relevant country, as well as any restrictions on use. As the Group has a history of
making taxable losses, IAS 12 Income Taxes further requires that convincing evidence is available to support
management\u2019s assessment that sufficient taxable profits will be available in the future. Reflecting the improving forecasts
and expectation of using tax losses in Trustpilot A/S, Trustpilot Group Plc and Trustpilot Ltd due to contract renewals for
existing UK customers moving from Trustpilot A/S to Trustpilot Limited in 2024, the Group has recognised a deferred tax
asset of $20,040 thousand (FY23: $12,347\u00a0thousand)in respect of losses which has been based on a risk adjusted
forecast. Current forecasts indicate that the recognised losses will be utilised over the next 3 years.
The severe but plausible downside scenario was modelled, which included a 5% reduction in FY25 in the Group\u2019s future
expected taxable income. The downside scenario showed that the deferred tax asset would still be utilised over the next 3
years.
The assumptions used in these forecasts, and scenarios considered, were consistent with other financial statement
forecasts, such as the going concern and viability assessments.
For Trustpilot, Inc., even though the Group\u2019s approved budget shows that the company should be able to generate
taxable profits in the foreseeable future, management has concluded that it will not be able to meet the strict criteria in IAS
12 to provide \u2018convincing evidence\u2019, as the budget is sensitive to the timing and level of investments in the Trustpilot-
platform and similar factors. Consequently, no additional deferred tax assets have been recognised for the Group\u2019s tax
loss carry-forwards. Additional detail can be found in note 15.
3.2 Significant accounting judgements
Significant accounting judgements are made when applying accounting policies. Significant accounting judgements are
the judgements made by the Group that can have a significant impact on the financial results.
Determining the lease term
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease, if it is reasonably certain not to be exercised.
Extension and termination options are included in a number of property leases across the Group. Management applies
judgement in evaluating whether it is reasonably certain or not to exercise the options to extend and/or terminate the
leases. When determining the lease term, Management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The Group considers factors including historical lease durations; and the costs and business disruption
required to replace the asset. Most extension options have not been included in the lease liability, because the Group
could replace the asset (the offices) without significant cost or business disruption.
As at 31 December 2024, potential future cash outflows of $7,330 thousand (undiscounted) have not been included in the
lease liability, because it is not reasonably certain that the leases will be extended (FY23: $7,806 thousand).
Additionally, Trustpilot has recognised potential future cash outflows of $13,892 thousand (undiscounted) within the
Group\u2019s lease liability relating to the periods covered by an option to terminate the lease, because it is not reasonably
certain that the lease termination options will be exercised (FY23: $15,793 thousand).
The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances
occurs, which affects this assessment, and that is within the control of the lessee. The lease term is reassessed if an
option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. Information on
potential future rental payments related to periods following the exercise date of termination options that are not included
in the lease term is disclosed in note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "value": "
5. Operating segments
For management purposes and based on internal reporting information, the Group is organised in only one operating
segment, as the information reported includes operating results at a consolidated group level only. The costs related to
the\u00a0main nature of the business, being the Group\u2019s online review platform which serves the Group\u2019s customers, are not
attributable to any specific revenue stream or customer type and are therefore borne centrally. The results of the single
reporting segment, comprising the entire Group, are shown in the consolidated statement of comprehensive income.
These represent a single business segment for the sale of company subscription plans, generally for a period of 12
months, where the invoicing varies from monthly to annually.
The Chief Executive Officer is the Chief Operating Decision Maker (\u2018CODM\u2019), responsible for the strategic decision
making\u00a0and for the monitoring of the operating results of the single operating segment for the purpose of
performance\u00a0assessment.
Whilst Group operations are distributed globally with a large presence in Denmark and shares are listed on the London
Stock Exchange, the UK and North America are the Group\u2019s primary markets where revenue generated consists of
approximately 40% and 21% (FY23: UK: approx. 40% and North America: approx. 21%), respectively. Other geographical
locations besides the UK and North America are defined as \u2018Europe and Rest of World\u2019 where no individual country
exceeded more than 5% of the consolidated revenue in FY24 (FY23: 6%).
Trustpilot has customers in many regions around the world but is organised globally from an operation perspective. For
this reason, while operating assets may be recorded in Denmark for example, they will be supporting customers around
the world. Therefore, a single operating segment is reported with revenue disclosed by region based on the location of the
customer. Non-current operating assets are similarly based on geographic location.
The following table displays external revenue (based on customer location) and non-current operating assets by
geographic area:
FY24
$ \u2018000
FY232
$ \u2018000
Revenue
UK1
84,896
69,951
Europe and Rest of World
81,374
69,127
North America1
44,481
37,284
Total revenue
210,751
176,362
Non-current operating assets
UK1
7,923
10,742
Europe and Rest of World
11,551
9,241
North America1
10,126
11,149
Total non-current operating assets3
29,600
31,132
1 For presentation purposes, the UK includes Isle of Man, Jersey and Guernsey. North America includes the USA and Canada.
2 Non-current operating assets have been re-presented to exclude financial instruments.
3 Non-current operating assets consist of intangible assets, property, plant and equipment, right-of-use assets and other receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "value": "
6. Staff costs
The monthly average number of persons employed by the Group (including Directors) by function was:
FY24
Number
FY23
Number
Customer success and support
262
218
General and administrative
157
134
Sales and marketing
293
276
Technology and content
262
261
Total
974
889
Group employee costs comprise:
FY24
$ \u2018000
FY23
$ \u2018000
Wages and salaries
125,450
107,566
Social security costs1
14,031
9,818
Other pension costs2
3,766
3,183
Share-based payments
7,403
6,339
Total
150,650
126,906
1 Social security costs in FY24 includes a charge of $2,149 thousand (FY23: $845 thousand) in respect of share-based payments as a result of the increase in the
share price.
2 This represents the Group\u2019s defined contribution schemes which are provided to its employees. This charge reflects the current year contributions made.
Directors\u2019 remuneration
Details of the Directors\u2019 remuneration is set out in the Remuneration Committee report. 1 (FY23: nil) Director exercised
share options during the year.
Key Management Compensation
For FY24, key management consists of any Director (whether executive or otherwise), further disclosure of Directors\u2019
emoluments is available in the Directors\u2019 Remuneration report on page 138. Aside from the Executive Directors, no other
members of the Executive Leadership Team (\u2018ELT\u2019) are viewed to qualify as key management, given the breadth of
experience of the Directors. The compensation paid or payable to key management for employee services and Directors
duties is shown below:
FY24
$ \u2018000
FY23
$ \u2018000
Directors:
Short-term employee benefits
3,076
2,709
Post-employment benefits
44
36
Share-based payments
1,729
1,672
Total compensation of key management personnel
4,849
4,417
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "value": "
Key Management Compensation
For FY24, key management consists of any Director (whether executive or otherwise), further disclosure of Directors\u2019
emoluments is available in the Directors\u2019 Remuneration report on page 138. Aside from the Executive Directors, no other
members of the Executive Leadership Team (\u2018ELT\u2019) are viewed to qualify as key management, given the breadth of
experience of the Directors. The compensation paid or payable to key management for employee services and Directors
duties is shown below:
FY24
$ \u2018000
FY23
$ \u2018000
Directors:
Short-term employee benefits
3,076
2,709
Post-employment benefits
44
36
Share-based payments
1,729
1,672
Total compensation of key management personnel
4,849
4,417
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "value": "
7. Operating profit/(loss)
FY24
$ \u2018000
FY23
$ \u2018000
Operating profit/(loss) is stated after (charging)/crediting:
Fees payable to the company\u2019s auditors and its associates for:
Audit of parent company and consolidated financial statements
(693)
(749)
Audit of financial statements of subsidiaries of the Group
(299)
(236)
Other audit related assurance services1
(146)
(138)
Other assurance services2
\u2014
(29)
Depreciation on property, plant and equipment3
(1,208)
(1,573)
Depreciation on right-of-use assets - properties3
(4,388)
(4,230)
Amortisation on intangible assets4
(4,035)
(3,171)
Loss on disposal of property, plant and equipment
\u2014
(20)
Impairment loss on property, plant and equipment3
(815)
\u2014
Net gain on disposal of leases
238
\u2014
Impairment loss on intangible assets4
(453)
\u2014
1 Other audit related assurance services consists of fees associated with the review of interim financials.
2 Other assurance services relate to an audit of the interim balance sheet of Trustpilot A/S as required by local law.
3 Depreciation and impairment losses on property, plant and equipment and right-of-use assets are included in the consolidated statement of profit or loss as
follows: technology and content: $131 thousand (FY23: $139 thousand), general and administrative: $6,280 thousand (FY23: $5,664 thousand).
