REG - GetBusy PLC - 2025 Half-year Results
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250909:nRSI4907Ya&default-theme=true
RNS Number : 4907Y GetBusy PLC 09 September 2025
9 September 2025
GetBusy plc
2025 Half-year Results
Poised for material acceleration in SmartVault
GetBusy plc ("GetBusy", the "Company" or the "Group") (AIM: GETB), a leading
provider of productivity software for professional and financial services,
announces its unaudited results for the six months ended 30 June 2025 (the
"Period", "H1" or "H1 2025").
Daniel Rabie, CEO of GetBusy, comments:
"We continue to make excellent progress towards our value creation and
realisation objectives in the medium- and long-term.
"SmartVault is set for a step-up in growth in H2 as it capitalises on its
enviable reputation as the leading document automation platform for
accountants. The launch of the Intuit ProConnect integration, together with
Thomson Reuters' discontinuation of FileCabinet CS, has created a strong
market tailwind for SmartVault. Alongside the monetisation opportunity from
the launch of SmartRequestAI(TM) - a gamechanger for the 23,000 US tax
preparers we serve - SmartVault is very well-placed for a material ARR
acceleration over the rest of the year.
"Workiro's progress through its product roadmap positions it well to serve the
large enterprises within its growing sales pipeline in the ERP market. Our
new capability to largely automate the migration of customers from Virtual
Cabinet to Workiro should provide a stable customer base enabling us to
rearchitect the business towards growth and capitalise on that pipeline.
"The path to creating material cash returns for shareholders over the next few
years is clearer and, we believe, more achievable than ever. The teams are
focused, and the board has a high degree of confidence in the successful
execution of its strategy."
SmartVault highlights
· New accounting business up 27% driven by both volume (up 11%) and
price (up 15%)
· Strong tailwinds from sunset of FileCabinet CS by Thomson Reuters
and imminent ProConnect integration launch
· ARR up 9% to $15.6m (up 12% in accounting) and expected to
materially accelerate in H2
· Improving churn, down to 1% per month and much lower in core
accounting market
· Launched SmartRequestAI(TM), expanding tax prep workflow
capabilities and providing a substantial monetisation opportunity from more
than 23,000 tax users
· Expected to become increasingly cash generative through 2026
Workiro highlights
· Workiro product ARR up 40% year-on-year
· Continued strengthening new business pipeline in ERP market
· Divisional ARR (including Virtual Cabinet) flat at £9.6m and
expected to return to growth in 2026
· First successful migrations of Virtual Cabinet customers to
Workiro using new automated tooling
Group highlights
· ARR growth of 5% at constant currency (1% reported) to £21.1m
(H1 2024: £21.0m).
· Recurring revenue growth of 5% at constant currency (3% reported)
to £10.7m (H1 2024: £10.4m)
· Gross margin remains strong at 87.5% (H1 2024: 89.3%) with
greater volume of cloud revenue
· Net revenue retention of 99.5% (H1 2024: 99.7%)
· Increase in Adjusted EBITDA of 5% to £0.4m (H1 2024 £0.4m)
· Net bank debt of £(40k) (H1 2024: net cash of £0.2m) and total
available funds of £3.0m (H1 2024: £2.2m)
Outlook
· Launch of ProConnect integration, sunset of FileCabinet CS by
Thomson Reuters, and launch of SmartRequestAI(TM) expected to drive marked
acceleration of SmartVault ARR in H2, to between 14% and 18% annual growth
· Workiro new business and migrations expected to offset Virtual
Cabinet churn by end of 2025 with return to growth in 2026
· Group constant currency ARR growth expected to increase to
between 7% and 10% in 2025
· Sustained investment in Workiro product development and growth
traction
H1 2025 H1 2024 Change
£'000 £'000 Reported currency Constant currency(***)
Group ARR 21,100 20,982
1% 5%
Group recurring revenue 10,675 10,354
3% 5%
Group total revenue 10,994 10,739
2% 4%
Group adjusted EBITDA* 423 402 5%
Group adjusted loss before tax** (666) (335) (99)%
Group loss before tax (583) (9) -
Available cash funds 2,960 2,178 36%
Net bank (debt) / cash (40) 178 -
*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 / Trisyia Jamaludin (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. 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 cloud ERP systems. Our AI-enabled products are used by over 65,000 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 delivering strong medium-term cash returns while
building long-term value in large, attractive markets. Our US business,
SmartVault, is scaling fast and on track to deliver significant cash returns.
