FY25 $ \u2018000 | FY24 $ \u2018000 | |
Revenue | ||
UK1 | 104,454 | 84,896 |
Europe and Rest of World | 101,753 | 81,374 |
North America1 | 54,843 | 44,481 |
Total revenue | 261,050 | 210,751 |
Non-current operating assets | ||
UK1 | 6,374 | 7,923 |
Europe and Rest of World | 14,920 | 11,551 |
North America1 | 7,988 | 10,126 |
Total non-current operating assets\u00b2 | 29,282 | 29,600 |
FY25 Number | FY24 Number | |
Customer success and support | 284 | 262 |
General and administrative | 180 | 157 |
Sales and marketing | 331 | 293 |
Technology and content | 279 | 262 |
Total | 1,074 | 974 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Wages and salaries | 147,806 | 125,450 |
Social security costs1 | 16,394 | 14,031 |
Other pension costs2 | 4,911 | 3,766 |
Share-based payments | 12,153 | 7,403 |
Total | 181,264 | 150,650 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Directors: | ||
Short-term employee benefits | 3,333 | 3,076 |
Post-employment benefits | 45 | 44 |
Share-based payments | 1,519 | 1,729 |
Total compensation of key management personnel | 4,897 | 4,849 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Directors: | ||
Short-term employee benefits | 3,333 | 3,076 |
Post-employment benefits | 45 | 44 |
Share-based payments | 1,519 | 1,729 |
Total compensation of key management personnel | 4,897 | 4,849 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Operating profit is stated after (charging)/crediting: | ||
Fees payable to the Company\u2019s auditors and its associates for: | ||
Audit of parent Company and consolidated financial statements | (973) | (693) |
Audit of financial statements of subsidiaries of the Group | (63) | (299) |
Other audit-related assurance services1 | (159) | (146) |
Other assurance services2 | (114) | \u2014 |
Depreciation on property, plant and equipment3 | (1,340) | (1,208) |
Depreciation on right-of-use assets - properties3 | (4,958) | (4,388) |
Amortisation on intangible assets4 | (5,232) | (4,035) |
Impairment loss on property, plant and equipment3 | (7) | (815) |
Net gain on disposal of leases | \u2014 | 238 |
Impairment loss on intangible assets4 | (651) | (453) |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Operating profit is stated after (charging)/crediting: | ||
Fees payable to the Company\u2019s auditors and its associates for: | ||
Audit of parent Company and consolidated financial statements | (973) | (693) |
Audit of financial statements of subsidiaries of the Group | (63) | (299) |
Other audit-related assurance services1 | (159) | (146) |
Other assurance services2 | (114) | \u2014 |
Depreciation on property, plant and equipment3 | (1,340) | (1,208) |
Depreciation on right-of-use assets - properties3 | (4,958) | (4,388) |
Amortisation on intangible assets4 | (5,232) | (4,035) |
Impairment loss on property, plant and equipment3 | (7) | (815) |
Net gain on disposal of leases | \u2014 | 238 |
Impairment loss on intangible assets4 | (651) | (453) |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Operating profit is stated after (charging)/crediting: | ||
Fees payable to the Company\u2019s auditors and its associates for: | ||
Audit of parent Company and consolidated financial statements | (973) | (693) |
Audit of financial statements of subsidiaries of the Group | (63) | (299) |
Other audit-related assurance services1 | (159) | (146) |
Other assurance services2 | (114) | \u2014 |