4 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item technology and content.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "value": "
7. Operating profit/(loss)
FY24
$ \u2018000
FY23
$ \u2018000
Operating profit/(loss) is stated after (charging)/crediting:
Fees payable to the company\u2019s auditors and its associates for:
Audit of parent company and consolidated financial statements
(693)
(749)
Audit of financial statements of subsidiaries of the Group
(299)
(236)
Other audit related assurance services1
(146)
(138)
Other assurance services2
\u2014
(29)
Depreciation on property, plant and equipment3
(1,208)
(1,573)
Depreciation on right-of-use assets - properties3
(4,388)
(4,230)
Amortisation on intangible assets4
(4,035)
(3,171)
Loss on disposal of property, plant and equipment
\u2014
(20)
Impairment loss on property, plant and equipment3
(815)
\u2014
Net gain on disposal of leases
238
\u2014
Impairment loss on intangible assets4
(453)
\u2014
1 Other audit related assurance services consists of fees associated with the review of interim financials.
2 Other assurance services relate to an audit of the interim balance sheet of Trustpilot A/S as required by local law.
3 Depreciation and impairment losses on property, plant and equipment and right-of-use assets are included in the consolidated statement of profit or loss as
follows: technology and content: $131 thousand (FY23: $139 thousand), general and administrative: $6,280 thousand (FY23: $5,664 thousand).
4 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item technology and content.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "value": "
7. Operating profit/(loss)
FY24
$ \u2018000
FY23
$ \u2018000
Operating profit/(loss) is stated after (charging)/crediting:
Fees payable to the company\u2019s auditors and its associates for:
Audit of parent company and consolidated financial statements
(693)
(749)
Audit of financial statements of subsidiaries of the Group
(299)
(236)
Other audit related assurance services1
(146)
(138)
Other assurance services2
\u2014
(29)
Depreciation on property, plant and equipment3
(1,208)
(1,573)
Depreciation on right-of-use assets - properties3
(4,388)
(4,230)
Amortisation on intangible assets4
(4,035)
(3,171)
Loss on disposal of property, plant and equipment
\u2014
(20)
Impairment loss on property, plant and equipment3
(815)
\u2014
Net gain on disposal of leases
238
\u2014
Impairment loss on intangible assets4
(453)
\u2014
1 Other audit related assurance services consists of fees associated with the review of interim financials.
2 Other assurance services relate to an audit of the interim balance sheet of Trustpilot A/S as required by local law.
3 Depreciation and impairment losses on property, plant and equipment and right-of-use assets are included in the consolidated statement of profit or loss as
follows: technology and content: $131 thousand (FY23: $139 thousand), general and administrative: $6,280 thousand (FY23: $5,664 thousand).
4 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item technology and content.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "value": "
8 . Share-based payment plans
The Group currently operates four share schemes: Employee Warrants, Long Term Incentive Plan, Restricted Share Plan
and Deferred Share Bonus Plan.
For the financial year ended 31 December 2024 and 31 December 2023, the Group has recognised the following share-
based payment expense in the consolidated statement of profit or loss, and the relating tax expense in the consolidated
statement of changes in equity.
FY24
$ \u2018000
FY23
$ \u2018000
Employee Warrants
327
598
Long Term Incentive Plan
1,513
1,430
Restricted Share Plan
5,517
4,311
Deferred Share Bonus Plan
46
\u2014
Total
7,403
6,339
Employee Warrants
Employee Warrants are a share option scheme. The fair value at grant date is determined using a Black-Scholes model
that takes into account the share price at grant date, the exercise price, the risk free interest rate for the term of the
warrants, the expected volatility and the term of the warrant (the expected maturity). Settlement of any vested portion of
the awards is expected to be satisfied by the issue of new ordinary shares in the Company upon vesting date.
Movements in the number of Employee Warrants outstanding and their related weighted average exercise prices in the
financial year ended 31 December 2024 and 31 December 2023 are as follows:
Total movement in Employee Warrants
FY24
FY23
Number of share
options
No. \u2018000
Weighted avg
exercise price\u00b2
(\u00a3)
Number of share
options
No. \u2018000
Weighted avg
exercise price\u00b2
(\u00a3)
Opening balance
27,740
0.55
30,590
0.57
Granted
\u2014
\u2014
\u2014
\u2014
Exercised\u00b9
(6,171)
0.69
(1,681)
0.30
Forfeited
(349)
1.32
(1,133)
1.24
Expired
(35)
0.25
(36)
0.22
Closing balance
21,185
0.50
27,740
0.55
Number of Employee Warrants exercisable at
31\u00a0December
19,316
0.42
21,472
0.48
1 Employee Warrants were exercised throughout the year, and exercise prices ranged from \u00a30.10 to \u00a31.35 with a weighted average exercise price of \u00a30.69. The
weighted average share price across the exercise dates was \u00a32.08.
2 The weighted average exercise price of share options in USD during the period were as follows: outstanding at the beginning of FY24 $0.70 (FY23: $0.68),
exercised during FY24 $0.88 (FY23: $0.37), forfeited during FY24 $1.68 (FY23: $1.55),\u00a0 expired during FY24 $0.32 (FY23: $0.28), outstanding at the end of FY24
$0.63 (FY23: $0.70), exercisable at the end of FY24 $0.53 (FY23: $0.61).
Employee Warrants can be exercised for a period of up to 10 years after the vesting date. The range of exercise prices of
the outstanding Employee Warrants as at 31 December 2024 is \u00a30.10 to \u00a31.35 (FY23: \u00a30.10 to \u00a31.35). Of outstanding
Employee Warrants as at 31 December 2024, 15,873 thousand (FY23: 19,203 thousand) have an exercise price below
\u00a30.50, and 5,312 thousand (FY23: 8,537 thousand) have an exercise price above \u00a30.50.
The weighted average remaining contractual life of warrants outstanding as at 31 December 2024 is 4.38 years
(FY23:\u00a05.27 years).
Long Term Incentive Plan
A Long Term Incentive Plan (\u2018LTIP\u2019) ensures the alignment of incentives for management and the performance of the
Group. Incentives are established across three complementary measures of shareholder return performance, revenue
growth and trust to ensure balanced priorities for management for the long-term advancement of the Group. In FY24,
conditional awards over 2,283 thousand (FY23: 5,796 thousand) ordinary shares in the Company were granted to
management under the LTIP.
The LTIP is administered at the discretion of the remuneration committee of the Board (the \u2018Remuneration Committee\u2019)
and no individual has a contractual right to participate. The LTIP awards granted in FY24 will ordinarily vest on 2 April 2027
and 23 October 2027, subject in each case to the award recipient\u2019s continued service and the Remuneration Committee\u2019s
assessment of the extent to which the award\u2019s performance measures are satisfied. Settlement of any vested portion of
the awards is expected to be satisfied by the issue of new ordinary shares in the Company upon the vesting date.
Executive Directors of the Company are subject to a two year post-vesting holding period for the shares they receive (net
of shares equal to any tax liability and nominal cost of acquisition). Targets for each of the three performance measures
are set with a lower bound and upper bound. If performance falls below the lower bound there will be no vesting.
If\u00a0performance meets or exceeds the upper bound it will result in 100% vesting. Performance between the lower and
upper bounds will result in vesting between 25% and 100% on a straight-line basis, as further detailed below.
Total shareholder return (\u2018TSR\u2019) performance measure
The vesting of 75% (the \u2018TSR Part\u2019) of the LTIP awards granted in FY24 is subject to the Group\u2019s TSR performance over
a\u00a0three year period that commenced on 2 April 2024 relative to the TSR performance over the same period of the
constituents of the FTSE 250 Index (excluding investment trusts and the Group) as at 2 April 2024. 25% of the TSR Part
will vest for median ranking performance, rising on a straight-line basis up to 100% vesting of the TSR Part for upper
quartile ranking (or better) relative TSR performance.
Trust performance measure
The vesting of 25% (the \u2018Trust Measure Part\u2019) of the LTIP awards granted in FY24 is subject to targets set for the average
of Trustpilot\u2019s own TrustScores (i.e. the star ratings of reviews gathered for Trustpilot on the Trustpilot platform) taken at
the end of 2024, 2025 and 2026 respectively. The TrustScore Part target will be stepped between an average TrustScore
of 4.0 and 4.4 rising on a straight-line basis up to 100% vesting for an average TrustScore of 4.4 (or better).
As an additional condition, no part of such LTIP awards will vest unless the Remuneration Committee is satisfied as to
overall Group performance over the period until vesting \u2013 and, as required by the UK Corporate Governance Code, the
Remuneration Committee will retain a power to moderate the vesting levels from awards if this is appropriate in all of the
circumstances, including consideration of shareholder experience.