At the same time, we're leveraging our heritage in professional services to
establish Workiro in the high-potential ERP space.
The combined Virtual Cabinet and Workiro business remains profitable and
cash-generative, and SmartVault is approaching a scale where EBITDA margins
and cashflows are expected to grow rapidly over the next 12 months. We're
investing from a position of strength, using current funds and future cash
generation to drive both near- and long-term growth.
The Group is targeting high-value, professional customers in markets where our
products are embedded into daily workflows. With powerful integrations and
AI-enabled productivity tools, we're well positioned to win in both the
accounting and enterprise content management markets - supported by long-term
drivers like tighter regulation, cyber risk, and the demand for flexible,
efficient work.
H1 overview
Strong strategic progress was made across the Group in H1 to support both our
medium- and longer-term strategy. Major AI-powered product value
improvements in SmartVault, combined with very encouraging traction in new tax
prep channels, places the business very well for a significant and sustained
uplift in ARR growth during H2. Within Workiro, we completed a purposeful
reorganisation of the business to support growth within the ERP market and
built a markedly improved path for Virtual Cabinet customers to migrate to
Workiro, which will improve net revenue retention.
ARR increased 5% year-on-year at constant currency to £21.1m at 30 June 2025
(30 June 2024: £21.0m), with recurring revenue up 5% at constant currency to
£10.7m. Total revenue was up 4% at constant currency, to £11.0m. Net debt at
30 June 2025 was £0.04m (H1 2024: net cash £0.2m) with available cash funds
of £2.96m (H1 2024: £2.2m). The board considers the Group to be sufficiently
funded to execute its strategy.
SmartVault
SmartVault's market positioning strengthened significantly during H1,
delivering substantially enhanced product value to customers and solidifying
its position as the leading secure cloud document workflow provider to both
Intuit and Thomson Reuters customers.
Established as the pre-eminent cloud document management and client portal
software serving US accountants, recent investment in the development of
cutting-edge AI-driven capabilities now enables SmartVault to support the
entire tax prep workflow for accountants, from client onboarding and intake,
through automated workpaper preparation to secure archive.
The recently launched SmartRequestAI(TM) uses proprietary AI technology to
automate and streamline one of the most time-consuming parts of tax prep:
gathering the right client documents and ensuring client intake data is
complete and accurate. This capability typically saves accounting
professionals well over an hour per tax return, significantly reducing bottle
necks and improving client experience, delivering substantially more value
from within the platform. SmartVault's product roadmap adds more workflow
breadth and monetisable opportunity over the next couple of years.
Through deep integrations and a long-established 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.
Our reusable integration blueprint has opened SmartVault's capabilities to
users of Thomson Reuters Ultratax, CCH and Drake, providing coverage to almost
all tax professionals in the US.
Whilst Intuit remains our most important integration channel, we have seen
particularly strong growth from customers of Thomson Reuters UltraTax during
H1, which is up over 200% and comprised 19% of new tax prep business (H1 2024:
8% of new business). This reflects strong execution on an opportunity
created by Thomson Reuters' decision to "sunset" its ageing proprietary
desktop document management application in 2027. SmartVault offers
outstanding workflow advantages and value for UltraTax customers, who have
highly attractive unit economics, with average deal sizes typically more than
double the average across the core tax prep market.