Depreciation on property, plant and equipment3 | (1,340) | (1,208) |
Depreciation on right-of-use assets - properties3 | (4,958) | (4,388) |
Amortisation on intangible assets4 | (5,232) | (4,035) |
Impairment loss on property, plant and equipment3 | (7) | (815) |
Net gain on disposal of leases | \u2014 | 238 |
Impairment loss on intangible assets4 | (651) | (453) |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Employee Warrants | 114 | 327 |
Long Term Incentive Plan | 2,886 | 1,513 |
Restricted Share Plan | 8,818 | 5,517 |
Deferred Share Bonus Plan | 146 | 46 |
Sharesave Plan | 189 | \u2014 |
Total | 12,153 | 7,403 |
FY25 | FY24 | ||||
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 | 21,185 | 0.50 | 27,740 | 0.55 | |
Granted | \u2014 | \u2014 | \u2014 | \u2014 | |
Exercised\u00b9 | (1,558) | 0.46 | (6,171) | 0.69 | |
Forfeited | \u2014 | 0.43 | (349) | 1.32 | |
Reinstated | 8 | 0.51 | \u2014 | \u2014 | |
Expired | (16) | 0.30 | (35) | 0.25 | |
Closing balance | 19,619 | 0.51 | 21,185 | 0.50 | |
Number of Employee Warrants exercisable at 31\u00a0December | 19,619 | 0.51 | 19,316 | 0.42 |
Measure | Fair value method | Weighted avg fair value - April 25 grant | Weighted avg fair value - June\u00a025\u00a0grant | Lower bound | Upper bound |
TSR | Stochastic model | 1.21 | 1.10 | Equal to Median | Upper Quartile or Greater |
EPS | Black-Scholes | 2.17 | 2.18 | 30% compound annual growth rate | 45% compound annual growth rate |
Fair value factors | April 25 grant | Additional Finnerty\u00b9 April 25 grant (Executive Directors) | Additional Finnerty\u00b9 June 25 grant (Executive Directors) |
Closing share price on date of grant (\u00a3) | 2.24 | 2.24 | 2.37 |
Grant date fair value per share (\u00a3) | 1.24-2.23 | 1.15-2.09 | 1.09-2.20 |
Number of shares granted | 1,269,071 | 679,738 | 162,348 |
Grant price (\u00a3) | 0.01 | 0.01 | 0.01 |
Vesting period | 3.00 yrs | 5.00 yrs\u00b2 | 5.00 yrs\u00b2 |
Risk-free interest rate | 4.18% | 4.19% | 4.16% |
Expected dividend yield | \u2014% | \u2014% | \u2014% |
Expected volatility | 55.48% | 44.96% | 46.34% |
FY25 Number of conditional share awards No. \u2018000 | FY24 Number of conditional share awards No. \u2018000 | |
Opening balance | 7,227 | 7,702 |
Granted | 2,111 | 2,283 |
Vested | (943) | (220) |
Forfeited | (399) | (2,538) |
Closing balance | 7,996 | 7,227 |
Fair value factors | April 2025 grant | October 2025 grant |
Closing share price on date of grant (\u00a3) | 2.24 | 2.21 |
Grant date weighted average fair value per share (\u00a3) | 2.23 | 2.20 |
Number of shares granted | 2,638,294 | 1,430,258 |
Grant price (\u00a3) | 0.01 | 0.01 |
Weighted average vesting period | 1.99 yrs | 1.97 yrs |
Risk-free interest rate | 3.93%-4.18% | 3.77%-3.98% |
Expected dividend yield | \u2014% | \u2014% |
Expected volatility | 55.45% | 49.10% |
FY25 Number of conditional share awards No. \u2018000 | FY24 Number of conditional share awards No. \u2018000 | |
Opening balance | 7,509 | 8,844 |
Granted | 4,069 | 3,775 |
Vested | (3,716) | (3,413) |
Forfeited | (1,145) | (1,697) |
Closing balance | 6,717 | 7,509 |
Fair value factors | April 2025 grant |
Closing share price on date of grant (\u00a3) | 2.24 |
Grant date fair value per share (\u00a3) | 2.24 |
Number of shares granted | 69,148 |
Grant price (\u00a3) | 0.00 |
Vesting period | 2.00 yrs |
Risk-free interest rate | N/A |
Expected dividend yield | \u2014% |
Expected volatility | N/A |
FY25 Number of deferred share awards No. \u2018000 | FY24 Number of deferred share awards No. \u2018000 | |
Opening balance | 52 | \u2014 |
Granted | 69 | 52 |
Vested | \u2014 | \u2014 |
Forfeited | \u2014 | \u2014 |
Closing balance | 121 | 52 |
Fair value factors | (Sharesave) October 2025 grant | (Sharesave US) October 2025 grant |
Closing share price on date of grant (\u00a3) | 2.17 | 2.17 |
Grant date fair value per share (\u00a3) | 1.03 | 0.84 |
Number of shares granted | 2,213,725 | 156,443 |
Exercise price (\u00a3) | 1.69 | 1.79 |
Vesting period | 3.15 yrs | 2.15 yrs |
Risk-free interest rate | N/A | N/A |
Expected dividend yield | \u2014% | \u2014% |
Expected volatility | 53.45% | 44.82% |
FY25 | FY24 | |||
Number of share options No. \u2018000 | Weighted avg exercise price\u00b9 (\u00a3) | Number of share options No. \u2018000 | Weighted avg exercise price\u00b9 (\u00a3) | |
Opening balance | \u2014 | \u2014 | \u2014 | \u2014 |
Granted | 2,370 | 1.70 | \u2014 | \u2014 |
Exercised | \u2014 | \u2014 | \u2014 | \u2014 |
Forfeited | \u2014 | \u2014 | \u2014 | \u2014 |
Closing balance | 2,370 | 1.70 | \u2014 | \u2014 |
Number of shares exercisable at 31\u00a0December | \u2014 | \u2014 | \u2014 | \u2014 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Foreign exchange rate gains | \u2014 | 313 |
Interest income | 275 | 348 |
Other similar income1 | 1,575 | 2,832 |
Finance income | 1,850 | 3,493 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Foreign exchange rate losses | (1,741) | \u2014 |
Interest expense2 | (599) | (561) |
Provisions: unwinding of discount | (33) | (38) |
Lease interest expense | (1,365) | (1,518) |
Finance expenses | (3,738) | (2,117) |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Foreign exchange rate gains | \u2014 | 313 |
Interest income | 275 | 348 |
Other similar income1 | 1,575 | 2,832 |
Finance income | 1,850 | 3,493 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Foreign exchange rate losses | (1,741) | \u2014 |
Interest expense2 | (599) | (561) |
Provisions: unwinding of discount | (33) | (38) |
Lease interest expense | (1,365) | (1,518) |
Finance expenses | (3,738) | (2,117) |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Current tax | ||
Current tax charge on UK profit for the year | (1,691) | (1,188) |
Current tax charge on overseas profits for the year | (3,369) | (3,862) |
Adjustments in respect of prior periods | (11) | 25 |
Total current tax charge | (5,071) | (5,025) |
Deferred tax | ||
Origination and reversal of temporary differences | (1,731) | (578) |
Recognition of deductible temporary differences | \u2014 | 6,600 |
Adjustments in respect of prior periods | 469 | 55 |
Total deferred tax (charge)/credit | (1,262) | 6,077 |
Total tax (charge)/credit in the consolidated statement of profit or\u00a0loss | (6,333) | 1,052 |
Reconciliation of effective tax rate | FY25 $ \u2018000 | FY24 $ \u2018000 |
Factors affecting the tax (charge)/credit for the year: | ||
Profit before tax | 14,091 | 5,182 |
Current tax charge using the Danish corporation tax rate of 22% (FY24: 22%) | (3,100) | (1,140) |
Effects of: | ||
Items not deductible | (2,393) | (1,218) |
Share options and share awards | (133) | (1,287) |
State tax charge | (19) | \u2014 |
Adjustments in respect of prior periods | 456 | 80 |
Differences between overseas tax rates | (257) | 533 |
Movements in temporary differences recognised\u00b9 | (814) | 4,084 |
Non-qualifying depreciation | (73) | \u2014 |
Total tax (charge)/credit | (6,333) | 1,052 |
Recognised directly in equity | FY25 $ \u2018000 | FY24 $ \u2018000 |
Current tax | ||
Excess tax deductions related to share-based payments on exercised options and vested share awards | 797 | 1,266 |
Total current tax credit | 797 | 1,266 |
Deferred tax | ||
Deferred tax movement on share-based payments | (1,944) | 2,462 |
Total deferred tax (charge)/credit | (1,944) | 2,462 |
Total tax (charge)/credit in equity | (1,147) | 3,728 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Profit for the year | 7,758 | 6,234 |
Earnings per share (cents) | ||
Basic | 1.9 | 1.5 |
Diluted | 1.8 | 1.4 |
FY25 | FY24 | |
Weighted average number of shares used as the denominator (000s): | ||
Weighted average number of ordinary shares issued | 409,032 | 415,946 |
Weighted average number of treasury shares held | (355) | (145) |
Weighted average number of shares held in employee benefit trust | (5) | \u2014 |
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share | 408,672 | 415,801 |
Adjustments for calculation for diluted earnings per share: | ||
Share options and restricted share awards | 25,045 | 26,442 |
Weighted average number of shares and potential ordinary shares used as the denominator in calculating diluted earnings per share | 433,717 | 442,243 |
Development projects in progress $ \u2018000 | Completed development projects $ \u2018000 | Total $ \u2018000 | |
Cost: | |||
At 1 January 2025 | 1,452 | 20,678 | 22,130 |
Additions during the year | 7,749 | \u2014 | 7,749 |
Transfers \u2013 In progress to placed in service | (7,328) | 7,328 | \u2014 |
Exchange differences | 282 | 2,882 | 3,164 |
At 31 December 2025 | 2,155 | 30,888 | 33,043 |
Accumulated amortisation and impairment: | |||
At 1 January 2025 | \u2014 | (13,035) | (13,035) |
Amortisation for the year | \u2014 | (5,232) | (5,232) |
Impairment during the year | \u2014 | (651) | (651) |
Exchange differences | \u2014 | (1,924) | (1,924) |
At 31 December 2025 | \u2014 | (20,842) | (20,842) |
Carrying amount as at 31 December 2025 | 2,155 | 10,046 | 12,201 |
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 2025 | 1,452 | 20,678 | 22,130 |
Additions during the year | 7,749 | \u2014 | 7,749 |
Transfers \u2013 In progress to placed in service | (7,328) | 7,328 | \u2014 |
Exchange differences | 282 | 2,882 | 3,164 |
At 31 December 2025 | 2,155 | 30,888 | 33,043 |
Accumulated amortisation and impairment: | |||
At 1 January 2025 | \u2014 | (13,035) | (13,035) |
Amortisation for the year | \u2014 | (5,232) | (5,232) |
Impairment during the year | \u2014 | (651) | (651) |
Exchange differences | \u2014 | (1,924) | (1,924) |
At 31 December 2025 | \u2014 | (20,842) | (20,842) |
Carrying amount as at 31 December 2025 | 2,155 | 10,046 | 12,201 |
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 |
Leasehold improvements $ \u2018000 | Other fixtures and fittings, tools and equipment $ \u2018000 | Total $ \u2018000 | |
Cost: | |||
At 1 January 2025 | 4,129 | 2,807 | 6,936 |
Additions during the year | 297 | 293 | 590 |
Disposals during the year | \u2014 | (33) | (33) |
Exchange differences | 277 | 154 | 431 |
At 31 December 2025 | 4,703 | 3,221 | 7,924 |
Accumulated depreciation and impairment: | |||
At 1 January 2025 | (2,134) | (1,337) | (3,471) |
Depreciation for the year | (539) | (801) | (1,340) |
Impairment during the year | \u2014 | (7) | (7) |
Disposals during the year | \u2014 | 33 | 33 |
Exchange differences | (178) | (62) | (240) |
At 31 December 2025 | (2,851) | (2,174) | (5,025) |
Carrying amount as at 31 December 2025 | 1,852 | 1,047 | 2,899 |
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 |
FY25 Properties $ \u2018000 | FY24 Properties $ \u2018000 | |
Net book value of right-of-use assets | ||
As at 1 January | 16,905 | 21,021 |
Additions during the year | 1,906 | 5,219 |
Lease incentives received | \u2014 | (1,699) |
Depreciation for the year | (4,958) | (4,388) |
Disposals during the year | (394) | (3,092) |
Exchange differences | 702 | (156) |
As at 31 December | 14,161 | 16,905 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Lease liabilities | ||
Current | 5,498 | 3,838 |
Non-current | 12,633 | 16,267 |
Total | 18,131 | 20,105 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Amounts recognised in the consolidated statement of profit or loss | ||
Expense relating to short-term leases (included in general and administrative\u00a0costs) 1 | 4 | 214 |
Interest expense (included in finance expenses) | 1,365 | 1,518 |
Income from operating subleases of right-of-use assets | 480 | \u2014 |
Amounts recognised in the consolidated statement of cash flows | ||
Total net cash outflow for leases2 | 5,204 | 4,490 |
Assets | Liabilities | Net | ||||||
FY25 $ \u2018000 | FY24 $ \u2018000 | FY25 $ \u2018000 | FY24 $ \u2018000 | FY25 $ \u2018000 | FY24 $ \u2018000 | |||
Intangible assets | \u2014 | \u2014 | (2,145) | (1,924) | (2,145) | (1,924) | ||
Property, plant and equipment | 1,337 | \u2014 | (2,653) | (3,211) | (1,316) | (3,211) | ||
Short-term temporary differences | 3,988 | 4,215 | \u2014 | \u2014 | 3,988 | 4,215 | ||
Share-based payments | 2,805 | 3,448 | \u2014 | \u2014 | 2,805 | 3,448 | ||
Tax losses | 15,352 | 17,586 | \u2014 | \u2014 | 15,352 | 17,586 | ||
Deferred tax assets/(liabilities) | 23,482 | 25,249 | (4,798) | (5,135) | 18,684 | 20,114 |
1 January 2025 $ \u2018000 | Prior year adjustment $\u2019000 | Recognised in income $ \u2018000 | Exchange differences $ \u2018000 | Recognised in equity $ \u2018000 | 31 December 2025 $ \u2018000 | |
Intangible assets | (1,924) | 361 | (333) | (249) | \u2014 | (2,145) |
Property, plant and equipment | (3,211) | 15 | 2,083 | (203) | \u2014 | (1,316) |
Short-term temporary differences | 4,215 | (34) | (398) | 205 | \u2014 | 3,988 |
Share-based payments | 3,448 | (15) | 1,131 | 185 | (1,944) | 2,805 |
Tax losses | 17,586 | 142 | (4,214) | 1,838 | \u2014 | 15,352 |
Deferred tax assets | 20,114 | 469 | (1,731) | 1,776 | (1,944) | 18,684 |
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 |
Gross | Unrecognised net deferred tax | |||
FY25 $ \u2018000 | FY24 $ \u2018000 | FY25 $ \u2018000 | FY24 $ \u2018000 | |
Intangible assets | 2,469 | 2,048 | 518 | 430 |
Property, plant and equipment | 1,688 | 1,203 | 354 | 253 |
Short-term temporary differences | 251 | 1,697 | 53 | 357 |
Share-based payments | \u2014 | \u2014 | \u2014 | \u2014 |
Interest | 447 | 4,999 | 94 | 1,050 |
State tax deduction | 43 | \u2014 | 9 | \u2014 |
Tax losses1 | 98,986 | 99,763 | 26,053 | 20,950 |
Total | 103,884 | 109,710 | 27,081 | 23,040 |
FY25 $ \u2018000 | FY24\u00b9 $ \u2018000 | |
Trade receivables at 31 December | 18,061 | 15,672 |
Less provision for impairment of trade receivables | (4,362) | (3,620) |
Trade receivables net | 13,699 | 12,052 |
Not due or 0-30 days past due $ \u2018000 | More than 30 days past due $\u2019000 | More than 60 days past due $ \u2018000 | More than 90 days past due $ \u2018000 | Total $ \u2018000 | |
2025 | |||||
Expected loss rate coverage | 11% | 24% | 40% | 49% | |
Gross carrying amount, trade receivables | 9,972 | 2,281 | 1,005 | 4,803 | 18,061 |
Loss allowance | 1,057 | 537 | 397 | 2,371 | 4,362 |
Not due or 0-30 days past due\u00b9 $ \u2018000 | More than 30 days past due\u00b9 $\u2019000 | More than 60 days past due $ \u2018000 | More than 90 days past due\u00b2 $ \u2018000 | Total $ \u2018000 | |
2024 | |||||
Expected loss rate coverage | 7% | 11% | 56% | 48% | |
Gross carrying amount, trade receivables | 8,361 | 1,463 | 1,438 | 4,410 | 15,672 |
Loss allowance | 556 | 161 | 804 | 2,099 | 3,620 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Opening balance | 3,620 | 2,840 |
Net increase in loss allowance recognised during the year1 | 3,786 | 3,579 |
Receivables written off during the year as uncollectible2 | (2,940) | (2,858) |
Exchange differences | (104) | 59 |
Provision for impairment of trade receivables | 4,362 | 3,620 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Non-current deposits and other receivables | ||
Deposits | 2,444 | 2,367 |
Other receivables | 22 | 136 |
Total non-current deposits and other receivables | 2,466 | 2,503 |
Current deposits and other receivables | ||
Deposits | 181 | 32 |
Other receivables | 697 | 736 |
Total current deposits and other receivables | 878 | 768 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Cash at bank and in hand | 26,619 | 20,662 |
Money market funds1, 2 | 21,006 | 48,280 |
Total cash and cash equivalents | 47,625 | 68,942 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Trade receivables1 | 13,699 | 12,052 |
Contract liabilities | (62,427) | (41,345) |
Authorised, allotted and fully paid: | 31 December 2025 | 31 December 2024 | |||
Number of shares | Nominal value $ \u2018000 | Number of shares | Nominal value $ \u2018000 | ||
Ordinary shares | 394,180,243 | 5,309 | 413,559,205 | 5,182 | |
Total shares | 394,180,243 | 5,309 | 413,559,205 | 5,182 |
Number of shares | Share capital nominal value 4 $ \u2018000 | Share premium $ \u2018000 | Capital redemption reserve $ \u2018000 | Shares held by employee benefit trust4 $\u2019000 | |
Movements during the year | |||||
Opening balance at 1 January 2025 | 413,559,205 | 5,182 | 799 | 201 | \u2014 |
Employee share scheme issues1 | 6,216,831 | 82 | 916 | \u2014 | \u2014 |
Share buyback programme and cancellation of shares 2 | (25,595,793) | (339) | \u2014 | 339 | \u2014 |
Purchase of own shares by\u00a0employee benefit trust\u00b3 | \u2014 | \u2014 | \u2014 | \u2014 | (1,880) |
Exchange adjustments | \u2014 | 384 | 87 | 20 | (13) |
Ending balance 31 December 2025 | 394,180,243 | 5,309 | 1,802 | 560 | (1,893) |
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 shares\u00b2 | (16,027,955) | (204) | \u2014 | 204 |
Capital reduction\u00b3 | \u2014 | \u2014 | (73,244) | \u2014 |
Exchange adjustments | \u2014 | (76) | (37) | (3) |
Ending balance 31 December 2024 | 413,559,205 | 5,182 | 799 | 201 |
Impact on post-tax profit and equity | ||
FY25 $ \u2018000 | FY24 $ \u2018000 | |
USD appreciates by 10% | 450 | 2,343 |
USD depreciates by 10% | (450) | (2,343) |
GBP appreciates by 10% | (143) | 929 |
GBP depreciates by 10% | 143 | (929) |
EUR appreciates by 10% | 117 | 139 |
EUR depreciates by 10% | (117) | (139) |
DKK appreciates by 10% | 2,454 | \u2014 |
DKK depreciates by 10% | (2,454) | \u2014 |
FY25 | USD $ \u2018000 | GBP $ \u2018000 | EUR $ \u2018000 | Other $ \u2018000 | Total $ \u2018000 |
Cash and cash equivalents | 10,341 | 26,936 | 8,824 | 1,524 | 47,625 |
Trade receivables | 1,548 | 6,486 | 3,636 | 2,029 | 13,699 |
Deposits | 48 | 2,180 | 100 | 297 | 2,625 |
Other receivables1 | 46 | 250 | 29 | \u2014 | 325 |
Trade payables | (1,177) | (949) | (1,130) | (239) | (3,495) |
Accruals | (7,512) | (14,566) | (3,276) | (7,850) | (33,204) |
Lease liabilities | (8,797) | (6,954) | (1,541) | (839) | (18,131) |
Borrowings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
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 |
Less than 1 year $ \u2018000 | Between 1 and 3 years $ \u2018000 | More than 3 years $ \u2018000 | Total $ \u2018000 | |
Non-derivatives | ||||
As at 31 December 2025 | ||||
Trade payables | (3,495) | \u2014 | \u2014 | (3,495) |
Lease liabilities | (6,567) | (8,951) | (5,155) | (20,673) |
Borrowings1 | (270) | (225) | \u2014 | (495) |
Accruals | (33,204) | \u2014 | \u2014 | (33,204) |
Total | (43,536) | (9,176) | (5,155) | (57,867) |
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) |
Financial assets per measurement category | FY25 $ \u2018000 | FY24 $ \u2018000 |
Financial assets | ||
Financial assets at amortised cost: | ||
Trade receivables, current | 13,699 | 12,052 |
Deposits | 2,625 | 2,399 |
Other receivables2 | 325 | 515 |
Cash at bank and in hand | 26,619 | 20,662 |
Financial assets at fair value through profit or loss: | ||
Money market funds | 21,006 | 48,280 |
Total | 64,274 | 83,908 |
Financial liabilities per measurement category | FY25 $ \u2018000 | FY24 $ \u2018000 |
Financial liabilities | ||
Financial liabilities at amortised cost: | ||
Trade payables, current | (3,495) | (3,621) |
Accruals, current | (33,204) | (24,493) |
Lease liabilities, non-current | (12,633) | (16,267) |
Lease liabilities, current | (5,498) | (3,838) |
Total | (54,830) | (48,219) |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Cash and cash equivalents | 47,625 | 68,942 |
Lease liabilities | (18,131) | (20,105) |
Total net cash | 29,494 | 48,837 |
Total equity | (6,730) | 41,387 |
Less than 1 year $ \u2018000 | Between 1 and 3 years $ \u2018000 | More than 3 years $ \u2018000 | Total $ \u2018000 | |
Non-derivatives | ||||
As at 31 December 2025 | ||||
Trade payables | (3,495) | \u2014 | \u2014 | (3,495) |
Lease liabilities | (6,567) | (8,951) | (5,155) | (20,673) |
Borrowings1 | (270) | (225) | \u2014 | (495) |
Accruals | (33,204) | \u2014 | \u2014 | (33,204) |
Total | (43,536) | (9,176) | (5,155) | (57,867) |
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) |
Financial assets per measurement category | FY25 $ \u2018000 | FY24 $ \u2018000 |
Financial assets | ||
Financial assets at amortised cost: | ||
Trade receivables, current | 13,699 | 12,052 |
Deposits | 2,625 | 2,399 |
Other receivables2 | 325 | 515 |
Cash at bank and in hand | 26,619 | 20,662 |
Financial assets at fair value through profit or loss: | ||
Money market funds | 21,006 | 48,280 |
Total | 64,274 | 83,908 |
Financial liabilities per measurement category | FY25 $ \u2018000 | FY24 $ \u2018000 |
Financial liabilities | ||
Financial liabilities at amortised cost: | ||
Trade payables, current | (3,495) | (3,621) |
Accruals, current | (33,204) | (24,493) |
Lease liabilities, non-current | (12,633) | (16,267) |
Lease liabilities, current | (5,498) | (3,838) |
Total | (54,830) | (48,219) |
FY25 Dilapidation provision $ \u2018000 | FY24 Dilapidation provision $ \u2018000 | |
At 1 January | 911 | 1,072 |
Utilised in the year | \u2014 | (173) |
Charged in the year | \u2014 | \u2014 |
Unwinding of discount | 33 | 38 |
Exchange differences | 87 | (26) |
At 31 December | 1,031 | 911 |
Current | 391 | 346 |
Non-current | 640 | 565 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Non-current | ||
Holiday \u2013 other liability | 3,505 | 2,891 |
Total non-current other payables | 3,505 | 2,891 |
Current | ||
Other taxes and social security | 11,375 | 8,777 |
Accruals | 33,204 | 24,493 |
Total current other payables | 44,579 | 33,270 |
Lease liabilities | ||
FY25 $ \u2018000 | FY24 $ \u2018000 | |
As at 1 January | 20,105 | 22,864 |
Principal elements on lease payments\u00b9 | (4,315) | (4,457) |
Foreign exchange movements | 858 | (191) |
New leases\u00b2 | 1,906 | 5,219 |
Lease disposals | (423) | (3,330) |
As at 31 December | 18,131 | 20,105 |
Lease liabilities | ||
FY25 $ \u2018000 | FY24 $ \u2018000 | |
As at 1 January | 20,105 | 22,864 |
Principal elements on lease payments\u00b9 | (4,315) | (4,457) |
Foreign exchange movements | 858 | (191) |
New leases\u00b2 | 1,906 | 5,219 |
Lease disposals | (423) | (3,330) |
As at 31 December | 18,131 | 20,105 |
FY25 $ \u2018000 | FY24 $ \u2018000 | |
Adjustments to operating cash flows | ||
Income tax charge/(credit) | 6,333 | (1,052) |
Amortisation and impairment of intangible assets | 5,883 | 4,488 |
Depreciation and impairment of property, plant and equipment and right-of-use assets | 6,305 | 6,411 |
Net gain on disposal of leases | \u2014 | (238) |
Net finance expenses/(income) | 1,888 | (1,376) |
Share-based payment expense | 12,153 | 7,403 |
Total | 32,562 | 15,636 |
Changes in net working capital | ||
Increase in trade receivables | (682) | (2,682) |
Decrease in deposits and other receivables | 54 | 303 |
Increase in prepayments | (374) | (183) |
Increase in contract acquisition costs | (2,187) | (3,073) |
Decrease in trade payables | (718) | (715) |
Decrease in provisions | \u2014 | (135) |
Increase in other payables | 7,906 | 11,159 |
Increase in contract liabilities | 17,013 | 5,368 |
Total | 21,012 | 10,042 |
Ownership interest | ||||||
Entity | Legal entity registered office | Status | Place of incorporation | 2025 | 2024 | Business activities |
Trustpilot A/S | Pilestr\u00e6de 58, 5, 1112 K\u00f8benhavn K, Denmark | Trading | Denmark | 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, 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 GmbH | Esplanade 40, 20354 Hamburg, Germany | Trading | Germany | 100% | 100% | Provision of support services |
Trpilot Pty Limited | Level 8, 171 Clarence Street, Sydney, NSW 2000, Australia | Trading | Australia | 100% | 100% | Provision of support services |
Trustpilot UAB | Lvivo g. 105A, Vilnius, Lithuania | Trading | Lithuania | 100% | 100% | Provision of support services |
Trustpilot S.r.l. | Corso Vercelli 40, Milan, CAP 20145, Italy | Trading | Italy | 100% | 100% | Provision of support services |
Trustpilot B.V. | Herikerbergweg 238, Luna ArenA, 1101 CM Amsterdam, The Netherlands | Trading | Netherlands | 100% | 100% | Provision of support services |
Trustpilot Ireland Limited | C/O Tmf Group, Ground Floor, Two Dockland Central, Guild Street, North Dock, Dublin 1, D01 K2C5, Ireland | Trading | Republic of Ireland | 100% | n/a | Provision of support services |