The cost of acquisition of the awards when vested is 1 pence per each share, equal to the nominal share value. Targets
and fair value treatment are summarised as follows:
Measure
Fair value method
Weighted avg
fair value -
April 24 grant
Weighted avg
fair value -
October 24 grant
Lower bound
Upper bound
TSR
Stochastic model
1.26
1.72
Equal to Median
Upper Quartile or Greater
Trust
Black-Scholes
1.79
2.36
Average Trust Measure of 4.0
Average Trust Measure of
4.4\u00a0or Greater
Fair value factors
April 24
grant
Additional
Finnerty April 24
grant (Executive
Director)\u00b9
October 24
grant
Closing share price on date of grant (\u00a3)
1.89
1.89
2.37
Grant date fair value per share (\u00a3)
1.20-1.89
1.20-1.89
1.72-2.36
Number of shares granted
907,549
1,037,398
338,144
Grant price (\u00a3)
0.01
0.01
0.01
Vesting period
3.00 yrs
+ 2.00 years
holding
period
3.00 yrs
Risk-free interest rate
4.20%
4.04%
3.83%
Expected dividend yield
\u2014%
\u2014%
\u2014%
Expected volatility
60.05%
60.60%
56.84%
1 Finnerty model used to fair value the impact of the two-year holding period for Executive Directors.
Movements in the number of conditional awards outstanding in the financial year ended 31 December 2024 and
31\u00a0December 2023 are as follows:
Total movement in LTIP
FY24
Number of
conditional
awards
No. \u2018000
FY23
Number of
conditional
awards
No. \u2018000
Opening balance
7,702
3,338
Granted
2,283
5,796
Vested
(220)
\u2014
Forfeited
(2,538)
(1,432)
Closing balance
7,227
7,702
Restricted Share Plan
The Restricted Share Plan (\u2018RSP\u2019) is offered to selected employees and aligns the interest of award recipients with
shareholders and serves to help retain employees over the vesting periods. Vesting periods are subject to the condition
of\u00a0continued service only rather than performance measures.
In FY24, conditional awards over 3,775 thousand (FY23: 6,015 thousand) ordinary shares in the Company were issued to
employees under the RSP. Vesting typically takes place annually over a two or three-year period, with settlement of each
vested portion of the awards expected to be satisfied by the issue of new ordinary shares in the Company upon the
vesting date.
The RSP is administered at the discretion of the Remuneration Committee and no individual has a contractual right to
participate. The cost of acquisition of the awards when vested is 1 pence per each share, equal to the nominal share
value, and the fair value is determined using a Black-Scholes model.
Targets and fair value treatment are summarised as follows:
Fair value factors
April 2024 grant
May 2024 grant
October 2024 grant
Closing share price on date of grant (\u00a3)
1.92
2.21
2.37
Grant date weighted average fair value per share (\u00a3)
1.91
2.20
2.36
Number of shares granted
1,956,789
25,281
1,792,606
Grant price (\u00a3)
0.01
0.01
0.01
Weighted average vesting period
1.89 yrs
1.84 yrs
1.73 yrs
Risk-free interest rate
4.51%-4.76%
4.60%-4.86%
3.83%-4.28%
Expected dividend yield
\u2014%
\u2014%
\u2014%
Expected volatility
60.63%
61.08%
60.05%
Movements in the number of conditional awards outstanding in the financial year ended 31 December 2024 and 31
December 2023 are as follows:
Total movement in RSP
FY24
Number of
conditional
awards
No. \u2018000
FY23
Number of
conditional
awards
No. \u2018000
Opening balance
8,844
5,808
Granted
3,775
6,015
Vested
(3,413)
(1,861)
Forfeited
(1,697)
(1,118)
Closing balance
7,509
8,844
Deferred Share Bonus Plan
In April 2024, the Group introduced a Deferred Share Bonus Plan (\u2018DSBP\u2019) for certain key executives, pursuant to which
participants are entitled to receive bonuses in the form of the Company's shares at a future date. The plan is designed to
incentivise retention of key personnel. The awards are not conditioned by a continued service or any performance
achievements.
In FY24, conditional awards over 52\u00a0thousand (FY23: nil) ordinary shares in the Company were issued to employees under
the DSBP. Vesting takes place over a two-year period with settlement of each vested portion of the awards expected to
be satisfied by the issue of ordinary shares in the Company upon the vesting date.
There is no cost on acquisition of the awards when vested, and the fair value is determined using a Black-Scholes model.
Fair value treatment is summarised as follows:
Fair value factors
April 2024
grant
Closing share price on date of grant (\u00a3)
1.92
Grant date fair value per share (\u00a3)
1.92
Number of shares granted
51,719
Grant price (\u00a3)
0.00
Weighted average vesting period
1.94 yrs
Risk-free interest rate
N/A
Expected dividend yield
\u2014%
Expected volatility
N/A
Movements in the number of deferred share awards outstanding in the financial year ended 31 December 2024 and 31
December 2023 are as follows:
Total movement in DSBP
FY24
Number of
deferred share
awards
No. \u2018000
FY23
Number of
deferred share
awards
No. \u2018000
Opening balance
\u2014
\u2014
Granted
52
\u2014
Vested
\u2014
\u2014
Forfeited
\u2014
\u2014
Closing balance
52
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "value": "
9. Finance income and expenses
FY24
$ \u2018000
FY23
$ \u2018000
Foreign exchange rate gains
313
\u2014
Interest income
348
1,026
Other similar income1
2,832
1,432
Finance income
3,493
2,458
FY24
$ \u2018000
FY23
$ \u2018000
Foreign exchange rate losses
\u2014
(1,371)
Interest expense2
(561)
(803)
Provisions: unwinding of discount
(38)
(38)
Lease interest expense
(1,518)
(1,572)
Finance expenses
(2,117)
(3,784)
1 Other similar income relates to income earned on money market funds which are held at fair value through profit or loss.
2 Interest expense includes $496 thousand (FY23: $ 527 thousand) of fees for the undrawn revolving credit facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "value": "
9. Finance income and expenses
FY24
$ \u2018000
FY23
$ \u2018000
Foreign exchange rate gains
313
\u2014
Interest income
348
1,026
Other similar income1
2,832
1,432
Finance income
3,493
2,458
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "value": "
FY24
$ \u2018000
FY23
$ \u2018000
Foreign exchange rate losses
\u2014
(1,371)
Interest expense2
(561)
(803)
Provisions: unwinding of discount
(38)
(38)
Lease interest expense
(1,518)
(1,572)
Finance expenses
(2,117)
(3,784)
1 Other similar income relates to income earned on money market funds which are held at fair value through profit or loss.
2 Interest expense includes $496 thousand (FY23: $ 527 thousand) of fees for the undrawn revolving credit facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "
10. Income tax
FY24
$ \u2018000
FY23
$ \u2018000
Current tax
Current tax charge on UK profit for the year
(1,188)
(50)
Current tax charge on overseas profits for the year
(3,862)
(948)
Adjustments in respect of prior periods1
25
(2,128)
Total current tax charge
(5,025)
(3,126)
Deferred tax
Origination and reversal of temporary differences
(578)
(1,759)
Recognition of deductible temporary differences
6,600
13,936
Change in tax rate
\u2014
2
Adjustments in respect of prior periods
55
\u2014
Total deferred tax credit
6,077
12,179
Total tax credit in the statement of profit or loss
1,052
9,053
1 Adjustments in respect of prior periods for the year ended 31 December 2023 materially relate to Danish tax credits.
Reconciliation of effective tax rate
FY24
$ \u2018000
FY23
$ \u2018000
Factors affecting the tax credit for the year:
Profit/(loss) before tax
5,182
(1,944)
Current tax (charge)/credit using the Danish corporation tax rate of 22% (FY23: 22%)
(1,140)
428
Effects of:
Items not deductible
(1,218)
(652)
Share options and share awards
(1,287)
(1,393)
Research and development tax credit
\u2014
4
Adjustments in respect of prior periods\u00b9
80
(2,129)
Differences between overseas tax rates
533
(4)
Movements in temporary differences recognised2
4,084
12,326
Utilisation of tax losses not recognised
\u2014
473
Total tax credit
1,052
9,053
1 Adjustments in respect of prior periods for the year ended 31 December 2023 materially relate to Danish tax credits.
2 This is the recognition of deductible temporary differences of $6,600 thousand (FY23: $13,936 thousand) offset by in-year losses not recognised of $2,516
thousand (FY23: $1,610 thousand).
The Danish corporate income tax rate of 22 % (FY23: 22 %) is used in the tax reconciliation for the Trustpilot Group as the
majority of the taxable profits arises in Denmark. Taxation for other jurisdictions is calculated at the rates prevailing in each
jurisdiction. The Group does not fall within the scope of the Pillar Two framework, introduced by the OECD, as it does not
meet the minimum revenue thresholds.
The Group\u2019s tax charge will continue to be influenced by the profile of profits earned in the different countries in which the
Group\u2019s subsidiaries operate. The Group could be affected by changes in tax law in the future, as we expect countries to
amend legislation in respect of international tax.
In line with the requirements of IAS 12, the deferred tax assets and liabilities are offset as they have a legal right to set off
and relate to income with the same taxation authority.
Deferred tax assets are reviewed at each reporting date. In considering the recoverability, the Group assesses the
likelihood of the asset being recovered within a reasonably foreseeable timeframe considering the future expected profit
profile and business model of each relevant country, as well as any restrictions on use. Reflecting the improving forecasts
and expectation of using tax losses in the Danish and UK entities, the Group has recognised a deferred tax asset of
$20,114 thousand (FY23: $12,428 thousand) at year end. Current forecasts indicate that the losses will be utilised over the
next three years.