SmartVault took a highly disciplined approach to customer acquisition in H1,
focusing on the core tax prep market, which comprised 93% of new business (H1
2024: 83%). Customer lifetime value in the tax prep market is materially
higher than in our non-core markets due to markedly lower churn rates and
better monetisation opportunity, so the return on customer acquisition
investment is far higher. New business in the core accounting market was
up 27%, driven by both volume (up 11%) and price (up 15%), as a greater
proportion of new business was on our higher value Unlimited plan.
ARR in the core tax prep market, which comprises 85% of the total, grew 12%.
Total ARR grew 9% at constant currency to $15.6m / £11.5m (H1 2024: $14.3m /
£11.3m), reflecting stronger core growth offset by higher churn and lower
customer acquisition in non-core markets.
Churn continued to improve, averaging 1.0% per month (H1 2024: 1.1%), due to
the ongoing focus on the core tax prep market, in which churn rates are much
lower and getting lower still.
We expect strong customer acquisition to continue in H2, enhanced by Intuit's
launch of the Proconnect integration, which is a little later than anticipated
but still expected in early Q4, after US tax extension season. Together with
structurally lower churn and higher ARPU primarily from the release of
SmartRequestAI(TM), we anticipate SmartVault ARR growth to accelerate markedly
during H2 and into 2026, with disciplined cost control leading to increasing
operating leverage and strong cash generation.
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.
Our aim in the near term is to build a predictable and scalable run rate for
new business in the ERP market and to migrate existing Virtual Cabinet
customers to the cloud Workiro platform. We are encouraged by the
characteristics of the deals won to date - very attractive selling price,
strong problem-solution fit, successful implementations - and of the growing
pipeline of deals. However the sales cycles for ERP customers tend to be
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.
The basis for our continued investment and belief in the potential of this
market 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 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 ERP 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 ERP 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 business than the existing Group. As we
continue to see encouraging leading indicators, this opportunity warrants the
continued investment in product capabilities and growth.
ARR of £9.6m, was flat at constant currency on 30 June 2024. New business
was largely offset by continued higher churn in the Virtual Cabinet business,
particularly in ANZ; we expect this trend to gradually reverse following our
investment during H1 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.
Financial review
Group H1 2025 H1 2024 Change
Reported currency Constant currency
ARR at 30 June £21.1m £21.0m 1% 5%
Recurring revenue £10,675k £10,354k 3% 5%
Total revenue £10,994k £10,739k 2% 4%
Adjusted EBITDA £423k £403k 5%
Adjusted loss before tax £(666)k £(335)k 99%
Paying users at 30 June 64,574 66,424 (3)%
ARPU at 30 June £327 £316 3% 8%
Net revenue retention 99.5% 99.7% (0.2)%
Recurring revenue was up 5% at constant currency (3% at reported currency) to
£10.7m (H1 2024: £10.4m), with 10% constant currency growth in the US,
through SmartVault, tempered by a 1% constant currency reduction in the UK and
ANZ (which comprises Virtual Cabinet and Workiro).
ARR, which is our recurring revenue run rate, grew by 5% at constant currency
(1% at reported currency) to £21.1m (30 June 2024: £21.0m), and is up 2% at
constant currency since the start of the year. ARR growth in H1 was largely
from higher ARPU, principally from new business pricing significantly
exceeding ARPU for churned customers, a reflection of better focus on our core
markets. ARPU was up 8% to £327, offset by a reduction in paying users of
3%, mostly from lower ARPU customers.
Net revenue retention of 99.5% per month was a small reduction on H1 2024
(99.7%), mostly as a result of higher churn in the ANZ region, offset by an
improvement in churn in the US within SmartVault.
Non-recurring revenue of £0.3m was down slightly on H1 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 4% at constant currency at £11.0m (H1 2024:
£10.7m).
Gross margin of 87.5% (H1 2024: 89.3%) reflects the greater proportion of
revenue from our cloud products, SmartVault and Workiro, together with higher
partner revenue share.
