REG - GetBusy PLC - 2025 Audited Results
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RNS Number : 7662X GetBusy PLC 24 March 2026
24 March 2026
GetBusy plc
2025 Results
SmartVault establishes platform leadership across US tax preparation workflow
Platform expansion and integration-led distribution unlock a materially larger
market opportunity
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 2025 (the "Year"
or "2025").
Daniel Rabie, CEO of GetBusy, comments:
"SmartVault occupies a distinctive position as a strategic control point in
the US tax technology ecosystem: embedded across all major tax platforms,
trusted by over 6,000 CPA firms serving nearly 3 million clients through
31,000+ tax preparers with a highly specialised corpus of over 650 million
documents. As cloud adoption accelerates and legacy tools are retired, its
deep integrations, trusted data position and expanding workflow coverage make
it one of the most strategically significant platforms in the US accounting
technology landscape.
"SmartVault delivered accelerating ARR growth in 2025, driven by strong
execution in the core US tax preparation market, expanding integrations across
the leading tax platforms, and the initial rollout of SmartRequestAI(TM).
Together, these developments mark a clear inflection point for the business.
"With strong underlying demand, structurally low churn, and significant
operating leverage, SmartVault is well positioned to deliver sustained ARR
growth and rapidly increasing cash generation over the coming years.
"In parallel, Workiro continues to build on Virtual Cabinet's strong
reputation in professional services as it transitions to a cloud-first,
AI-enabled proposition. The board remains confident in the Group's strategy
and its ability to execute against it."
SmartVault highlights
· SmartVault expanded materially across the US tax preparation
workflow, supported by deep integrations with the leading tax platforms and
the successful launch of Intuit ProConnect in Q4
· SmartVault's high-value information corpus continues to grow:
custodian for over 650 million documents and over 350 million document uploads
and downloads over 2025
· New business in the core tax preparation market up 55%, driven by
both volume (+22%) and pricing (+28%), with a growing mix of higher-value
plans
· Structural tailwinds from the retirement of legacy document
systems, particularly Thomson Reuters FileCabinet CS, driving strong growth
among UltraTax customers with highly attractive unit economics
· Launch of SmartRequestAI(TM), extending SmartVault earlier into
the tax workflow, materially increasing monetisation potential across a base
of more than 31,000 users
· Early SmartRequestAI(TM) adoption validating increased
willingness to pay, with many customers spending more than twice their core
subscription value
· ARR up 16% to $17.8m with low churn of 1.1% per month,
underpinning strong operating leverage and rapid EBITDA margin expansion
expected from 2026 onwards
Workiro highlights
· First large-scale deployments of Workiro to mid-tier US
accounting firms
· First successful migrations of Virtual Cabinet customers to
Workiro using new automated tooling
· Over 11 million unique documents uploaded into Workiro over 2025
· Reinvigorated presence in professional services markets to
stimulate growth
· ARR of £9.3m with target to restore growth in 2026
Group highlights
· AI positioned as a value multiplier for the Group's trusted
vertical platforms, with SmartRequestAI(TM) already demonstrating material
ARPU expansion
· ARR growth of 8% at constant currency (5% reported) to £22.6m
(2024: £21.6m).
· Recurring revenue growth of 6% at constant currency (3% reported)
to £21.5m (2024: £20.9m)
· Gross margin remains strong at 87.6% (2024: 89.5%) with greater
proportion of cloud revenue
· Net revenue retention of 99.7% (2024: 99.6%)
· Adjusted EBITDA of £0.3m (2024 £1.5m), reflecting investments
in AI capabilities and performance incentives
· Net cash of £0.8m (2024: £1.1m) and available cash funds of
£3.8m (2024: £3.1m)
Outlook
· AI considered to be a driver of enhanced strategic value for the
Group's products as trusted vertical platforms with embedded workflows become
the essential layer through which transformative AI capabilities reach end
users
· SmartVault ARR growth expected to strengthen in 2026, driven by
ProConnect and UltraTax customer acquisition, alongside increasing adoption of
SmartRequestAI(TM) across the existing customer base
· Expanding ARPU, structurally low churn and disciplined cost
control expected to drive rapid SmartVault EBITDA margin expansion and strong
cash generation through 2026 and beyond
· Workiro targeting a return to modest growth in 2026, supported by
renewed focus on professional services customers and improved efficiency of
Virtual Cabinet migrations
2025 2024 Change
£'000 £'000 Reported currency Constant currency(***)
Group ARR 22,573
21,591 5% 8%
Group recurring revenue 21,512
20,853 3% 6%
Group total revenue 22,051
21,445 3% 5%
Group adjusted EBITDA* 323 (78%)
1,496
Group adjusted loss / (profit) before tax** (1,861) 3 n/a
Group IFRS loss / (profit) before tax (1,046) 594 n/a
Available cash funds 3,840 3,062 25%
Net bank (debt) / cash 840 1,062 (21)%
*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 Loss before Tax is 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.