Recognised directly in equity
FY24
$ \u2018000
FY23
$ \u2018000
Current tax
Excess tax deductions related to share-based payments on exercised options and vested
share awards
1,266
51
Total current tax credit
1,266
51
Deferred tax
Deferred tax movement on share-based payments
2,462
\u2014
Total deferred tax credit
2,462
\u2014
Total tax credit in equity
3,728
51
No amounts of current or deferred tax (FY23: nil) are recognised in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "value": "
11. Earnings per share
FY24
$ \u2018000
FY23
$ \u2018000
Profit for the year
6,234
7,109
Earnings per share (cents)
Basic
1.5
1.7
Diluted
1.4
1.6
A reconciliation of weighted average number of shares used as the denominator is included below:
FY24
FY23
Weighted average number of shares used as the denominator (000s):
Weighted average number of ordinary shares issued
415,946
417,797
Weighted average number of treasury shares held
(145)
\u2014
Weighted average number of ordinary shares used as the denominator in calculating
basic earnings per share
415,801
417,797
Adjustments for calculation for diluted earnings per share:
Employee warrants and restricted share awards
26,442
21,938
Weighted average number of shares and potential ordinary shares used as the
denominator in calculating diluted earnings per share
442,243
439,735
Information concerning the classification of securities
Share options, conditional and deferred share awards granted to employees under the Employee Warrants, LTIP, RSP and
DSBP share schemes are considered to be potential ordinary shares. They have been included in the determination of
diluted earnings per share if the required performance conditions would have been met based on the Company's
performance up to the reporting date, and to the extent to which they are dilutive. Details relating to the share option and
restricted share award schemes are set out in note 8.
A total of 2,638 thousand (FY23: 15,889 thousand) warrants and restricted share awards have not been included in the
calculation of diluted earnings per share, because they are antidilutive for the year ended 31 December 2024. These share
options and restricted share awards could potentially dilute basic earnings per share in the future.
As at 31 December 2024, the number of dilutive vested warrants amounted to 19,316 thousand (FY23: 11,590 thousand)
and nil vested (FY23: nil) restricted stock units.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "
12. Intangible assets
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2024
1,839
14,782
16,621
Additions during the year
6,792
\u2014
6,792
Transfers \u2013 In progress to placed in service
(7,011)
7,011
\u2014
Exchange differences
(168)
(1,115)
(1,283)
At 31 December 2024
1,452
20,678
22,130
Accumulated amortisation and impairment:
At 1 January 2024
\u2014
(9,266)
(9,266)
Amortisation for the year
\u2014
(4,035)
(4,035)
Impairment during the year
\u2014
(453)
(453)
Exchange differences
\u2014
719
719
At 31 December 2024
\u2014
(13,035)
(13,035)
Carrying amount as at 31 December 2024
1,452
7,643
9,095
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2023
4,286
8,602
12,888
Additions during the year
3,232
\u2014
3,232
Transfers \u2013 In progress to placed in service
(5,801)
5,801
\u2014
Exchange differences
122
379
501
At 31 December 2023
1,839
14,782
16,621
Accumulated amortisation and impairment:
At 1 January 2023
(61)
(5,772)
(5,833)
Amortisation for the year
\u2014
(3,171)
(3,171)
Transfers - In progress to placed in service
61
(61)
\u2014
Exchange differences
\u2014
(262)
(262)
At 31 December 2023
\u2014
(9,266)
(9,266)
Carrying amount as at 31 December 2023
1,839
5,516
7,355
Intangible assets consist of capitalised salaries undertaken for software development which will provide future economic
benefit. Development projects in progress are tested for impairment annually. There were no impairment triggers at the
reporting date which is assessed at the global platform level. The impairments recognised related to identified
inefficiencies.
Research and development costs of $22,723 thousand (FY23 restated: $18,487 thousand) that are not eligible for
capitalisation have been expensed within the technology and content line of the consolidated statement of profit or loss.
Impairment expenses of $453 thousand in the year (FY23: nil) reflect software developments where the future return does
not support the carrying value, for example due to a change in market or development strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "value": "
12. Intangible assets
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2024
1,839
14,782
16,621
Additions during the year
6,792
\u2014
6,792
Transfers \u2013 In progress to placed in service
(7,011)
7,011
\u2014
Exchange differences
(168)
(1,115)
(1,283)
At 31 December 2024
1,452
20,678
22,130
Accumulated amortisation and impairment:
At 1 January 2024
\u2014
(9,266)
(9,266)
Amortisation for the year
\u2014
(4,035)
(4,035)
Impairment during the year
\u2014
(453)
(453)
Exchange differences
\u2014
719
719
At 31 December 2024
\u2014
(13,035)
(13,035)
Carrying amount as at 31 December 2024
1,452
7,643
9,095
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2023
4,286
8,602
12,888
Additions during the year
3,232
\u2014
3,232
Transfers \u2013 In progress to placed in service
(5,801)
5,801
\u2014
Exchange differences
122
379
501
At 31 December 2023
1,839
14,782
16,621
Accumulated amortisation and impairment:
At 1 January 2023
(61)
(5,772)
(5,833)
Amortisation for the year
\u2014
(3,171)
(3,171)
Transfers - In progress to placed in service
61
(61)
\u2014
Exchange differences
\u2014
(262)
(262)
At 31 December 2023
\u2014
(9,266)
(9,266)
Carrying amount as at 31 December 2023
1,839
5,516
7,355
Intangible assets consist of capitalised salaries undertaken for software development which will provide future economic
benefit. Development projects in progress are tested for impairment annually. There were no impairment triggers at the
reporting date which is assessed at the global platform level. The impairments recognised related to identified
inefficiencies.
Research and development costs of $22,723 thousand (FY23 restated: $18,487 thousand) that are not eligible for
capitalisation have been expensed within the technology and content line of the consolidated statement of profit or loss.
Impairment expenses of $453 thousand in the year (FY23: nil) reflect software developments where the future return does
not support the carrying value, for example due to a change in market or development strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "
13. Property, plant and equipment
Leasehold
improvements
$ \u2018000
Other fixtures
and fittings, tools
and equipment
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2024
4,003
2,544
6,547
Additions during the year
1,651
1,180
2,831
Disposals during the year
(1,430)
(839)
(2,269)
Exchange differences
(95)
(78)
(173)
At 31 December 2024
4,129
2,807
6,936
Accumulated depreciation and impairment:
At 1 January 2024
(2,308)
(1,483)
(3,791)
Depreciation for the year
(568)
(640)
(1,208)
Impairment during the year
(737)
(78)
(815)
Disposals during the year
1,430
839
2,269
Exchange differences
49
25
74
At 31 December 2024
(2,134)
(1,337)
(3,471)
Carrying amount as at 31 December 2024
1,995
1,470
3,465
Leasehold
improvements
$ \u2018000
Other fixtures
and fittings, tools
and equipment
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2023
3,708
2,564
6,272
Additions during the year
172
157
329
Disposals during the year
\u2014
(251)
(251)
Exchange differences
123
74
197
At 31 December 2023
4,003
2,544
6,547
Accumulated depreciation and impairment:
At 1 January 2023
(1,327)
(1,007)
(2,334)
Depreciation for the year
(900)
(673)
(1,573)
Disposals during the year
\u2014
231
231
Exchange differences
(81)
(34)
(115)
At 31 December 2023
(2,308)
(1,483)
(3,791)
Carrying amount as at 31 December 2023
1,695
1,061
2,756
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
14. Right-of-use assets and lease liabilities
The Group solely leases properties, which are mostly made for fixed periods between 2-12 years but may have extension
options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The
lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Extension and termination options are included in a number of property leases across the Group. These are used to
maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease, if it is reasonably certain not to be exercised. For the leases located in Denmark, the Group has made a judgement
of 12 months exceeding the termination terms of 6 months due to the current rolling lease terms.
The Group has recognised the following amounts relating to leases:
FY24
Properties
$ \u2018000
FY23
Properties
$ \u2018000
Net book value of right-of-use assets
As at 1 January
21,021
23,569
Additions during the year
5,219
1,080
Lease incentives received
(1,699)
\u2014
Depreciation for the year
(4,388)
(4,230)
Disposals during the year
(3,092)
\u2014
Exchange differences
(156)
602
As at 31 December
16,905
21,021
FY24
$ \u2018000
FY23
$ \u2018000
Lease liabilities
Current
3,838
4,292
Non-current
16,267
18,572
20,105
22,864
FY24
$ \u2018000
FY23
$ \u2018000
Amounts recognised in the consolidated statement of profit or loss
Expense relating to short-term leases (included in general and administrative\u00a0costs)1
214
125
Interest expense (included in finance expenses)
1,518
1,572
Amounts recognised in the consolidated statement of cash flows
Total net cash outflow for leases2
4,490
5,235
1 The Group classifies leases of 12 months or below as short-term leases. These are not treated under IFRS 16 but expensed to the consolidated \u00a0
statement of profit or loss account over the period of the lease on a straight-line basis. The Group has no lease contracts with variable payments.
2 Cash outflow includes short-term leases and lease incentives received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
15. Deferred tax
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
Intangible assets
\u2014
\u2014
(1,924)
(1,538)
(1,924)
(1,538)
Property, plant and equipment1
\u2014
\u2014
(3,211)
(4,018)
(3,211)
(4,018)
Short-term temporary differences1
4,215
4,879
\u2014
\u2014
4,215
4,879
Share-based payments
3,448
\u2014
\u2014
\u2014
3,448
\u2014
Tax losses
17,586
13,105
\u2014
\u2014
17,586
13,105
Deferred tax assets/(liabilities)
25,249
17,984
(5,135)
(5,556)
20,114
12,428
Deferred income tax assets and liabilities disclosed in the balance sheet are offset when there is a legally enforceable right
to set off assets against liabilities and when they relate to the same fiscal authority.
Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the Group assesses the
likelihood of the asset being recovered with a reasonably foreseeable timeframe considering the future expected profit
profile and business model of each relevant country, as well as any restrictions on use. Reflecting the improving forecasts
and expectation of using tax losses in the UK entities (Trustpilot Limited and Trustpilot Group plc) due to contract renewals
for existing UK customers moving from Trustpilot A/S to Trustpilot Limited in FY24, in addition to high retention rates and
strong bookings growth the Group has recognised an additional deferred tax asset of $14,651 thousand (FY23: nil).
Current forecasts indicate that the losses will be utilised over the next three years. The closing balance of deferred tax
assets as at 31 December 2024 is $20,114 thousand (FY23: $12,428 thousand), of which $5,389 thousand (FY23: $12,347
thousand) relates to Trustpilot A/S and $14,651 thousand (FY23: nil) relates to Trustpilot Limited and Trustpilot Group PLC.
Movement in deferred tax during the year:
1 January
2024
$ \u2018000
Recognised in
income
$ \u2018000
Exchange
differences
$ \u2018000
Recognised in
equity
$ \u2018000
31 December
2024
$ \u2018000
Intangible assets
(1,538)
(499)
113
\u2014
(1,924)
Property, plant and equipment
(4,018)
810
(3)
\u2014
(3,211)
Short-term temporary differences
4,879
(613)
(51)
\u2014
4,215
Share-based payments
\u2014
1,056
(70)
2,462
3,448
Tax losses
13,105
5,323
(842)
\u2014
17,586
Deferred tax assets
12,428
6,077
(853)
2,462
20,114
Movement in deferred tax during the prior year:
1 January
2023
$ \u2018000
Recognised in
income
$ \u2018000
Exchange
differences
$ \u2018000
Recognised in
equity
$ \u2018000
31 December
2023
$ \u2018000
Intangible assets
(1,476)
(12)
(50)
\u2014
(1,538)
Property, plant and equipment1
(4,309)
416
(125)
\u2014
(4,018)
Short-term temporary differences1
5,480
(752)
151
\u2014
4,879
Tax losses
385
12,527
193
\u2014
13,105
Deferred tax assets
80
12,179
169
\u2014
12,428
1 Property, plant and equipment and short-term temporary differences opening balances have been restated to include right-of-use assets and lease liabilities.
Deferred tax not recognised is attributable to the following:
Gross
Unrecognised net deferred tax
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
Intangible assets
2,048
1,823
430
383
Property, plant and equipment
1,203
1,628
253
377
Short-term temporary differences
1,697
765
357
186
Share-based payments
\u2014
7,126
\u2014
1,781
Interest
4,999
\u2014
1,050
\u2014
Tax losses1
99,763
110,000
20,950
23,975
Total
109,710
121,342
23,040
26,702
1 There is no expiration date on $58,559 thousand (FY23: $69,000 thousand) of the losses. The remaining losses of $41,204 thousand (FY23: $41,000 thousand) will begin to expire in 2033
($1,085 thousand in 2033, $5,663 thousand in 2034, $12,133 thousand in 2035, $12,101 thousand in 2036 and $10,222 thousand in 2037).
There was no (FY23: no) deferred tax liability recognised on temporary differences in the current or prior year relating to
the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these
temporary differences and it is probable that they will not reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "
16. Trade receivables
FY24
$ \u2018000
FY23
$ \u2018000
Trade receivables at 31 December
13,849
10,880
Less provision for impairment of trade receivables
(1,797)
(1,060)
Trade receivables net
12,052
9,820
Trade receivables are amounts due from customers for subscriptions sold in the ordinary course of business. They are
typically due for settlement within 8 \u2013 60 days and therefore are all classified as current. Trade receivables are recognised
initially at the amount of consideration that is unconditional unless they contain significant financing components, when
they are recognised at fair value.
Due to the short-term nature of the current receivables, their carrying amount is considered to approximate their fair value.
This has been assessed based on future cash flows discounted at an appropriate rate for the risk of the debt.
The Group applies the IFRS 9 simplified approach to measuring Expected Credit Losses (\u2018ECL\u2019) which uses a lifetime
expected loss allowance for all trade receivables.
Adoption of this approach means Significant Increase in Credit Risk and Date of Initial Recognition (\u2018DOIR\u2019) concepts are
not applicable to the Group\u2019s ECL calculations. To measure the expected credit losses, trade receivables have been
grouped based on shared credit risk characteristics and the days past due.
A default on a financial asset is when the counterparty fails to make contractual payments when they fall due. These
receivables are credit impaired. Financial assets are written off when there is no reasonable expectation of recovery, such
as a debtor failing to engage in a repayment plan. The Group policy is to write down a receivable by 50% when a debtor
fails to make contractual payments more than 90 days past due. When receivables have been written off, the Group
continues to engage in enforcement activity to attempt to recover the remaining receivable due. When recoveries are
made, these are recognised in profit or loss.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December and
the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
current and forward-looking information affecting the ability of the customers to settle the receivables, including
macroeconomic information.
The loss allowance as at 31 December 2024 and 31 December 2023 was determined as follows for trade receivables:
Not due or 0-60
days past due
$ \u2018000
More than 60
days past due
$ \u2018000
More than 90
days past due
$ \u2018000
Total
$ \u2018000
2024
Expected loss rate coverage
7%
56%
11%
Gross carrying amount, trade receivables
9,824
1,438
2,587
13,849
Loss allowance
717
804
276
1,797
Not due or 0-60
days past due
$ \u2018000
More than 60
days past due
$ \u2018000
More than 90
days past due
$ \u2018000
Total
$ \u2018000
2023
Expected loss rate coverage
7%
45%
6%
Gross carrying amount, trade receivables
7,875
877
2,128
10,880
Loss allowance
541
397
122
1,060
Given that credit losses are evaluated on both specific credit risk characteristics and days past due, some expected loss
rates may appear higher than expected for certain days past due buckets.
Movement on the Group\u2019s provision for impairment of trade receivables
FY24
$ \u2018000
FY23
$ \u2018000
Opening balance
1,060
783
Net increase in loss allowance recognised during the year1
3,788
1,950
Receivables written off during the year as uncollectible2
(3,110)
(1,673)
Exchange differences
59
\u2014
Provision for impairment of trade receivables
1,797
1,060
1 Net increase in loss allowance relates to new assets originated/recovered and financial assets derecognised during the year. The loss allowance of $3,788
thousand (FY23: $1,950 thousand) has been allocated as follows: $2,674 thousand (FY23: $1,686 thousand) in the profit or loss and $1,114 thousand (FY23:
$264 thousand) in contract liabilities, based on the proportion of revenue recognised.
2 This materially represents the contractual amount outstanding on financial assets that were written off during the year and are still subject to enforcement
activity. The Group has not purchased credit impaired assets.
18. Deposits and other receivables
FY24
$ \u2018000
FY23
$ \u2018000
Non-current deposits and other receivables
Deposits
2,367
2,276
Other receivables
136
\u2014
Total non-current deposits and other receivables
2,503
2,276
Current deposits and other receivables
Deposits
32
60
Other receivables
736
1,175
Total current deposits and other receivables
768
1,235
The ECL allowance against deposits and other receivables is immaterial in the current and prior year. The maximum
exposure to credit risk at the reporting date is the carrying value of each class of asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
19. Cash and cash equivalents
FY24
$ \u2018000
FY23
$ \u2018000
Cash at bank and in hand
20,662
16,882
Money market funds1, 2
48,280
74,582
Total cash and cash equivalents
68,942
91,464
1 Money market funds are held at fair value through profit or loss, see note 22 for further details.
2 The Group looks to the fund unit to establish whether the unit qualifies as cash equivalents (that is, it is short term, highly liquid, readily convertible to known
amounts of cash, and subject to an insignificant risk of changes in value). The Group considers if the policies and controls in combination mean that the
investment in the fund unit itself meets all of the criteria, including ensuring low credit and interest rate risk exposure. The Group assesses the fund, policies and
controls to ensure that the portfolio comprises investments in high-quality (and, typically, short-term) assets and is highly diversified. Although from time-to-time
issuers may hold more than 10% in the fund, the Group has considered a balanced position of the above factors. Additionally, the funds have no restrictions or
notice period for cash withdrawals. Having considered the fund at the reporting point, the Group is satisfied the money market funds held meet the IAS 7
'Statement of Cash Flows' criteria for cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "
20. Contract balances
The Group has recognised the following assets and liabilities related to contracts with customers:
FY24
$ \u2018000
FY23
$ \u2018000
Trade receivables1
12,052
9,820
Contract liabilities
(41,345)
(37,841)
1 Trade receivables is a financial asset not a contract asset. See note 16 for further disclosures on Trade receivables.
The movement in contract liabilities and trade receivables are in line with the increase in the Group\u2019s activities and the
related sales.