SG&A costs of £7.6m were tightly controlled (H1 2024: £7.6m) to enable
greater investment in product development (up to £2.7m from £2.3m in H1
2024), with development spend focused on SmartRequestAI(TM), the automation
tooling for Workiro migrations and enterprise readiness in Workiro.
Adjusted EBITDA was £0.4m (H1 2024: £0.4m), whilst adjusted loss, which is
stated before development capitalisation, was £(0.7)m (H1 2024: £(0.3)m).
Cashflow and working capital
H1 is typically a cash absorptive period for the Group as a result of the
seasonality of cash receipts for annual customer renewals, which are heavily
weighted towards Q4.
H1 2025 net cash from operations was £84k, which compares to an outflow in H1
2024 of £494k. This was largely due to overseas tax refunds in early H1
2025, compared to net tax payments in H1 2024, and higher accruals for
performance incentives offset by higher deferred revenue movements.
Cash used in investing activities was higher at £1.1m (H1 2024: £1.0m), with
higher capitalised development offset to an extent by the absence of
technology acquisitions in H1 2025.
Overall net cash / (debt) was down £1.1m in H1, which compares to a £1.5m
decrease in H1 2024.
Net bank debt at 30 June 2025 was £40k (H1 2024: net cash £0.2m), comprising
£1.2m of cash and £1.3m of drawn loan facilities.
The £3m revolving credit facility is committed until December 2028; £1.2m
remained drawn over H1.
Consolidated income statement
For the six months ended 30 June 2025
H1 2025 H1 2024 FY 2024
Note £'000 £'000 £'000
Unaudited Unaudited Audited
Revenue 3 10,994 10,739 21,445
Cost of sales (1,370) (1,144) (2,260)
Gross profit 9,624 9,595 19,185
Operating costs (10,051) (9,535) (18,407)
Net finance costs (156) (69) (184)
(Loss)/profit before tax 3 (583) (9) 594
(Loss)/profit before tax (583) (9) 594
Depreciation and amortisation on owned assets 906 624 1,197
Long-term incentive costs - (315) (316)
Social security on long-term incentives - 55 (122)
Finance costs not related to leases 100 47 143
Adjusted EBITDA 423 402 1,496
Capitalised development costs (1,089) (737) (1,493)
Adjusted profit / (loss) before tax (666) (335) 3
Tax (34) 124 303
(Loss)/profit for the period attributable to owners of the Company (617) 115 897
(Loss)/profit per share (pence)
Basic 4 (1.22) 0.23 1.77
Diluted 4 (1.22) 0.21 1.63
Consolidated statement of comprehensive income
For the six months ended 30 June 2025
H1 2025 H1 2024 FY 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
(Loss)/profit for the period (617) 115 897
Other comprehensive items that may be subsequently reclassified to profit or
loss
Currency movement on net investment 84 10 119
Exchange differences on translation of foreign operations net of tax 167 (84) (160)
Other comprehensive (expense)/income net of tax 251 (74) (41)
Total comprehensive (loss)/income for the period (366) 41 856
Consolidated balance sheet
At 30 June 2025
30 June 30 June 31 December 2024
2025 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Non-current assets
Intangible assets 4,469 3,959 4,223
Goodwill 583 625 637
Right of use assets - leases 1,336 742 1,369
Property, plant and equipment 119 236 170
6,507 5,562 6,399
Current assets
Trade and other receivables 2,195 1,975 2,072
Current tax receivable 423 888 646
Cash and bank balances 1,210 928 2,312
3,828 3,791 5,030
Total assets 10,335 9,353 11,429
Current liabilities
Trade and other payables (2,955) (3,087) (2,902)
Deferred revenue (6,258) (6,345) (7,006)
Provisions (373) (559) (373)
Lease liabilities (362) (341) (361)
Current tax payable (62) (131) -
(10,010) (10,463) (10,642)
Non-current liabilities
Borrowings (1,250) (750) (1,250)
Lease liabilities (1,133) (618) (1,187)
Contingent consideration (458) (489) (500)
(2,841) (1,857) (2,937)
Total liabilities (12,851) (12,320) (13,579)
Net liabilities (2,516) (2,967) (2,150)
Equity
Share capital 76 76 76