GetBusy plc
investors@getbusy.com
Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 (0)20 7220 0500
Matt Goode / Callum Davidson (Corporate Finance)
Harriet Ward (Corporate Broking)
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 provides specialist document workflow software to professional and
financial services markets, securing and enabling workflow automation around
over 1.3 billion unique, high-value documents. Our strategy is to generate
material near-term cash returns through SmartVault, our fast-growing US tax
platform, while building long-term value in Workiro, our content and
collaboration solution for professional services and cloud ERP systems. Our
AI-enabled products are used by over 60,000 paying users globally and are
deeply embedded in customers' daily workflows.
Further information on the Group is available at www.getbusyplc.com
A clear strategy for cash returns and value creation
GetBusy is focused on generating material cash returns from SmartVault in the
medium term, while building long-term strategic value through AI-enabled
workflow platforms serving professional and enterprise customers.
SmartVault's accelerating growth, expanding role across the tax preparation
workflow and high operating leverage create a clear pathway to rapid margin
expansion and cash generation. At the same time, we are building on Virtual
Cabinet's heritage in professional services to broaden Workiro's reach within
the enterprise market.
By targeting high-value customers in workflow-critical markets and embedding
our products deeply within core systems, the Group is well positioned to
benefit from structural drivers including regulatory complexity, cyber
security demands and the increasing adoption of cloud and AI technologies.
AI - a driver of enhanced strategic value
The rapid emergence of frontier AI models has prompted understandable
questions about the future of software businesses. We believe GetBusy's core
platforms are positioned not merely to withstand this shift, but to be among
its primary beneficiaries.
AI needs trusted infrastructure to operate. Frontier AI models are powerful,
but they cannot assume legal liability, maintain regulatory compliance, or
build the deep customer relationships that underpin professional services
workflows. SmartVault has spent 18 years becoming the compliance backbone,
operational nerve centre, and trusted data custodian for thousands of US
accounting and tax firms. Workiro has spent over two decades doing the
same in the UK, Australia and New Zealand. AI cannot replicate this position
without destroying the very trust it would need to inherit. Our platforms are
where AI will be delivered, not what AI will displace.
Our data is the moat. Well over 1.3 billion documents, tens of thousands of
daily active professionals, and over two decades of domain-specific workflow
patterns constitute a training and retrieval asset that no horizontal AI
player can replicate. This positions us as the natural platform through which
professional services firms adopt AI-powered document workflow - a thesis
validated by major players like Intuit partnering with AI labs rather than
building from scratch.
AI is already driving margin expansion. The launch of AI-powered capabilities
such as SmartRequestAI™ demonstrates our ability to monetise AI with
meaningful uplifts in ARPU. We see a clear pathway to material incremental
revenue from AI features, as well as benefitting from increased business
efficiency through the extensive use of AI in our operations.
The structural advantages are consistent across our portfolio. Document
workflow platforms serving regulated professionals - with deep ecosystem
integrations, compliance requirements, and proprietary data assets - share the
same protection against AI disruption. Whether serving US tax preparers or
global ERP users, the thesis is identical: trusted vertical platforms with
embedded workflows become more valuable as the essential layer through which
AI capabilities reach end users.
2025 overview
2025 was a year of meaningful strategic progress for the Group, with
SmartVault entering a new phase of growth and accelerating strategic
importance.
Strong execution and favourable market dynamics drove faster ARR growth in
SmartVault, supported by stronger new business, higher pricing, improved
retention and early traction from SmartRequestAI(TM) in a significantly larger
addressable market.
Workiro continued to build momentum in the enterprise market while refocusing
efforts on professional services customers, leveraging its established
reputation in that segment.
Group ARR grew 8% at constant currency to £22.6m, with recurring revenue up
6% to £21.5m and total revenue up 5% to £22.1m. Net cash at year end was
£0.8m, with available cash funds of £3.8m. The Group remains sufficiently
funded to execute its strategy.
SmartVault - emerging as a strategic control point in the US tax technology
ecosystem
SmartVault made significant strategic progress during 2025, evolving from a
secure document management solution into a platform that supports the
end-to-end tax preparation workflow. This expansion materially increases both
the value SmartVault delivers to accounting firms and its strategic importance
within the US tax technology ecosystem.
During the year, SmartVault strengthened its position at the centre of tax
practitioners' daily workflows, supporting client engagement, onboarding,
secure document exchange, automated intake and archive within a single trusted
environment. As tax firms continue to migrate to the cloud and face increasing
regulatory, security and productivity pressures, this integrated workflow
approach is becoming mission-critical.
SmartVault now provides the only document and workflow solution fully
integrated with Intuit's ProConnect tax application, supporting cloud adoption
across Intuit's c.100,000 Lacerte and ProSeries users as well as ProConnect's
expanding user base. The ProConnect integration launched in Q4 2025 and early
demand has been encouraging. The underlying integration architecture is
reusable, enabling SmartVault to extend the same capabilities to users of
Thomson Reuters UltraTax, CCH and Drake, providing coverage across all major
US tax preparation platforms.
This broad integration footprint, combined with SmartVault's long-established
position as a trusted custodian of sensitive client data, creates a powerful
competitive moat. Once embedded, SmartVault becomes deeply integrated into
firm workflows, historical records and client interactions, resulting in high
switching costs and long customer lifetimes.
The launch of SmartRequestAI in Q4 represents a further step change in
SmartVault's strategic position. SmartRequestAI automates one of the most
time-consuming and error-prone elements of tax preparation: gathering,
validating and structuring client information. Crucially, this is achieved
within SmartVault's secure environment, ensuring sensitive data does not need
to be extracted or processed externally. This closed-loop approach provides a
meaningful competitive advantage as firms increasingly adopt AI-enabled tools
while remaining highly sensitive to data security and compliance risk.
Early adoption of SmartRequestAI has been encouraging, with many customers
spending more than twice their core subscription value on the capability. This
validates our view that extending SmartVault's role earlier into the tax
workflow significantly expands its addressable market and increases its
strategic relevance to customers.
SmartVault continued to execute with strong commercial discipline throughout
the year, focusing investment on the core tax preparation market, which
accounted for 95% of new business. New business in this core segment increased
by 55%, driven by both higher volumes and pricing, with a growing proportion
of customers adopting higher-value plans. Growth among Thomson Reuters
UltraTax customers was particularly strong, increasing by over 200%
year-on-year and reflecting the opportunity created by the planned sunset of
FileCabinet CS. These customers exhibit highly attractive unit economics, with
average deal sizes materially above the market average.
ARR in the core tax preparation market, which represents over 85% of
SmartVault's total ARR, grew by 17% during the year. Total ARR increased by
16% at constant currency to $17.8m. Churn remained stable at 1.1% per month
and is materially lower within the core tax preparation segment, reflecting
the increasing value and embeddedness of the platform.
Following investment in SmartRequestAI(TM) and associated platform
capabilities, SmartVault delivered Adjusted EBITDA of $1.5m, equivalent to a
9% margin. With continued ARR growth, expanding ARPU, structurally low churn
and disciplined cost control, the business has significant operating leverage.
We expect this to translate into rapidly increasing EBITDA margins and strong
cash generation in 2026 and beyond.
Workiro - deploying strength in professional services market to reinvigorate
growth
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 a variety of enterprise
systems, including 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 enterprise market being significantly
larger.
Our aim in the near term is to build a predictable and scalable run rate for
new business in the professional services and enterprise markets and to
migrate existing Virtual Cabinet customers to the cloud and AI-powered Workiro
platform. While we remain encouraged by the characteristics of the deals won
to date - very attractive selling price, strong problem-solution fit,
successful implementations - the sales cycles for enterprise customers remain
long and subject to sudden delays, especially if underpinned by complex ERP
implementation projects. Inevitably this makes new business erratic while
the pipeline is at a relatively early stage and so we are reinvigorating our
efforts within the professional services market, in which we have a strong
heritage and in which we are already seeing encouraging traction.
The basis for our continued investment and belief in the potential of these
markets has three core pillars.
Firstly, we are confident that Workiro solves a real and valuable problem for
customers. 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 practice management
applications or NetSuite.
Secondly, Workiro is uniquely positioned to enable customers to leverage the
significant opportunity of AI technology deployment over incredibly rich,
company-specific datasets - enterprise data, customer correspondence, e-mails
and documents. By acting as the content hub underpinning a variety of
enterprise applications, Workiro can surface insights and recommended actions
from across the enterprise, avoiding the silo limitations and lack of wider
perspective inherent in the AI components of other applications that only have
access to the limited datasets stored directly within them.
Thirdly, we expect the lifetime value of customers in the enterprise space to
be very high, based on strong average sale price and high net revenue
retention rates. We have already seen encouraging signs around average
deal size from the business we've won and within our pipeline, and the way
many ERP projects are structured means there is often scope for material
expansion within customers once onboarded. We have also seen across our
Group that larger customers tend to have materially lower churn rates, a trend
we would expect to continue within the enterprise space in which customer
tenures typically exceed a decade.
Consequently, we believe that over time Workiro has the potential to be a
materially larger and more valuable standalone business than the existing
Group. As we continue to see encouraging leading indicators, and as we
capture greater lifetime value from our existing Virtual Cabinet customers by
migrating them to the Workiro platform, this opportunity warrants the
continued investment in product capabilities and growth.
ARR of £9.3m, was down 2% at constant currency on 2024. New business was
offset by continued higher churn and user reductions in the legacy Virtual
Cabinet business, particularly in ANZ. We expect this trend to gradually
reverse following our investment in tooling to automate significant parts of
the migration process for customers moving from Virtual Cabinet to Workiro,
significantly improving the efficiency and customer experience.
Adjusted EBITDA of £2.9m was down £0.6m on 2024, following the combination
of lower revenues, the gross margin impact of a higher proportion of cloud vs
on-premise revenue, investments in migration automation and higher marketing
and premises costs.
Financial review
Group £'000 2025 2024 Change
Reported currency Constant currency
ARR at 31 December 22,573 21,591 5% 8%
Recurring revenue 21,512 20,853 3% 6%
Total revenue 22,051 21,445 3% 5%
Adjusted EBITDA 323 1,496 (78)%
Recurring revenue was up 6% at constant currency (3% at reported currency) to
£21.5m (2024: £20.9m), with 12% constant currency growth in SmartVault,
tempered by a 1% constant currency reduction in Workiro.
ARR, which is our recurring revenue run rate, grew by 8% at constant currency
(5% at reported currency) to £22.6m (2024: £21.6m). ARR growth was driven
by SmartVault, which had a particularly strong H2 due to a combination of new
business and ARPU improvements in the base.
Non-recurring revenue of £0.5m was down slightly on 2024, mostly reflecting
greater adoption of the Unlimited plan in SmartVault (which bundles certain
add-ons, rather than making them available on a pay-as-you-go basis). Total
revenue was up 5% at constant currency to £22.1m (2024: £21.4m).
Gross margin of 87.6% (2024: 89.5%) reflects the greater proportion of revenue
from our cloud products, SmartVault and Workiro, compared to on-premise
Virtual Cabinet, together with higher partner revenue share.
SG&A costs of £15.8m (2024: £14.4m) reflect higher performance-based
compensation, notably related to the sales performance and accelerating ARR in
SmartVault, together with higher marketing and premises costs as a result of a
mid-lease rent review.
Development costs of £3.2m (2024: £3.1m) reflect a higher cash spend related
to investments in SmartRequestAI and automation tooling for Workiro
migrations offset by a higher capitalisation rate.
Adjusted EBITDA was £0.3m (2024: £1.5m), whilst adjusted loss, which is
stated before development capitalisation, was £(1.9)m (2024: £(0.0)m).
Depreciation and amortisation was £1.7m (2024: £1.2m) as a result of the
higher gross capitalised value of development cost, particularly within
SmartVault following the development of SmartRequestAI.
The charge for social security costs on long-term incentives reflects the
higher share price at 31 December 2025 compared to the prior year.
Non-lease finance costs relate to the Group's £3m revolving credit facility
and are slightly higher than 2024 as the size of the facility was increased
from £2m in March 2025.
The non-underlying credit of £0.3m comprises restructuring costs of £0.1m
offset by a reduction to the expected value of contingent consideration for
SmartPath following the preparation of revised forecasts.
The loss before tax was £1.0m (2024: profit of £0.6m). The tax charge of
£0.4m (2024: credit of £0.3m) reflects an estimate of overseas taxes payable
and the impact of the UK research and development tax credit which is
recognised above the line.
Cashflow and working capital
Net cash, being cash less borrowings, was £0.8m, down £0.2m compared to 31
December 2024. Cash was £2.5m (2024: £2.3m) and borrowings were £1.7m
(2024: £1.3m). The movement in net cash comprised the following key
movements:
· adjusted loss of £1.9m;
· a £0.6m reduction in trade working capital, mostly driven by an
increase in accruals as a result of higher performance incentives, offset by a
£0.2m increase in receivables;
· a cash inflow of £0.3m from deferred revenue movements, mostly
due to the growth in ARR and the large proportion of customers on annual
prepaid subscription plans;
· a net tax cash inflow of £0.5m, from UK research and development
tax credits offset by payments in other jurisdictions; and
· favourable foreign currency movements of £0.3m.
Payments of interest on borrowings were £0.1m lower than in 2024. Accrued
interest was £0.2m at 31 December 2025 and is expected to be paid during the
first half of 2026.
The Group's available cash is underpinned by a £3m revolving credit facility
committed until December 2028, of which £1.7m was drawn at the end of the
year (2024: £1.2m).
Balance sheet
Goodwill of £0.6m (2024: £0.6m) arose on the acquisition of SmartPath in
2024. The £0.6m increase in intangible assets is due to capitalised
development costs exceeding amortisation levels, in particular following the
significant investment in the development of SmartRequestAI during the year.
Lease assets decreased in the year by £0.2m to £1.2m; there were no new
leases in the year.
Trade and other receivables increased by £0.2m to £2.3m, mostly a result of
higher prepayments. The tax receivable of £0.1m relates to UK research and
development tax credits, which have become notably lower following changes to
the UK development incentives regime.
The £1.1m increase in trade and other payables is largely from higher
performance incentive obligations, in particular arising from the ARR
acceleration within SmartVault. These will be paid during the first half of
2026.
Contract liabilities, mostly derived from annual subscriptions paid in
advance, was up £0.3m at £7.3m, a result of a larger subscription revenue
base offset by a weaker USD at the balance sheet date.
The total lease liability of £1.3m relates to our Cambridge and Houston
office premises.
The £0.1m increase in current liability provisions to £0.5m is due to the
impact of share price on the potential social security payable on exercise of
share options.
The £0.4m reduction in contingent consideration, which relates to the
SmartPath acquisition in 2024, reflects changes to the expected value of
consideration based on latest forecasts. While the long-term outlook for the
contribution from the SmartPath technology remains very favourable (supporting
the carrying value of the related goodwill), ARR expectations for 31 December
2026, the point at which the contingent consideration is measured, have been
amended.
No new shares were issued in the year.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
2025 2024
Note £'000 £'000
Revenue 3 22,051 21,445
Cost of sales (2,743) (2,260)
Gross profit 19,308 19,185
Operating costs (20,028) (18,407)
Net finance costs (326) (184)
(Loss)/profit before tax (1,046) 594
(Loss)/profit before tax (1,046) 594
Depreciation and amortisation on owned assets 1,680 1,197
Long-term incentive credit - (316)
Social security costs/(credit) on long-term incentives 112 (122)
Non-underlying credit (257) -
R&D tax credit adjustment (377) -
Finance costs not related to leases 211 143
Adjusted EBITDA 323 1,496
Capitalised development costs (2,184) (1,493)
Adjusted (loss)/profit before tax (1,861) 3
Tax (398) 303
(Loss)/profit for the year attributable to owners of the Company (1,444) 897
(Loss)/earnings per share (pence)
Basic 4 (2.85p) 1.77p
Diluted 4 (2.85p) 1.63p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
2025 2024
£'000 £'000
(Loss)/profit for the year (1,444) 897
Other comprehensive income - items that may be subsequently reclassified to