All revenue from subscriptions are recognised monthly over time on a straight-line basis, unrelated to payment terms upon
issuing of invoices. General payment terms are between 8 and 60 days. All subscriptions are prepaid, pro-rated to the
billing terms, leading to the recognition of contract liabilities.
The unearned revenue from contracts in place at 31 December 2024 which will be earned in future periods is $126,672
thousand (FY23: $102,066 thousand), with 92% expected to be recognised within one year (FY23: 94%).
Total revenue recognised in FY24 relating to performance obligations that were fully or partially satisfied in the prior year is
nil (FY23:\u00a0nil).
During the year ended 31 December 2024, $37,841 thousand (FY23: $30,662 thousand) of the opening contract liabilities
were recognised as revenue.
Management expects that all (FY23: all) contract liabilities will be recognised as revenue during the next reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "value": "
21. Share capital
Authorised, allotted and fully paid:
31 December 2024
31 December 2023
Number of
shares
Nominal value
$ \u2018000
Number of
shares
Nominal value
$ \u2018000
Ordinary shares
413,559,205
5,182
419,783,461
5,338
Total shares
413,559,205
5,182
419,783,461
5,338
The share capital of the Company as at 31 December 2024 consists of a single class of ordinary shares, each share having
a nominal value of GBP 0.01. The ordinary shares carry no right to fixed income. The holders of ordinary shares are
entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the
Company.
Number of
shares
Share capital
nominal value
$ \u2018000
Share premium
$ \u2018000
Capital
redemption
reserve
$ \u2018000
Changes in share capital
Opening balance at 1 January 2024
419,783,461
5,338
68,790
\u2014
Employee share scheme issues1
9,803,699
124
5,290
\u2014
Share buyback programme and cancellation of shares2
(16,027,955)
(204)
\u2014
204
Capital reduction3
\u2014
\u2014
(73,244)
\u2014
Exchange adjustments
\u2014
(76)
(37)
(3)
Ending balance 31 December 2024
413,559,205
5,182
799
201
1 From 1 January 2024 to 31 December 2024 (inclusive), 9,803,699 ordinary shares were issued in the Company to satisfy the exercise of warrants and vesting of
restricted stock units in the Company, resulting in a share capital increase by $124 thousand and share premium increase of $5,290 thousand. Further detail
related to these schemes is disclosed in note 8.
2 From 1 January 2024 to 31 December 2024 (inclusive), 16,027,955 ordinary shares were purchased by the Company under the Group\u2019s share buyback
programme representing 4% of called-up share capital, held as treasury shares and then subsequently cancelled. Nil treasury shares are held at 31 December
2024. The shares were acquired at an average price of 209.16p per share, with prices ranging from 156.10p to 311.50p. The total cost of $43,249 thousand
(\u00a333,781 thousand), including $329 thousand (\u00a3257 thousand) of transaction costs, was deducted from equity. A transfer of $204 thousand was made from share
capital to the capital redemption reserve.
3 Following approval by shareholders at the Annual General Meeting on 21 May 2024, the Registrar of Companies approved and registered the cancellation of
$73,244 thousand (\u00a357,641thousand) of the Company\u2019s share premium account on 25 June 2024. Transaction costs of $172 thousand were debited to
accumulated losses.
Number of
shares
Share capital
nominal value
$ \u2018000
Share premium
$ \u2018000
Changes in share capital
Opening balance at 1 January 2023
416,241,641
5,006
64,537
Employee share scheme issues1
3,541,820
44
612
Contribution of equity \u2013 transaction cost
\u2014
\u2014
(65)
Exchange adjustments
\u2014
288
3,706
Ending balance 31 December 2023
419,783,461
5,338
68,790
1 From 1 January 2023 to 31 December 2023 (inclusive), 3,541,820 ordinary shares were issued in the Company to satisfy the exercise of warrants and vesting of
restricted stock units in the Company, resulting in a share capital increase by $44 thousand and share premium increase of $547 thousand. Further detail related
to these schemes is disclosed in note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
22. Financial risk management
Outlined below are the ways in which the Group addresses interest rate risk, foreign currency risk, credit risk, liquidity risk
and capital risk.
The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework and
for establishing the Group\u2019s risk management policies. The Group\u2019s overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s performance. The
Group does not use derivative financial instruments to hedge any exposures.
Risk management is carried out by the Risk function under policies approved by the Board of Directors. The Board
provides written principles for overall risk management.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in reference interest rates. Long-term borrowings with variable interest rates could therefore expose the Group to
cash flow interest rate risk.
The Group has access to a credit facility with HSBC Innovation Bank; this revolving credit facility includes a variable
interest rate that exposes the Group to interest rate risk. Credit facility funds are available in either USD, EUR or GBP with
interest rates determined on a base plus margin basis with an interest rate floor. For the calculation of the interest base
rate, USD borrowings will utilise the secured overnight financing rate, EUR borrowings will utilise the Euro interbank
offered rate and GBP borrowings will utilise the sterling overnight index average rate. In addition to this base rate, a margin
will be applied based on the Group EBITDA in the most recently completed relevant period. Interest rate risk is
concentrated across three reference rates for USD, EUR and GBP borrowings.
Group EBITDA in this context is the same as adjusted EBITDA illustrated in note 4 with the following additional
adjustments where applicable:
\u2022 after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is
attributable to minority interests;
\u2022 after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in
the financial statements of the Group exceeds the amount actually received in cash by members of the Group through
distributions by the Non-Group Entity.
Sensitivity from changes in interest rates, including the impact of interest rate benchmark reform, has been deemed
immaterial given the Group is debt free. The Group continues to monitor changes in interest rates and considers the
associated cost of borrowing.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a balance sheet exposure will fluctuate because
of changes in foreign exchange rates.
In general, purchases are made in the functional currencies of the individual Group entity. The currency risk therefore
primarily arises from sales in foreign currencies compared to the functional currency of each of the Group entities. Sales
made in foreign currencies are primarily made by Trustpilot A/S and are denominated in USD, EUR and GBP.
The sensitivity analysis shows the impact on post tax profit/(loss) for the year and equity of a 10% increase/decrease in
the specified currencies towards their functional currencies (presented in US dollars). The gain/loss is associated with the
changing value of financial instruments on the balance sheet due to the underlying currency fluctuations for those
instruments held in something other than the functional currency.
The impact of the sensitivity analysis is shown below:
Impact on post tax profit
and equity
FY24
$ \u2018000
FY23
$ \u2018000
USD appreciates by 10%
2,343
3,000
USD depreciates by 10%
(2,343)
(3,000)
GBP appreciates by 10%
929
327
GBP depreciates by 10%
(929)
(327)
EUR appreciates by 10%
139
1,231
EUR depreciates by 10%
(139)
(1,231)
Year end rates sensitised in the above analysis are 7.1786 (FY23: 6.7447) USD/DKK, 8.9942 (FY23: 5.3045) GBP/DKK,
0.7981 (FY23: 0.7865) USD/GBP and 0.8292 (FY23: 0.8691) EUR/GBP. Positive figures represent an increase in profit/
(loss) or equity.
The sensitivity analysis is based on the assumption that all other variables and exposures remains constant on the
financial instruments recognised at 31 December. The sensitivity rate of 10% is assessed to be a reasonably possible
change, based on historical volatility.
The carrying amounts of the Group foreign currency denominated financial assets and liabilities at the reporting date are
as follows:
FY24
USD
$ \u2018000
GBP
$ \u2018000
EUR
$ \u2018000
Other
$ \u2018000
Total
$ \u2018000
Cash and cash equivalents
23,410
38,159
6,052
1,321
68,942
Trade receivables
2,506
5,220
2,361
1,965
12,052
Deposits
48
2,028
76
247
2,399
Other receivables1
204
210
101
\u2014
515
Trade payables
(1,538)
(798)
(1,167)
(118)
(3,621)
Accruals
(6,454)
(9,518)
(1,520)
(7,001)
(24,493)
Lease liabilities
(10,667)
(7,465)
(1,243)
(730)
(20,105)
Borrowings
\u2014
\u2014
\u2014
\u2014
\u2014
FY23
USD
$ \u2018000
GBP
$ \u2018000
EUR
$ \u2018000
Other
$ \u2018000
Total
$ \u2018000
Cash and cash equivalents
33,247
39,753
17,308
1,156
91,464
Trade receivables
1,832
3,292
2,179
2,517
9,820
Deposits
30
1,935
61
310
2,336
Other receivables1
\u2014
529
\u2014
85
614
Trade payables
(570)
(803)
(147)
(2,961)
(4,481)
Accruals
(3,041)
(5,924)
(1,400)
(6,079)
(16,444)
Lease liabilities
(11,193)
(10,338)
(329)
(1,004)
(22,864)
Borrowings
\u2014
\u2014
\u2014
\u2014
\u2014
1 Other receivables consist of financial instruments and exclude prepayments, taxes and contract acquisition costs.
The impact on post tax profit/loss for the year includes financial instruments that are currency adjusted through the
consolidated statement of profit or loss and is based on those financial instruments that were recognised at the respective
balance sheet dates.
