REG - GetBusy PLC - AGM Statement

GetbusyAnnouncement

28/04/2023 07:00

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RNS Number : 7709X  GetBusy PLC  28 April 2023

28 April 2023

GetBusy plc

 

AGM Trading Update

 

GetBusy plc (AIM: GETB) ("GetBusy" or "the Company"), a leading provider of
productivity software for professional and financial services, provides an
update on trading ahead of today's Annual General Meeting.

 

Annualised recurring revenue ("ARR") at 31 March 2023 was £20.5m, a 17%
constant currency increase on March 2022 and an increase of 6% at constant
currency since the start of the new financial year on 1 January 2023. The
strong growth in ARR has been driven by encouraging customer acquisition,
including from the Netsuite channel in the UK; fast-expanding revenue in the
US; solid growth in ARPU; together with reduction in churn which continues to
trend favourably, enhancing the lifetime value of cashflows from the customer
base.

 

The previously announced investments in sales and marketing, in both the US
and UK, have begun and will underpin our continuing emphasis on customer
acquisition in our core professional and financial services markets, which
remain robust.

 

The merger of the Virtual Cabinet and Workiro businesses has progressed well.
Initial focus on lead generation and building a healthy sales pipeline in the
NetSuite channel, both direct and through our growing network of engaged
partners, has started to yield encouraging results and we expect it to make a
meaningful contribution during 2023.

 

In the US, we have had excellent, constructive engagement with our major new
partner, Right Networks, and look forward to that channel contributing
significantly over the course of 2023. In addition, exciting new product
capabilities in SmartVault, expected to be released during Q2, will enable us
to replicate the success we have had among Intuit's client base with customers
of other leading tax applications, providing another channel that has the
potential to support enhanced growth.

 

Cash at 31 March 2023 was £2.7m and is underpinned by the undrawn £2.0m
facility, providing us with the confidence and the means to pursue our growth
strategy at pace. The Board is pleased to reconfirm expectations* for the year
with a high level of confidence.

 

Daniel Rabie, CEO, commented:

 

"2023 has started with a notable step-up in momentum as we scale the sales and
marketing teams and increase focus on customer acquisition to support
long-term growth.

 

"The opportunity ahead of us is significant. Our products solve real-world
problems, creating value in large, under-penetrated and well-understood
markets, buoyed by resilient structural drivers, with customers that have
significant proven lifetime value.

 

"Our strategy of investing for growth is clear and we look to the future with
increasing confidence."

 

* Expectations for the year-ending 31 December 2023 are considered to comprise
Revenue of £21.1m and Adjusted EBITDA of £0.7m.

 

 

Enquiries

 

 GetBusy plc

 investors@getbusy.com

 finnCap (Nominated Adviser and Broker)                                 +44 (0)20 7220 0500

 Matt Goode / Charlie Beeson / Milesh Hindocha (Corporate Finance)

 Alice Lane / Harriet Ward (ECM)

 Alma PR (Financial PR)                                              +44 (0)20 7886 2500

 Hilary Buchanan / Andy Bryant / Hannah Campbell

 

 

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 over 75,000 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
(http://www.getbusyplc.com)

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