Share premium account 3,018 3,018 3,018
Demerger reserve (3,085) (3,085) (3,085)
Retained earnings (2,525) (2,977) (2,159)
Equity attributable to shareholders of the parent (2,516) (2,967) (2,150)
Consolidated statement of changes in equity
For the six months ended 30 June 2025
Share premium account
Share capital Demerger Retained earnings
reserve Total
H1 2025 Unaudited £'000 £'000 £'000 £'000 £'000
At 1 January 2025 76 3,018 (3,085) (2,159) (2,150)
Loss for the period - - - (617) (617)
Currency movement on net investment - - - 84 84
Exchange differences on translation of foreign operations, net of tax - - - 167 167
Total comprehensive income for the period - - - (366) (366)
Long-term incentive costs - - - - -
Total transactions with owners of the Company - - - - -
At 30 June 2025 76 3,018 (3,085) (2,525) (2,516)
Share premium account
Share capital Demerger Retained earnings
Reserve Total
H1 2024 Unaudited £'000 £'000 £'000 £'000 £'000
At 1 January 2024 76 3,018 (3,085) (3,027) (3,018)
Profit for the period - - - 115 115
Currency movement on net investment - - - 10 10
Exchange differences on translation of foreign operations, net of tax - - - (86) (86)
Total comprehensive income for the period - - - 39 39
Long-term incentive costs - - - 12 12
Total transactions with owners of the Company - - - 12 12
At 30 June 2024 76 3,018 (3,085) (2,976) (2,967)
Share premium account
Share capital Demerger Retained earnings
Reserve Total
2024 Audited £'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)
Consolidated cash flow statement
For the six months ended 30 June 2025
H1 2025 H1 2024 FY 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
(Loss)/profit for the period (617) 115 897
Finance costs 100 50 184
Income tax expense/(credit) 34 (124) (578)
Depreciation of property, plant and equipment 64 85 164
Depreciation on right of use asset - leases 244 197 348
Amortisation of intangible assets 842 539 1,033
Long-term incentive credits - (260) (316)
Increase in receivables (158) (113) (205)
Increase/(decrease) in payables 83 (208) (506)
(Decrease)/increase in provisions - (271) 43
(Decrease)/increase in deferred revenue (748) (247) 462
Cash (used in)/generated by operations (156) (237) 1,526
Net income taxes received / (paid) 244 (207) 116
Interest paid (4) (50) (143)
Net cash from / (used in) operating activities 84 (494) 1,499
Purchases of property, plant and equipment (13) (23) (35)
Purchases of other intangible assets (1) (25) (33)
Acquisition - (204) (200)
Capitalised internal development costs (1,089) (737) (1,493)
Net cash used in investing activities (1,103) (989) (1,761)
Principal portion of lease payments (194) (208) (422)
Interest on lease liabilities (56) (23) (42)
Draw down of loan facility - 750 1,250
Net cash (used in)/from financing activities (250) 519 786
Net (decrease)/increase in cash (1,269) (964) 524
Cash and bank balances at beginning of period 2,312 1,942 1,942
Effects of foreign exchange rates 167 (50) (154)
Cash and bank balances at end of period 1,210 928 2,312
Net debt reconciliation
At 1 January 2025 Adjustment Cash flow Interest accretion Foreign exchange movement At 30 June 2025
£'000 £'000 £'000 £'000 £'000 £'000
Borrowings (1,250) - - - - (1,250)
Cash and cash equivalents 2,312 - (1,269) - 167 1,210
Net bank debt 1,062 - (1,269) - 167 (40)
Finance lease liability (1,548) (201) 250 (56) 60 (1,495)
Net debt (including lease liabilities) (486) (201) (1,019) (56) 226 (1,535)
Notes to the financial information
1. General information
These interim financial statements are for the six months ended 30 June
2025. They do not require all the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 December 2024.
These financial statements are presented in pounds sterling because that is
the currency of the country in which the Group has its stock market listing
and where most of its investors reside.
2. Basis of preparation and accounting policies
The financial information set out above does not constitute statutory accounts
within the meaning of section s434(3) of the Companies Act 2006 or contain
sufficient information to comply with the disclosure requirements of
UK-adopted International Accounting Standards ("IFRS").
The financial statements of GetBusy plc for the year ended 31 December 2024
were authorised for issue by the Board of Directors on 24 March 2025. The
auditors have reported on these accounts and their reports were unqualified,
did not draw attention to any matters by way of emphasis and did not contain
any statements under s498 (2) or (3) of the Companies Act 2006.
These interim financial statements are prepared on the same basis as the
financial statements for the year ended 31 December 2024, in which our full
set of accounting policies, including critical judgements and key sources of
estimation uncertainty, can be found.
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 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 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, 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 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 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 / (income) not related to leases. These are finance costs and
income such as interest on bank balances. 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
trailing 12-month sum of add-ons that are reasonably likely to recur annually,
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.
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. 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. Additional revenue analysis is presented by
territory.
H1 2025 Unaudited UK USA AUS/NZ Total
£'000 £'000 £'000 £'000
Recurring revenue 4,130 5,834 711 10,675
Non-recurring revenue 95 208 16 319
Revenue from contracts with customers 4,225 6,042 727 10,994
Cost of sales (1,370)
Gross profit 9,624
Sales, general and admin costs (7,557)
Development costs (2,733)
Adjusted loss before tax (666)
Capitalisation of development costs 1,089
Adjusted EBITDA 423
Depreciation and amortisation on owned assets (906)
Long-term incentive costs -
Social security on long-term incentives -
Other finance costs (100)
Loss before tax (583)
H1 2024 Unaudited UK USA AUS/NZ Total
£'000 £'000 £'000 £'000
Recurring revenue 4,020 5,433 901 10,354
Non-recurring revenue 110 263 12 385
Revenue from contracts with customers 4,130 5,696 913 10,739
Cost of sales (1,144)
Gross profit 9,595
Sales, general and admin costs (7,609)
Development costs (2,320)
Adjusted loss before tax (334)
Capitalisation of development costs 737
Adjusted EBITDA 403
Depreciation and amortisation on owned assets (624)
Long-term incentive costs 315
Social security on long-term incentive costs (55)
Other finance income / (costs) (47)
Loss before tax (8)
2024 Audited UK £'000 USA AUS/NZ Total
£'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 costs on long-term incentives 122
Other finance costs (143)
Profit before tax 594
4. (Loss) / earnings per share
The calculation of (loss) / earnings per share is based on the loss for the
period of £(617)k (H1 2024: profit of £115k, 2024: profit of £897k).
Weighted number of shares calculation H1 2025 H1 2024 FY 2024
'000 '000 '000
Unaudited Unaudited Audited
Weighted average number of ordinary shares 50,691 50,571 50,607
Effect of potentially dilutive share options in issue - 3,200 4,276
Weighted average number of ordinary shares (diluted) 50,691 53,771 54,883
Earnings per share H1 2025 H1 2024 FY 2024
pence pence pence
Unaudited Unaudited Audited
Basic (1.22) 0.23 1.77
Diluted (1.22) 0.21 1.63
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 period as the Group was loss making.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SSUFAAEISESURecent news on Getbusy
See all newsREG - GetBusy PLC - 2025 Half-year Results
AnnouncementREG - GetBusy PLC - Changes to Concert Party & Notice of Results
AnnouncementREG - GetBusy PLC - Result of AGM
AnnouncementREG - GetBusy PLC - AGM Trading Update
AnnouncementREG - GetBusy PLC - Director/PDMR Shareholding
Announcement