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
exposures to customers, including outstanding receivables. The Group has determined that all these financial instruments
listed have low credit risk on initial recognition.
The Group\u2019s primary credit exposure is related to trade receivables and cash positions. The Group determines whether a
financial asset is credit-impaired based on the asset\u2019s cash flow expectations. The Group has no major exposure relating
to one single customer or business partner. The Group has no significant credit risk concentrations as the Group has
many small customers, a total of 27 thousand paying customers at 31 December 2024 (FY23: 26 thousand).
The Group\u2019s credit risk is monitored and managed by senior management based on analysis of actual loss, review of
outstanding receivables and financial market conditions. Given the historical collection rate, the Group has determined
that it will not forgo commercial agreements with customers due to their credit rating. The Group\u2019s outstanding receivables
and impairment losses are detailed in note 16.
The most significant counterparty risk is related to cash and cash equivalents, as the Group\u2019s balance at 31 December
2024 amounts to $68,942 thousand (FY23: $91,464 thousand). To mitigate this risk, it is the Group\u2019s policy only to use
banks and asset management institutions of high quality and with low credit risk in the countries the Group operates in,
along with spreading the risk across several banks. Given the Group\u2019s treasury policy regarding deposits, the Group does
not incorporate further forward-looking information into its understanding of credit risk and has an expected credit loss for
cash and cash equivalents of $nil (FY23: $nil). Cash and cash equivalents are reviewed on a monthly basis and write-offs
are considered if expectation of recovery falls meaningfully. There were no write-offs in FY24 and all cash and cash
equivalents are considered to be a low credit risk, held in institutions with credit ratings of \u2018A\u2019 or higher, in line with our
treasury management policy approved by the Board. The Group has not established a credit loss provision on cash and
cash equivalents due to the low credit risk associated with institutions of an \u2018A\u2019 rating or higher.
The carrying amounts of trade receivables in note 16 and cash and cash equivalents in note 19 represents the Group\u2019s
maximum exposure to credit risk. The Group\u2019s credit risk has not increased significantly since initial recognition of any
financial assets.
Liquidity risk
Prudent liquidity risk management involves maintaining sufficient cash or access to credit to meet Group obligations.
Management monitors rolling forecasts of the Group\u2019s liquidity, which as at 31 December 2024 consists of $68,942
thousand cash and cash equivalents (FY23: $91,464\u00a0thousand) and a $30,000\u00a0thousand (FY23: $30,000\u00a0thousand)
revolving credit facility to ensure the Group has sufficient liquid resources to meet the operating needs of the business.
The Group manages its cash and borrowing requirements centrally within risk parameters agreed by the Board. As at
31\u00a0December 2024 the revolving credit facility remains undrawn.
Maturity analysis
The amounts disclosed in the table are the maturity analysis for the contractual undiscounted cash flows (including interest
payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2024
Trade payables
(3,621)
\u2014
\u2014
(3,621)
Lease liabilities
(5,127)
(9,818)
(8,885)
(23,830)
Borrowings1
(270)
(225)
\u2014
(495)
Accruals
(24,493)
\u2014
\u2014
(24,493)
Total
(33,511)
(10,043)
(8,885)
(52,439)
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2023
Trade payables
(4,481)
\u2014
\u2014
(4,481)
Lease liabilities
(5,653)
(12,089)
(10,591)
(28,333)
Borrowings1
(270)
(495)
\u2014
(765)
Accruals
(16,444)
\u2014
\u2014
(16,444)
Total
(26,848)
(12,584)
(10,591)
(50,023)
1 Borrowings relate to the unused revolving credit facility fee.
Financial assets per measurement category
FY24
$ \u2018000
FY23
$ \u2018000
Financial assets
Financial assets at amortised cost:
Trade receivables, current
12,052
9,820
Deposits
2,399
2,336
Other receivables2
515
614
Cash at bank and in hand
20,662
16,882
Financial assets at fair value through profit or loss:
Money market funds
48,280
74,582
Total
83,908
104,234
2 Other receivables consist of financial instruments and exclude prepayments, taxes and contract acquisition costs.
Financial liabilities per measurement category
FY24
$ \u2018000
FY23
$ \u2018000
Financial liabilities
Financial liabilities at amortised cost:
Trade payables, current
(3,621)
(4,481)
Accruals, current
(24,493)
(16,444)
Lease liabilities, non-current
(16,267)
(18,572)
Lease liabilities, current
(3,838)
(4,292)
Total
(48,219)
(43,789)
Due to the short-term nature of the Group\u2019s financial instruments, the fair value approximates the carrying amount.
Financial assets at fair value through profit or loss represent money market funds which are classified under Level 1 of the
fair value hierarchy.
Level 1: The fair value of financial instruments traded in active markets based on quoted market prices at the end of the
reporting period. The quoted market price used for financial assets held by the Group is the current bid price.
Capital management
The Group\u2019s key management personnel defines and monitors the net debt position (FY24: $48,837 thousand,
FY23:\u00a0$68,600 thousand), defined as the cash on the balance sheet less lease liabilities and any outstanding borrowings.
The Group\u2019s objective when managing capital is to safeguard the ability to continue as a going concern, in a manner that
optimises the capital structure. We take a balanced approach between reinvesting in the business and returning excess
capital, and during the year returned $42.9 million to shareholders.
The following table analyses the capital structure:
FY24
$ \u2018000
FY23
$ \u2018000
Cash and cash equivalents
68,942
91,464
Lease liabilities
(20,105)
(22,864)
Total net debt
48,837
68,600
Total equity
41,387
63,113
The Group\u2019s strategy is to finance the operations of the business with the cash on the balance sheet and only access the
credit facility if additional opportunities present themselves. There has been no change in the policies for managing capital
when compared with the prior year. The Group remains in compliance with the covenants associated with the credit
facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
exposures to customers, including outstanding receivables. The Group has determined that all these financial instruments
listed have low credit risk on initial recognition.
The Group\u2019s primary credit exposure is related to trade receivables and cash positions. The Group determines whether a
financial asset is credit-impaired based on the asset\u2019s cash flow expectations. The Group has no major exposure relating
to one single customer or business partner. The Group has no significant credit risk concentrations as the Group has
many small customers, a total of 27 thousand paying customers at 31 December 2024 (FY23: 26 thousand).
The Group\u2019s credit risk is monitored and managed by senior management based on analysis of actual loss, review of
outstanding receivables and financial market conditions. Given the historical collection rate, the Group has determined
that it will not forgo commercial agreements with customers due to their credit rating. The Group\u2019s outstanding receivables
and impairment losses are detailed in note 16.
The most significant counterparty risk is related to cash and cash equivalents, as the Group\u2019s balance at 31 December
2024 amounts to $68,942 thousand (FY23: $91,464 thousand). To mitigate this risk, it is the Group\u2019s policy only to use
banks and asset management institutions of high quality and with low credit risk in the countries the Group operates in,
along with spreading the risk across several banks. Given the Group\u2019s treasury policy regarding deposits, the Group does
not incorporate further forward-looking information into its understanding of credit risk and has an expected credit loss for
cash and cash equivalents of $nil (FY23: $nil). Cash and cash equivalents are reviewed on a monthly basis and write-offs
are considered if expectation of recovery falls meaningfully. There were no write-offs in FY24 and all cash and cash
equivalents are considered to be a low credit risk, held in institutions with credit ratings of \u2018A\u2019 or higher, in line with our
treasury management policy approved by the Board. The Group has not established a credit loss provision on cash and
cash equivalents due to the low credit risk associated with institutions of an \u2018A\u2019 rating or higher.
The carrying amounts of trade receivables in note 16 and cash and cash equivalents in note 19 represents the Group\u2019s
maximum exposure to credit risk. The Group\u2019s credit risk has not increased significantly since initial recognition of any
financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "
Liquidity risk
Prudent liquidity risk management involves maintaining sufficient cash or access to credit to meet Group obligations.
Management monitors rolling forecasts of the Group\u2019s liquidity, which as at 31 December 2024 consists of $68,942
thousand cash and cash equivalents (FY23: $91,464\u00a0thousand) and a $30,000\u00a0thousand (FY23: $30,000\u00a0thousand)
revolving credit facility to ensure the Group has sufficient liquid resources to meet the operating needs of the business.
The Group manages its cash and borrowing requirements centrally within risk parameters agreed by the Board. As at
31\u00a0December 2024 the revolving credit facility remains undrawn.
