REG - GetBusy PLC - 2024 Audited Results
25/03/2025 07:00
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RNS Number : 9558B GetBusy PLC 25 March 2025
25 March 2025
GetBusy plc
2024 Audited Results
A clear strategy to create and realise value
GetBusy plc ("GetBusy", the "Company" or the "Group") (AIM: GETB), a leading
provider of productivity software for professional and financial services,
announces its audited results for the year ended 31 December 2024 (the "Year"
or "2024").
2024 2023 Change
£'000 £'000 Reported currency Constant currency(***)
ARR 21,591
20,524 5% 6%
Recurring revenue 20,853
20,311 3% 4%
Total revenue 21,445
21,112 2% 3%
Adjusted EBITDA* 1,496 43%
1,045
Adjusted profit / (loss) before tax** 3 n/a
(629)
Available cash funds 3,062 3,942 (22%)
Net cash 1,062 (55%)
1,942
Financial highlights
· ARR growth of 6% at constant currency to £21.6m (2023: £20.5m)
· SmartVault ARR up 10% to $15.3m (2023: $13.9m)
· Recurring revenue growth of 4% at constant currency to £20.9m
(2023: £20.3m)
· Gross margin remains strong at 89.5% (2023: 90.1%) with greater
proportion of cloud revenue
· 43% increase in Adjusted EBITDA(*) to £1.5m (2023 £1.0m)
· First year of breakeven at adjusted profit / (loss)(**) level
(2023: £(0.6)m)
· Available cash funds of £3.1m (2023: £3.9m), with £1m debt
facility extension post year-end taking available cash funds to £4.1m
· Net Cash of £1.1m (2023: £1.9m) reflecting SmartPath
acquisition, settlement of historic US sales tax liabilities, and increased
working capital
Operational highlights
· Net revenue retention of 99.7% (2023: 100.0%)
· ARPU up 9% at constant currency to £323 (2023: £301)
· 3% reduction in paying users to 66,400 (2023: 68,227), reflecting
strategy to focus on higher value customers and churn within legacy Virtual
Cabinet business
· Strengthened longstanding strategic partnership with Intuit,
powering the only document management solution natively integrated with
ProConnect
· Completed acquisition of SmartPath, the revenue optimisation and
pricing intelligence platform, enhancing the Group's product offering in the
highly attractive and strategically valuable US market
· 500% increase in new business for Workiro, driven by our
partnerships in the ERP market
· Enviably placed to capitalise on AI-powered opportunities,
securing rich, uniquely valuable datasets
Outlook
· Predictable revenue. Loyal customer base. Resilient
markets. Strong balance sheet.
· Strong start to 2025 with strengthening strategic position of
SmartVault and growing enterprise sales pipeline in Workiro.
· Improvement in ARR growth rate seen in H2 2024 expected to
continue into 2025 and beyond.
· Market revenue expectations(+) reconfirmed for 2025.
· High degree of confidence in delivery of material cash returns to
shareholders in the medium-term from SmartVault together with longer-term
value creation in Workiro
Daniel Rabie, CEO of GetBusy, comments:
"The business made strong progress in 2024, a year which yielded a 43%
increase in adjusted EBITDA and the first year that the Group has broken even
at the adjusted profit level.
"We're excited to have deepened our longstanding strategic partnership with
Intuit, one of the dominant players in the US accounting market, powering the
only document management solution natively integrated with ProConnect,
Intuit's next generation cloud tax prep application. New business in Workiro
has been encouraging, exceeding our average selling price expectations and
providing additional confidence the enterprise market targeted by Workiro is
characterised by large deal sizes and low churn, driving strong customer
lifetime value.
"Our talented team, and their passion for delivering exceptional results for
our customers, is the driving force of our success. On behalf of the whole
board, I'd like to thank each of them for their hard work and continued
innovation.
"The path to creating material cash returns for shareholders over the next few
years is clearer and, we believe, more achievable than ever, strengthened by
recent industry-related transactions in the market. The board has a high
degree of confidence in the successful execution of its strategy."
*Adjusted EBITDA is Adjusted Loss before Tax with capitalised development
costs added back. A full list of our alternative performance measures,
together with a glossary of certain terms, can be found in note 2.
** Adjusted Profit / (Loss) before Tax is Profit / (Loss) before tax,
depreciation and amortisation on owned assets, long-term incentive costs, net
capitalised development costs, finance costs that are not related to leases,
and non-underlying items.
*** Changes at constant currency are calculated by retranslating the
comparative period at the current period's prevailing rate of exchange.
(+) The Company considers the market expectation for 2025 revenue to be £24m.
GetBusy plc
investors@getbusy.com
Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 (0)20 7220 0500
Matt Goode / Trisyia Jamaludin (Corporate Finance)
Harriet Ward (ECM)
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN. THE PERSON RESPONSIBLE FOR MAKING THIS ANNOUNCEMENT ON BEHALF OF THE
COMPANY IS PAUL HAWORTH.
About GetBusy
GetBusy's specialist productivity software solutions enable growing businesses
to work securely and efficiently with their customers, suppliers and teams
anytime, anywhere. Our solutions can be delivered flexibly across cloud,
mobile, hosted and on-premise platforms, whilst integrating seamlessly with a
wide variety of other class-leading core business systems.
With nearly 70,000 paying users and over 3 million collaborators across
multiple market sectors and jurisdictions, GetBusy is an established and
fast-growing SaaS business delivering sustained double-digit growth in
high-quality recurring subscription revenue over the long term.
Further information on the Group is available at www.getbusyplc.com
A clear strategy for cash returns and value creation
Our strategy seeks to deliver material cash returns to shareholders over the
medium term together with the creation of longer-term shareholder value in
large and attractive markets.
We are building a strategically valuable business in the US accounting market,
through SmartVault, that we believe will enable substantial value realisation
for shareholders in the medium term. Additionally, we are capitalising on
our excellent reputation and heritage within professional services to
establish and scale Workiro in the ERP market, building long-term shareholder
value.
The Group is committed to sustained investment, from its current funds and
further self-generated cash resources, in the pursuit of both medium- and
long-term growth. The underlying Virtual Cabinet and Workiro business
remains profitable and very cash generative, and our SmartVault business has
reached a scale at which it will generate rapidly increasing EBITDA margins
and cashflows over the next couple of years.
We believe there is a substantial long-term growth opportunity for software
that supports the productivity of knowledge workers, enhances their working
day by improving workflows, and contributes to the profitability of the
organisations that employ them. AI capabilities will be transformational in
these markets. This opportunity is supported by enduring structural drivers
such as stricter regulatory requirements, a more hostile cybersecurity
landscape, tightening labour markets and increasing workforce flexibility
demands.
By remaining focused on specific, valuable markets, in particular the
accounting market, we continue to build a high quality, sticky customer base
for whom our products have infrastructural characteristics. We believe this
high-value, professional customer base is strategically very attractive as a
result of the combination of the enviable access we have to a very
well-defined set of customers with similar software requirements and the
platform characteristics of our products, which provide a content spine
integrated with multiple core business applications.
Whilst medium-term growth is expected to be driven largely by the accounting
market, in which we are experienced and proven, growth over the longer-term is
expected to be significantly enhanced by the opening of larger enterprise
markets and the provision of enterprise content management solutions via
Workiro. As in accounting, we expect success to come through the depth of
our integrations with other mission-critical software platforms, such as ERP
applications. The scale of the Workiro opportunity warrants the sustained
investments we are making with the expectation that the solution will continue
to open substantially larger markets over the longer term.
2024 overview
The business made strong progress in 2024, a year which yielded a 43% increase
in adjusted EBITDA and the first year that the Group has broadly broken even
at the adjusted profit level. Annualised Recurring Revenue (ARR) grew by 6% at
constant currency to £21.6m with reported recurring revenue up 4% at constant
currency to £20.8m. Total revenue was up 3% for the Year, at constant
currency, to £21.4m. Net cash at 31 December 2024 was £1.1m with available
cash funds of £3.1m, with an additional £1m of available funds added to the
Group's debt facility since the year-end. The board considers the Group to
be sufficiently funded to execute its strategy.
Within SmartVault, we continued to generate double digit ARR growth.
Importantly, we have subsequently deepened our longstanding strategic
partnership with Intuit, one of the dominant players in the US accounting
market, powering the only document management solution natively integrated
with ProConnect, Intuit's next generation cloud tax prep application. The
board is confident this partnership will further accelerate SmartVault's
growth over the coming years. We also extended our product capabilities with
the acquisition of SmartPath, providing a platform on which we can build a
more extensive offering to help accountants transition to become advisory-led
firms, and we expect to deliver further significant product value across the
whole SmartVault platform over the next 12 months.
Within Workiro, we saw encouraging new customer wins from our partnerships in
the ERP market. New business grew over 500% year-on-year, exceeding our
average selling price expectations and providing additional confidence the
enterprise market targeted by Workiro is characterised by large deal sizes and
low churn, driving strong customer lifetime value. We also strengthened our
base of platinum partners, including the addition of RSM, Europe's largest
provider of NetSuite implementation services, products and solutions and part
of a leading global network, giving the board confidence that the ERP
ecosystems understand the significant customer problems our solution is
solving.
The path to creating material cash returns for shareholders over the next few
years is clearer and, we believe, more achievable than ever, strengthened by
recent industry-related transactions in the market. The board has a high
degree of confidence in the successful execution of its strategy.
SmartVault
SmartVault is the leading cloud document management and client portal software
serving US accountants. Through deep integrations and a long-established and
ever-closer commercial partnership, SmartVault now powers the only document
solution fully integrated into Intuit's cutting-edge ProConnect tax prep
application, supporting the acceleration of cloud adoption for the c. 100,000
users of Intuit's Lacerte and ProSeries tax products as well as ProConnect's
increasing market share. In 2023, SmartVault completed its integration into
Thomson Reuters' Ultratax, which roughly doubles the medium-term market
opportunity, and in 2024 that reusable integration blueprint has opened
SmartVault's capabilities to users of CCH and Drake, providing coverage to
almost all tax professionals in the US.
The acquisition of SmartPath, the pricing intelligence and revenue
optimisation platform, in March provides an important tool to enable
accounting firms to expand from tax compliance services, which are becoming
increasingly commoditised, into value-added advisory services. The
importance of advisory to the future of US tax accountants cannot be
overstated; a recent survey by Accounting Today found that 80% of firms were
seeing substantially higher demand for advisory services. Starting with
SmartPath, we plan to selectively add to the capabilities of SmartVault to
create a valuable toolset that facilitates the advisory transition for our
customers, increasing ARPU and the embeddedness of the SmartVault platform
into our customers' workflows.
SmartVault ARR grew 10% to $15.3m (2023: $13.9m). New customer acquisition
has been more focused than ever on our core accounting market, where we see
excellent return on investment from high value, sticky customers. Our
reseller channels have performed well and continue to be a valuable
contributor to the sales mix, whilst SmartPath has been encouragingly
additive.
Churn and net revenue retention were both in line with 2023. Churn rates
averaged 1.0% per month (and half that rate for customers using our Intuit
integration), which is materially better than the typical rates in the B2B SMB
space, a testament to the quality of the customer base and SmartVault's
excellent product market fit. We continue to see steady uptake of the
Unlimited plan that we launched in late 2023 and that now accounts for 7% of
ARR; the ARPU uplift from Unlimited is up to 40% and we expect to continue to
add more capabilities and value into that plan to drive sustained ARPU
improvements into the future.
Workiro
Collectively, Virtual Cabinet and Workiro serve enterprise customers in the
professional and financial services sector together with a broad range of
industries through Workiro's deep integration into ERP systems, with an
initial focus on Oracle's NetSuite application. NetSuite's installed base of
over 41,000 enterprise customers provides a considerable market opportunity
for Workiro, with the broader cloud ERP market being significantly larger.
Workiro's vision is exciting. The serious challenge of a fragmented systems
landscape, and the significant productivity and security risks that creates,
exists in most businesses. Workiro solves that challenge by establishing the
source of truth for an enterprise's content, securing that content and
allowing it to be surfaced, actioned, classified and shared contextually and
intelligently within the interface of other core applications, such as
NetSuite. The introduction of Workiro Intelligence, our suite of AI-powered
tools, the first of which is now available, enables customers to draw insights
and recommended actions based on the huge volume of enterprise data, customer
correspondence and documents secured within the application.
Our primary route to market is through a network of partners, including
technology aggregators, NetSuite resellers and consultants, with a combination
of established customer bases and well-connected go-to-market teams.
Partnerships enable us to leverage domain expertise from those partners in a
wider variety of industries, enabling us to identify high-value vertical
markets served by NetSuite that have complex content workflow requirements
that Workiro can solve. We were pleased to add more quality names to our
platinum partnership programme in the year, including RSM, Europe's largest
provider of NetSuite implementation services, products and solutions. We
are seeing particular strength in the mid-tier US accounting firm market
through our integration with PracticeERP, which provides a customised NetSuite
instance for CPA firms; Workiro's origins from within Virtual Cabinet, which
pioneered document management software for accountants, lends significant
credibility to the offering.
In 2024 we saw a 500% increase in new business for Workiro, winning a series
of 5-figure ARR deals that provide a high degree of confidence in our ability
to achieve attractive selling prices and win larger customers into the
future.
Our go-to-market activities are now dominated by Workiro. Migration of
customers from Virtual Cabinet to Workiro, typically generating an additional
20% - 30% of revenue per user, has gained a reasonable momentum; in 2025 we
will invest in tooling to automate substantial parts of the process, providing
customers with as seamless a migration experience as possible and reducing the
overhead burden.
ARR of £9.5m, was in line with 31 December 2023, a result of the transition
from a Virtual Cabinet-led to a Workiro-led business. 2024 saw higher than
usual churn in the legacy customer base, principally a result of mid-market
accounting firm consolidation and the mandating of specific cloud technology
stacks, the decisions for which were made before Workiro was a credible
alternative.
Current trading and outlook
Our revenue is highly predictable. Our markets are resilient. Our products
solve relatable, practical problems. Our customer base is loyal. Our balance
sheet is strong.
2025 has started well, with the deepening of SmartVault's strategic
partnership with Intuit, a growing enterprise sales pipeline in Workiro and a
compelling product roadmap across the Group. We expect the improvement in
ARR growth rate seen during H2 2024 to continue into 2025 and beyond.
The board remains excited about the Group's prospects to deliver exceptional
shareholder value over the medium- and long-term, and looks forward to the
future with increasing confidence.
Financial review
Group 2024 2023 Change
Reported currency Constant currency
ARR at 31 December £21,591k £20,524k 5% 6%
Recurring revenue £20,853k £20,311k 3% 4%
Total revenue £21,445k £21,112k 2% 3%
Adjusted EBITDA £1,496k £1,045k 43%
Adjusted profit / (loss) before tax £3k £(629)k n/a
Paying users at 31 December 66,400 68,227 (3)%
ARPU at 31 December £323 £301 7% 9%
Net revenue retention 99.7% 100.0% n/a
Recurring revenue was up 4% at constant currency (3% at reported currency) to
£20.9m (2023: £20.3m), with growth in the US, through SmartVault, tempered
by flat performance in the UK and ANZ (which comprises Virtual Cabinet and
Workiro).
ARR, which is our recurring revenue run-rate, grew by 6% at constant currency
to £21.6m (2023: £20.5m). ARR growth was largely from higher ARPU, a
product of both expansion (customers moving to higher level plans or adding
more modules) and higher base pricing. ARPU was up 9% at constant currency
to £323. The reduction in paying users principally reflects the Group's
focus on higher value user groups (for example, in the US, those in the
accounting sector), which has caused a reduction in users in non-core
sectors.
Net revenue retention of 99.7% per month compares to 100.0% in 2023, an
exceptional comparative period that contained the impact of the final set of
UK customers moving to the Virtual Cabinet Unlimited pricing plan.
Non-recurring revenue of £0.6m was down on 2023, given the focus on
subscription revenue, taking total revenue to £21.4m (2023: £21.1m), up 2%
(3% at constant currency).
Gross margin of 89.5% (2023: 90.1%) reflects the greater proportion of revenue
from our cloud products, principally SmartVault and Workiro, as opposed to
on-premise products for which there is very little ongoing cost of sale.
SG&A costs of £14.4m (2023: £14.8m) were tightly controlled, with lower
performance incentive costs, travel, and a rebalancing of SmartVault customer
acquisition investment to better match demand.
Total development expenditure was down fractionally to £4.8m (2023: £4.8m)
with headcount essentially flat during the year. £1.5m of development costs
were capitalised (2023: £1.7m) across Workiro and SmartVault relating to a
combination of new integrations, core functionality and new capabilities.
Adjusted EBITDA was up 43% to £1.5m (2023: £1.0m), whilst the Group broke
even at the adjusted profit level, which is stated before development
capitalisation (2023: £(0.6)m).
Depreciation and amortisation was £1.2m (2023: £0.9m) as a result of the
higher gross capitalised value of development costs arising from Workiro costs
starting to be capitalised in 2022.
The credit for long-term incentive costs, including associated social
security, of £0.4m (2023: charge of £0.3m), reflects modifications made to
the SmartVault Leadership Incentive Plan to make reward under the plan
entirely contingent on an acquisition by a third party.
Non-lease finance costs relate to the Group's £2m revolving credit facility.
The profit before tax was £0.6m (2023: loss of £0.5m). The tax credit of
£0.3m (2023: credit of £0.3m) reflects a conservative estimate of the
expected UK research and development tax credit offset by overseas tax payable
in the US, Australia and New Zealand and the write-off of £0.1m of
withholding tax that is unlikely to be recoverable.
Cashflow and working capital
In addition to being break-even at the adjusted profit level, the £0.9m
reduction in net cash (being cash less borrowings) comprised the following key
movements:
· a £0.7m reduction in payables, largely from the settlement of
historic US sales tax liabilities and lower performance incentive accruals at
the end of 2024 compared to 2023;
· a £0.2m increase in trade and other receivables, due mostly to
timing of collections from customers. The rate of bad debts remains very low;
· A £0.2m upfront payment for the acquisition of SmartPath;
· £0.1m of interest payable on the Group's £2m revolving credit
facility;
· a cash inflow of £0.5m from deferred revenue movements, mostly
due to the growth in ARR and the large proportion of customers on annual
prepaid subscription plans; and
· a net tax cash inflow of £0.1m, from UK research and development
tax credits offset by payments in other jurisdictions.
Net cash at 31 December 2024 was £1.1m (31 December 2023: £1.9m), comprising
cash of £2.3m and drawn loan facilities of £1.2m. The Group's available
cash is underpinned by a £2m revolving credit facility committed until
February 2027, of which £1.2m was drawn at the end of the year.
On 24 March 2025, the Group amended and extended its unsecured revolving
credit facility with DJZ Investments Pty Limited, an entity controlled by a
director, Clive Rabie. The facility was increased from £2million to
£3million, its term was extended to 31 December 2028 (previously 28 February
2027) and the lender was transferred to Clive Rabie directly. All other
terms remained the same.
Balance sheet
Goodwill of £0.6m (2023: £nil) arose on the acquisition of SmartPath. The
£0.6m increase in intangible assets is due to capitalised development costs
exceeding amortisation levels.
Lease assets increased in the year by £0.5m to £1.4m, as the Group elected
not to exercise the break clause on its UK property, so the full term of the
lease is now factored into the right of use asset and associated liability.
Trade and other receivables increased by £0.2m to £2.1m, mostly a result of
timing differences on cash collection from customers. The current tax
receivable of £0.6m relates mostly to the UK research and development tax
credit due for the 2024 and 2023 financial years. The £0.1m reduction in
tax payable within current liabilities relates to Australia and New Zealand,
both of which incurred a tax charge for 2023 (payable in 2024).
The £0.7m reduction in trade and other payables and provisions is chiefly the
result of the settlement of historic US sales tax liabilities.
Deferred revenue, which is mostly derived from annual subscriptions paid in
advance was up £0.5m at £7.0m, a result of a larger subscription revenue
base and the stronger USD.
The total lease liability of £1.5m relates to our Cambridge, Houston and
Sydney office premises; the increase compared to 2023 arises from the fact the
Group did not exercise its right to break its UK office lease early, and so
the balance of the 10-year lease arrangement has been recognized within the
liability and the related right of use asset.
The reduction in current liability provisions to £0.4m is due to the impact
of share price on the potential social security payable on exercise of share
options, together with a reduction in the number of options exercisable. In
2023, a non-current liability provision of £0.3m was recognized following the
implementation of a long-term incentive scheme within the Group's US business;
during 2024 the terms of that scheme were amended, making it fully contingent
on a disposal of the SmartVault business rather than specific ARR targets,
leading to the derecognition of the related provision.
Over the course of 2024, 119,546 new shares were issued as a result of the
exercise of share options.
Related party transaction - loan facility
Clive Rabie, by virtue of being a director of the Company, is considered to be
a related party of the Company. The Company's amendment and extension of its
unsecured revolving credit facility with Clive Rabie constitutes a related
party transaction for the purposes of Rule 13 of the AIM Rules for Companies.
GetBusy's independent directors for this purpose (being Paul Haworth, Miles
Jakeman, Nigel Payne and Paul Huberman) consider, having consulted with the
Company's nominated adviser, Cavendish Capital Markets Limited, that the terms
of the amended facility are fair and reasonable insofar as the Company's
shareholders are concerned.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2024
2024 2023
Note £'000 £'000
Revenue 3 21,445 21,112
Cost of sales (2,260) (2,095)
Gross profit 19,185 19,017
Operating costs (18,407) (19,389)
Net finance costs (184) (137)
Profit/(loss) before tax 594 (509)
Profit/(loss) before tax 594 (509)
Depreciation and amortisation on owned assets 1,197 941
Long-term incentive (credit)/costs (316) 312
Social security (credit)/costs on long-term incentives (122) 21
Non-underlying costs - 196
Finance costs not related to leases 143 84
Adjusted EBITDA 1,496 1,045
Capitalised development costs (1,493) (1,674)
Adjusted profit/(loss) before tax 3 (629)
Tax 303 282
Profit/(loss) for the year attributable to owners of the Company 897 (227)
Earnings/(loss) per share (pence)
Basic 4 1.77p (0.45p)
Diluted 4 1.63p (0.45p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2024
2024 2023
£'000 £'000
Profit/(loss) for the year 897 (227)
Other comprehensive income - items that may be subsequently reclassified to
profit or loss
Currency movement on net investment 119 158
Exchange differences on translation of foreign operations (160) 42
Other comprehensive (expense)/income net of tax (41) 200
Total comprehensive income/(loss) for the year 856 (27)
CONSOLIDATED BALANCE SHEET
For the year ended 31 December 2024
2024 2023
£'000 £'000
Non-current assets
Intangible assets 4,223 3,620
Goodwill 637 -
Right of use assets 1,369 913
Property, plant and equipment 170 299
6,399 4,832
Current assets
Trade and other receivables 2,072 1,867
Current tax receivable 646 610
Cash and cash equivalents 2,312 1,942
5,030 4,419
Total assets 11,429 9,251
Current liabilities
Trade and other payables (2,902) (3,585)
Contract liabilities (7,006) (6,544)
Provisions (373) (504)
Lease liabilities (361) (423)
Current tax payable - (146)
(10,642) (11,202)
Non-current liabilities
Lease liabilities (1,187) (741)
Provisions - (326)
Contingent consideration (500) -
Borrowings (1,250) -
(2,937) (1,067)
Total liabilities (13,579) (12,269)
Net liabilities (2,150) (3,018)
Equity
Share capital 76 76
Share premium account 3,018 3,018
Demerger reserve (3,085) (3,085)
Retained earnings (2,159) (3,027)
Equity attributable to shareholders of the parent (2,150) (3,018)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
Share premium account
Share capital Demerger Retained earnings
Reserve Total
2024 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 76 3,018 (3,085) (3,027) (3,018)
Profit for the year - - - 897 897
Other comprehensive income, net of tax - - - (41) (41)
Total comprehensive income for the year - - - 856 856
Issue of ordinary shares - - - - -
Equity-based long-term incentive credit - - - 12 12
Total transactions with owners of the Company - - - 12 12
At 31 December 2024 76 3,018 (3,085) (2,159) (2,150)
Share premium account
Share capital Demerger Retained earnings
Reserve Total
2023 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 75 3,018 (3,085) (2,986) (2,978)
- - - (227) (227)
Loss for the year
Other comprehensive income, net of tax - - - 200 200
Total comprehensive income for the year - - - (27) (27)
Issue of ordinary shares 1 - - - 1
Equity-based long-term incentive costs - - - (14) (14)
Total transactions with owners of the Company 1 - - (14) (13)
At 31 December 2023 76 3,018 (3,085) (3,027) (3,018)
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2024
2024 2023
£'000 £'000
Profit/(loss) for the year 897 (227)
Finance costs 184 137
Income tax credit (578) (282)
Depreciation of right of use asset 348 316
Depreciation of property, plant and equipment 164 169
Amortisation of intangible assets 1,033 772
Long-term incentive cost (316) 312
Decrease/(increase) in receivables (205) 172
(Decrease)/increase in payables (506) (584)
Increase/(decrease) in provisions/contingent liabilities 43 271
(Decrease)/increase in contract liabilities 462 (114)
Cash generated from operations 1,526 942
Interest paid (143) (84)
Income taxes received 116 519
Net cash generated from operating activities 1,499 1,377
Purchases of property, plant and equipment (35) (90)
Purchases of intangible assets (33) (232)
Purchase of SmartPath business (200) -
Capitalised internal development costs (1,493) (1,674)
Net cash used in investing activities (1,761) (1,996)
Principal portion of lease payments (422) (371)
Interest on lease liabilities (42) (53)
Draw down of loan facility 1,250 -
Proceeds on issue of shares - 1
Net cash used in financing activities 786 (423)
Net increase/(decrease) in cash 524 (1,042)
Cash and cash equivalents at beginning of year 1,942 2,972
Effects of foreign exchange rates (154) 12
Cash and cash equivalents at end of year 2,312 1,942
Net cash reconciliation
At 1 January 2024 Addition Cash flow Interest accretion Foreign exchange movement At 31 December 2024
£'000 £'000 £'000 £'000 £'000 £'000
Finance lease liability (1,164) (800) 464 (42) (6) (1,548)
Borrowings - - (1,250) - - (1,250)
Cash and cash equivalents 1,942 - 524 - (154) 2,312
Net cash (including lease liabilities) 778 (800) (262) (42) (160) (486)
Notes to the financial information1
1. GENERAL INFORMATION
GetBusy plc is a public limited company ("Company") and is incorporated in
England under the Companies Act 2006. The company's shares are traded on the
Alternative Investment Market ("AIM"). The Company's registered office is
Suite 8, The Works, Unity Campus, Pampisford, Cambridge, CB22 3FT. The
Company is a holding company for a group of companies ("Group") providing
productivity software for professional and financial services.
These financial statements are presented in pounds sterling (rounded to the
nearest thousand) because that is the currency of the primary economic
environment in which the group operates.
In accordance with Section 435 of the Companies Act 2006, the Group confirms
that the financial information for the years ended 31 December 2024 and 2023
are derived from the Group's audited financial statements and that these are
not statutory accounts and, as such, do not contain all information required
to be disclosed in the financial statements prepared in accordance with
UK-adopted International Accounting Standards. The statutory accounts for the
year ended 31 December 2023 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 31 December 2024 have been audited
and approved but have not yet been filed. The Group's audited financial
statements for the year ended 31 December 2024 received an unqualified audit
opinion and the auditor's report contained no statement under section 498(2)
or 498(3) of the Companies Act 2006. The financial information contained
within this full year results statement was approved and authorised for issue
by the Board on 24 March 2025.
2. ALTERNATIVE PERFORMANCE MEASURES AND GLOSSARY OF TERMS
The Group uses a series of non-IFRS alternative performance measures ("APMs")
in its narrative and financial reporting. These measures are used because we
believe they provide additional insight into the performance of the Group and
are complementary to our UK adopted IFRS performance measures. This belief
is supported by the discussions that we have on a regular basis with a wide
variety of stakeholders, including shareholders, staff and advisers.
The APMs used by the Group, their definition and the reasons for using them,
are provided below:
Recurring revenue. This includes revenue from software subscriptions and
support contracts. A key part of our strategy is to grow our high-quality
recurring revenue base. Reporting recurring revenue allows shareholders to
assess our progress in executing our strategy.
Adjusted profit/(loss) before tax. This is calculated as profit/(loss)
before tax and before certain items, which are listed below along with an
explanation as to why they are excluded:
Depreciation and amortisation of owned assets. These non-cash charges to the
income statement are subject to judgement. Excluding them from this measure
removes the impact of that judgement and provides a measure of profit or loss
that is more closely aligned with operating cashflow. Only depreciation on
owned assets is excluded; depreciation on leased assets remains a component of
adjusted profit/(loss) because, combined with interest expense on lease
liabilities, it is a proxy for the cash cost of the leases.
Long-term incentive costs. Judgement is applied in calculating the fair
value of long-term incentives, including share options, the corresponding
national insurance costs to the employer, and the subsequent charge to the
income statement, which may differ significantly to the cash impact in quantum
and timing. The impact of potentially dilutive share options is also
considered in diluted earnings per share. Therefore, excluding long-term
incentive costs from adjusted profit/(loss) before tax removes the impact of
that judgement and provides a measure of profit that is more closely aligned
with cashflow.
Capitalised development costs. There is a very broad range of approaches
across companies in applying IAS38 Intangible assets in their financial
statements. For transparency, we exclude the impact of capitalising
development costs from adjusted profit/(loss) before tax in order that
shareholders can more easily determine the performance of the business before
the application of that significant judgement. The impact of development
cost capitalisation is recorded within operating costs.
Non-underlying costs. Occasionally, we incur costs that are not
representative of the underlying performance of the business. In such
instances, those costs may be excluded from adjusted profit/(loss) before tax
and recorded separately. In all cases, a full description of their nature is
provided.
Finance costs not related to leases. These are finance costs such as
interest on loan amounts not drawn down. It excludes the interest expense on
lease liabilities under IFRS16 because, combined with depreciation on leased
assets, it is a proxy for the cash cost of the leases.
Adjusted EBITDA. This is calculated as adjusted profit/(loss) before tax
with capitalised development costs added back.
Constant currency measures. As a Group that operates in different
territories, we also measure our revenue performance before the impact of
changes in exchange rates. This is achieved by re-stating the comparative
figure at the exchange rate used in the current period.
Glossary of terms
The following terms are used within these financial statements:
MRR. Monthly recurring revenue. That is, the monthly value of subscription
and support revenue, both of which are classified as recurring revenue.
ARR. Annualised MRR. For a given month, the MRR multiplied by 12, plus the
annual value of any contracted but not implemented customer contracts.
CAC. Customer acquisition cost. This is the average cost to acquire a
customer account, including the costs of marketing staff, content, advertising
and other campaign costs, sales staff and commissions.
LTV. Lifetime value, calculated as the average revenue per account
multiplied by the average gross margin and divided by gross MRR churn.
MRR churn. The average percentage of MRR lost in a month due to customers
leaving our platforms.
Net revenue retention. The average percentage retained after a month due to
the combined impact of customers leaving our platforms, customers upgrading or
downgrading their accounts and price increases or reductions.
ARPU. Annualised MRR per paid user at a point in time.
3. REVENUE AND OPERATING SEGMENTS
The Group's chief operating decision maker is considered to be the Board of
Directors. Performance of the business and the deployment of capital is
monitored on a group basis, and as such there is only one reportable
segment. Additional revenue analysis is presented by territory.
2024
UK USA Aus/NZ Total
£'000 £'000 £'000 £'000
Recurring revenue 8,095 11,033 1,725 20,853
Non-recurring revenue 200 361 31 592
Revenue from contracts with customers 8,295 11,394 1,756 21,445
Cost of sales (2,260)
Gross profit 19,185
Sales, general and admin costs (14,429)
Development costs (4,753)
Adjusted profit before tax 3
Capitalisation of development costs 1,493
Adjusted EBITDA 1,496
Depreciation and amortisation on owned assets (1,197)
Long-term incentive costs 316
Social security on long-term incentives 122
Non-underlying costs -
Other finance costs (143)
Profit before tax 594
2023
UK USA Aus/NZ Total
£'000 £'000 £'000 £'000
Recurring revenue 7,979 10,407 1,925 20,311
Non-recurring revenue 295 458 48 801
Revenue from contracts with customers 8,274 10,865 1,973 21,112
Cost of sales (2,095)
Gross profit 19,017
Sales, general and admin costs (14,807)
Development costs (4,839)
Adjusted loss before tax (629)
Capitalisation of development costs 1,674
Adjusted EBITDA 1,045
Depreciation and amortisation on owned assets (941)
Long-term incentive costs (312)
Social security on long-term incentives (21)
Non-underlying costs (196)
Other finance costs (84)
Loss before tax (509)
Recurring revenue is defined as revenue from subscription and support
contracts. Non-recurring revenue is defined as all other revenue. No
customer represented more than 10% of revenue in either year.
4. EARNINGS / (LOSS) PER SHARE
The calculation of earnings/(loss) per share is based on the earnings of
£897k (2023: loss of £227k).
Weighted number of shares calculation 2024 2023
'000 '000
Weighted average number of ordinary shares 50,607 50,378
Effect of potentially dilutive share options in issue 4,276 -
Weighted average number of ordinary shares (diluted) 54,883 50,378
Earnings per share 2024 2023
Pence pence
Basic 1.77p (0.45p)
Diluted 1.63p (0.45p)
At 31 December 2024, there were 4,275,726 share options outstanding (2023:
6,276,380). As required by IAS33 (Earnings per Share), the impact of
potentially dilutive options was disregarded for the purposes of calculating
diluted loss per share in the prior year as the Group was loss making.
5. RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES - CONSTANT CURRENCY
A number of our key performance indicators are provided at "constant
currency". The percentage change in a KPI is shown assuming the current year
exchange rate is used to translate both the current year and prior year
figures. The table below reconciles the constant currency figures to those
reported.
Performance measure 2024 2023 as originally reported Constant currency adjustment 2023 at constant exchange rates Change at reported exchange rates Change at constant exchange rates
Group recurring revenue £20,853k £20,311k (£355k) £19,956k 3% 4%
Group total revenue £21,445k £21,112k (£346k) £20,766k 2% 3%
Group Annualised Recurring Revenue £21,591k £20,524k (£88k) £20,436k 5% 6%
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