profit or loss
Currency movement on net investment 65 119
Exchange differences on translation of foreign operations 177 (160)
Other comprehensive income/(expense) net of tax 242 (41)
Total comprehensive (loss)/income for the year (1,202) 856
CONSOLIDATED BALANCE SHEET
For the year ended 31 December 2025
2025 2024
£'000 £'000
Non-current assets
Intangible assets 4,840 4,223
Goodwill 637 637
Right of use assets 1,161 1,369
Property, plant and equipment 98 170
6,736 6,399
Current assets
Trade and other receivables 2,282 2,072
Current tax receivable 82 646
Cash and cash equivalents 2,490 2,312
4,854 5,030
Total assets 11,590 11,429
Current liabilities
Trade and other payables (4,032) (2,902)
Contract liabilities (7,340) (7,006)
Provisions (485) (373)
Lease liabilities (369) (361)
(12,226) (10,642)
Non-current liabilities
Lease liabilities (952) (1,187)
Contingent consideration (114) (500)
Borrowings (1,650) (1,250)
(2,716) (2,937)
Total liabilities (14,942) (13,579)
Net liabilities (3,352) (2,150)
Equity
Share capital 76 76
Share premium account 3,018 3,018
Demerger reserve (3,085) (3,085)
Foreign currency translation reserve 104 (138)
Retained earnings (3,465) (2,021)
Equity attributable to shareholders of the parent (3,352) (2,150)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
Share premium account Foreign Currency Translation Reserve
Share capital Demerger Retained earnings
Reserve Total
2025 £'000 £'000 £'000 £,000 £'000 £'000
At 1 January 2025 76 3,018 (3,085) (138) (2,021) (2,150)
(Loss) for the year - - - - (1,444) (1,444)
Other comprehensive income, net of tax - - - 242 - 242
Total comprehensive income for the year - - - 242 (1,444) (1,202)
Issue of ordinary shares - - - - - -
Equity-based long-term incentive credit - - - - - -
Total transactions with owners of the Company - - - - - -
At 31 December 2025 76 3,018 (3,085) 104 (3,465) (3,352)
Share premium account Foreign Currency Translation Reserve
Share capital Demerger Retained earnings
Reserve Total
2024 £'000 £'000 £'000 £,000 £'000 £'000
At 1 January 2024 76 3,018 (3,085) (97) (2,929) (3,018)
Profit for the year - - - - 897 897
Other comprehensive income, net of tax - - - (41) - (41)
Total comprehensive income for the year - - - (41) 897 856
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) (138) (2,021) (2,150)
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2025
2025 2024
£'000 £'000
(Loss)/profit for the year (1,444) 897
Finance costs 326 184
Income tax charge/(credit) 398 (578)
R&D tax credit adjustment (377) -
Depreciation of right of use asset 372 348
Depreciation of property, plant and equipment 110 164
Amortisation of intangible assets 1,570 1,033
Long-term incentive cost - (316)
(Increase) in receivables (210) (205)
Increase/(decrease) in payables 1,130 (506)
Increase/(decrease) in provisions 112 (457)
(Decrease)/increase in contingent consideration (386) 500
Increase in contract liabilities 334 462
Cash generated from operations 1,935 1,526
Interest paid (22) (143)
Income taxes received 532 116
Net cash generated from operating activities 2,445 1,499
Purchases of property, plant and equipment (23) (35)
Purchases of intangible assets - (33)
Purchase of SmartPath business - (200)
Capitalised internal development costs (2,184) (1,493)
Net cash used in investing activities (2,207) (1,761)
Principal portion of lease payments (465) (422)
Interest on lease liabilities (115) (42)
Draw down of loan facility 400 1,250
Net cash (used in)/generated by financing activities (180) 786
Net increase in cash 58 524
Cash and cash equivalents at beginning of year 2,312 1,942
Effects of foreign exchange rates 120 (154)
Cash and cash equivalents at end of year 2,490 2,312
Net cash reconciliation
At 1 January 2025 Addition Cash flow Interest accretion Foreign exchange movement At 31 December 2025
£'000 £'000 £'000 £'000 £'000 £'000
Finance lease liability (1,548) (201) 580 (115) (37) (1,321)
Borrowings (1,250) - (400) - - (1,650)
Cash and cash equivalents 2,312 - 58 - 120 2,490
Net cash (including lease liabilities) (486) (201) 238 (115) 83 (481)
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 2025 and 2024
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 2024 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 31 December 2025 have been audited
and approved but have not yet been filed. The Group's audited financial
statements for the year ended 31 December 2025 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 23 March 2026.
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.
R&D tax credit adjustment. The Group recognises R&D tax credits in
accordance with IAS 20. Income is recognised when there is reasonable
assurance that the credit will be received and all conditions complied with.
Credits are presented within operating profit, with the related tax charge
recognised in the income tax expense. With this being a tax related item, it
is excluded from Adjusted Profit/(Loss) before Tax.
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 recurring revenue. For a given month, the MRR multiplied
by 12, plus the trailing 12-month sum of consumption-based add-ons that are
reasonably likely to recur annually, plus the annual value of any contracted
but not implemented customer contracts.
Gross 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. ARR per paid user at a point in time.
3. REVENUE AND OPERATING SEGMENTS
The Group's operating segments comprise its two businesses (SmartVault and
Workiro) and a corporate and central services segment. Our Chief Executive
Officer assesses Group performance and determines the allocation of resources
on that basis.
2025
SmartVault SmartVault Workiro Sub-total Corporate Total
US$'000 £'000 £'000 £'000 £'000 £'000
ARR 17,781 13,298 9,275 22,573 - 22,573
Recurring revenue 16,255 12,233 9,279 21,512 - 21,512
Non-recurring revenue 305 342 197 539 - 539
Revenue from contracts with customers 16,560 12,575 9,476 22,051 - 22,051
Cost of sales (3,074) (2,336) (407) (2,743) - (2,743)
Gross profit 13,486 10,239 9,069 19,308 - 19,308
Sales, general and admin costs (9,999) (7,587) (4,548) (12,135) - (12,135)
Development costs (3,808) (2,890) (2,474) (5,364) - (5,364)
Corporate and central - - - - (3,670) (3,670)
Adjusted profit / (loss) before tax (321) (238) 2,047 1,809 (3,670) (1,861)
Capitalisation of development costs 1,839 1,367 817 2,184 - 2,184
Adjusted EBITDA 1,518 1,129 2,864 3,993 (3,670) 323
2024
SmartVault SmartVault Workiro Sub-total Corporate Total
US$'000 £'000 £'000 £'000 £'000 £'000
ARR 15,264 12,078 9,513 21,591 - 21,591
Recurring revenue 14,487 11,338 9,515 20,853 - 20,853
Non-recurring revenue 460 362 230 592 - 592
Revenue from contracts with customers 14,947 11,700 9,745 21,445 - 21,445
Cost of sales (2,508) (1,964) (296) (2,260) - (2,260)
Gross profit 12,439 9,736 9,449 19,185 - 19,185
Sales, general and admin costs (9,223) (7,226) (4,175) (11,401) - (11,401)
Development costs (3,270) (2,560) (2,107) (4,667) - (4,667)
Corporate and central - - - - (3,114) (3,114)
Adjusted profit / (loss) before tax (54) (50) 3,167 3,117 (3,114) 3
Capitalisation of development costs 1,565 1,230 262 1,493 - 1,493
Adjusted EBITDA 1,511 1,180 3,429 4,610 (3,114) 1,496
Recurring revenue is defined as revenue from subscription plus
consumption-based add-ons that are reasonably likely to recur annually.
Non-recurring revenue is defined as all other revenue. No customer
represented more than 10% of revenue in either period.
4. (LOSS) / (EARNINGS) PER SHARE
The calculation of (loss)/earnings per share is based on the loss of £1,444k
(2024: earnings of £897k).
Weighted number of shares calculation 2025 2024
'000 '000
Weighted average number of ordinary shares 50,691 50,607
Effect of potentially dilutive share options in issue - 4,276
Weighted average number of ordinary shares (diluted) 50,691 54,883
Earnings per share 2025 2024
Pence Pence
Basic (2.85p) 1.77p
Diluted (2.85p) 1.63p
At 31 December 2025, there were 4,275,726 share options outstanding (2024:
4,275,726). 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 2025 2024 as originally reported Constant currency adjustment 2024 at constant exchange rates Change at reported exchange rates Change at constant exchange rates
Group recurring revenue £21,512k £20,853k (£503k) £20,350k 3% 6%
Group total revenue £22,051k £21,445k (£448k) £20,997k 3% 5%
Group Annualised Recurring Revenue £22,573k £21,591k (£661k) £20,930k 5% 8%
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