Maturity analysis
The amounts disclosed in the table are the maturity analysis for the contractual undiscounted cash flows (including interest
payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2024
Trade payables
(3,621)
\u2014
\u2014
(3,621)
Lease liabilities
(5,127)
(9,818)
(8,885)
(23,830)
Borrowings1
(270)
(225)
\u2014
(495)
Accruals
(24,493)
\u2014
\u2014
(24,493)
Total
(33,511)
(10,043)
(8,885)
(52,439)
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2023
Trade payables
(4,481)
\u2014
\u2014
(4,481)
Lease liabilities
(5,653)
(12,089)
(10,591)
(28,333)
Borrowings1
(270)
(495)
\u2014
(765)
Accruals
(16,444)
\u2014
\u2014
(16,444)
Total
(26,848)
(12,584)
(10,591)
(50,023)
1 Borrowings relate to the unused revolving credit facility fee.
Financial assets per measurement category
FY24
$ \u2018000
FY23
$ \u2018000
Financial assets
Financial assets at amortised cost:
Trade receivables, current
12,052
9,820
Deposits
2,399
2,336
Other receivables2
515
614
Cash at bank and in hand
20,662
16,882
Financial assets at fair value through profit or loss:
Money market funds
48,280
74,582
Total
83,908
104,234
2 Other receivables consist of financial instruments and exclude prepayments, taxes and contract acquisition costs.
Financial liabilities per measurement category
FY24
$ \u2018000
FY23
$ \u2018000
Financial liabilities
Financial liabilities at amortised cost:
Trade payables, current
(3,621)
(4,481)
Accruals, current
(24,493)
(16,444)
Lease liabilities, non-current
(16,267)
(18,572)
Lease liabilities, current
(3,838)
(4,292)
Total
(48,219)
(43,789)
Due to the short-term nature of the Group\u2019s financial instruments, the fair value approximates the carrying amount.
Financial assets at fair value through profit or loss represent money market funds which are classified under Level 1 of the
fair value hierarchy.
Level 1: The fair value of financial instruments traded in active markets based on quoted market prices at the end of the
reporting period. The quoted market price used for financial assets held by the Group is the current bid price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "
23. Commitments and contingent liabilities
Pledges and security
In connection with a revolving credit facility of $30,000\u00a0thousand, the Company, Trustpilot A/S, Trustpilot, Inc. and
Trustpilot Ltd have granted security over all of their assets and undertaking, including bank accounts, trademarks and
shares (excluding the Company).
No security has been provided for the Group\u2019s leaseholds.
Capital commitments
As at 31 December 2024, the Group had contractual capital commitments of $656\u00a0thousand in relation to the acquisition
of a new property lease in Italy, commencing from 1 January 2025 for a period of two years (FY23: $154\u00a0thousand in
relation to the acquisition of property, plant and equipment). The capital commitments relating to intangible assets are
immaterial as at 31 December 2024 (FY23: immaterial).
Contingent liabilities
Subsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time. The outcome of claims
pending is not expected to constitute risk for economic outflow of material importance to the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
Capital commitments
As at 31 December 2024, the Group had contractual capital commitments of $656\u00a0thousand in relation to the acquisition
of a new property lease in Italy, commencing from 1 January 2025 for a period of two years (FY23: $154\u00a0thousand in
relation to the acquisition of property, plant and equipment). The capital commitments relating to intangible assets are
immaterial as at 31 December 2024 (FY23: immaterial).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "
Contingent liabilities
Subsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time. The outcome of claims
pending is not expected to constitute risk for economic outflow of material importance to the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "
24. Provisions
FY24
Dilapidation
provision
$ \u2018000
FY23
Dilapidation
provision
$ \u2018000
At 1 January
1,072
1,081
Utilised in the year
(173)
(98)
Charged in the year
\u2014
\u2014
Unwinding of discount
38
38
Exchange differences
(26)
51
At 31 December
911
1,072
Current
346
369
Non-current
565
703
The Group recognises dilapidation provisions for leases where Trustpilot will have an obligation to restore the leases
according to the contractual requirements when the leases come to an end. The provisions are based on internal
assessments, estimates from the landlords and on the lifetime of each lease. There will be uncertainty to the actual outflow
for dilapidation until leases in question have concluded and the space is formally assessed. The Group has dilapidation
obligations in the UK entity and the Danish entity where $346 thousand is due within 12 months (FY23: $369 thousand)
from balance sheet date and $565 thousand is due after more than 1 year (FY23: $703 thousand). The provisions will
crystallise when Trustpilot exits the leases, which is not expected within the next 5 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "
25. Other payables
FY24
$ \u2018000
FY23
$ \u2018000
Non-current
Holiday \u2013 other liability
2,891
3,043
Total non-current other payables
2,891
3,043
Current
Other taxes and social security
8,777
6,615
Accruals
24,493
16,444
Total current other payables
33,270
23,059
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
26. Changes in liabilities arising from financing activities
This section sets out an analysis of liabilities arising from borrowings and the movements in each of the years presented.
Lease liabilities
Borrowings\u00b9
Total liabilities from financing
activities
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
As at 1 January
22,864
24,685
\u2014
\u2014
22,864
24,685
Principal elements on lease
payments\u00b2
(4,457)
(3,538)
\u2014
\u2014
(4,457)
(3,538)
Foreign exchange
movements
(191)
637
\u2014
\u2014
(191)
637
New leases\u00b3
5,219
1,080
\u2014
\u2014
5,219
1,080
Lease disposals
(3,330)
\u2014
\u2014
\u2014
(3,330)
\u2014
As at 31 December
20,105
22,864
\u2014
\u2014
20,105
22,864
1 In 2023, $30,000 thousand was drawn down from the revolving credit facility and fully repaid.
2 Interest expense and interest paid of $1,518 thousand (FY23: $1,572 thousand) are included in cash flows from operating activities and therefore are excluded
from the table above.
3 Including lease modifications.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
26. Changes in liabilities arising from financing activities
This section sets out an analysis of liabilities arising from borrowings and the movements in each of the years presented.
Lease liabilities
Borrowings\u00b9
Total liabilities from financing
activities
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
FY24
$ \u2018000
FY23
$ \u2018000
As at 1 January
22,864
24,685
\u2014
\u2014
22,864
24,685
Principal elements on lease
payments\u00b2
(4,457)
(3,538)
\u2014
\u2014
(4,457)
(3,538)
Foreign exchange
movements
(191)
637
\u2014
\u2014
(191)
637
New leases\u00b3
5,219
1,080
\u2014
\u2014
5,219
1,080
Lease disposals
(3,330)
\u2014
\u2014
\u2014
(3,330)
\u2014
As at 31 December
20,105
22,864
\u2014
\u2014
20,105
22,864
1 In 2023, $30,000 thousand was drawn down from the revolving credit facility and fully repaid.
2 Interest expense and interest paid of $1,518 thousand (FY23: $1,572 thousand) are included in cash flows from operating activities and therefore are excluded
from the table above.
3 Including lease modifications.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
27. Related parties
The key managemen t personnel compensation is disclosed in note 6.
During the years ended 31 December 2024 and 31 December 2023, there were no material transactions with related
parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
28. Reconciliation to operating cash flows
FY24
$ \u2018000
FY23
$ \u2018000
Adjustments to operating cash flows
Income tax credit
(1,052)
(9,053)
Amortisation and impairment of intangible assets
4,488
3,171
Depreciation and impairment of property, plant and equipment and right-of-use assets
6,411
5,803
Net gain on disposal of leases
(238)
\u2014
Loss on disposal of property, plant and equipment
\u2014
20
Net finance (income)/expenses
(1,376)
1,326
Share-based compensation
7,403
6,339
Total
15,636
7,606
Changes in net working capital
Increase in trade receivables
(2,682)
(1,286)
Decrease in deposits and other receivables
303
608
Increase in prepayments
(183)
(423)
Increase in contract acquisition costs
(3,073)
(3,940)
(Decrease)/increase in trade payables
(715)
1,640
Decrease in provisions
(135)
(64)
Increase in other payables
11,159
6,195
Increase in contract liabilities
5,368
4,642
Total
10,042
7,372
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
29. List of Group companies
Ownership interest
Entity
Legal entity registered office
Status
Place of
incorporation
2024
2023
Business activities
Trustpilot A/S
Pilestr\u00e6de 58, 5, 1112 K\u00f8benhavn K,
Denmark
Trading
Denmark
100%
100%
Provision of global
review platform
Trustpilot, Inc.
c/o The Corporation Trust Company,
Corporation Trust Center, 1209
Orange Street, Wilmington, DE 19801,
United States
Trading
US
100%
100%
Provision of global
review platform
Trustpilot Ltd
5th Floor, The Minster Building, 21
Mincing Lane, London EC3R 7AG,
United Kingdom
Trading
England &
Wales
100%
100%
Provision of global
review platform
Trustpilot GmbH
Esplanade 40, 20354 Hamburg,
Germany
Trading
Germany
100%
100%
Provision of global
review platform
Trpilot Pty
Limited
Level 8, 171 Clarence Street, Sydney,
NSW 2000, Australia
Trading
Australia
100%
100%
Provision of global
review platform
Trustpilot UAB
Lvivo g. 105A, Vilnius, Lithuania
Trading
Lithuania
100%
100%
Provision of global
review platform
Trustpilot S.r.l.
Corso Vercelli 40, Milan, CAP 20145,
Italy
Trading
Italy
100%
100%
Provision of global
review platform
Trustpilot B.V.
Herikerbergweg 238, Luna ArenA,
1101 CM Amsterdam, The
Netherlands
Trading
Netherlands
100%
100%
Provision of global
review platform
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
30. Post balance sheet events
On 17 March 2025, the Board approved a further \u00a320 million share buyback programme. The purpose of the programme
is to ensure the Group is running an efficient balance sheet and returning excess capital, not required for other priorities, to
shareholders. All shares repurchased as part of the programme will be cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }