REG - GetBusy PLC - Trading Update, New Wins and Notice of Results

GetbusyAnnouncement

20/01/2022 07:05

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RNS Number : 0113Z  GetBusy PLC  20 January 2022

20 January 2022

GetBusy plc

 

2021 Unaudited Trading Update, Significant New Customer Wins and Notice of
Results

 

Accelerating ARR delivering growth slightly ahead of expectations

 

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of
productivity software for professional and financial services, is pleased to
announce an update on trading for the year ended 31 December 2021 and
significant new customer wins.

 

Trading update

 

The Group made good strategic progress in the year, building on its
established footprint of over 70,000 paying users across multiple market
sectors and jurisdictions, coupled with continued double-digit growth in
high-quality recurring subscription revenue.

 

Annualised recurring revenue ("ARR") growth was very strong in the final
quarter, up 16% year-on-year at constant currency to £15.8m with encouraging
contribution from both core and new products. Buoyant new business during Q4
together with strong customer retention and average revenue per user ("ARPU")
growth from our monetisation and pricing strategy were the key drivers. 2021
recurring revenue growth is expected to be 13% at constant currency, up from
12% in H1 and total revenue is expected to be slightly ahead of market
expectations(*).

 

Net cash at the year-end was materially ahead of market expectations(*) at
£2.7m, up 17% (£0.4m) on 31 December 2020, following very favourable
deferred revenue movements during Q4 driven by annual contract renewals.
Adjusted loss is expected to be in-line with market expectations(*) as the
Group continues to make investments in customer acquisition and its
capabilities to underpin long term growth.

 

GetBusy enters 2022 in excellent shape, well-positioned for an acceleration of
growth as we execute our strategy of offering broadening productivity
capabilities into expanding and attractive addressable markets.

 

Notice of results

 

The Group expects to announce its final results for the year ended 31 December
2021 on 1 March 2022.

 

Growth strategy update

 

During the year the Group continued to expand its product portfolio, both
through internal development and acquisition, to capture the substantial
market opportunity available. As the working world becomes more complex there
is a growing requirement for organisations to adopt digital mobility and
interoperability whilst operating within strict legislative and compliance
frameworks and at the same time balancing the need to protect against emerging
cyber threats. Growing businesses need GetBusy's specialist productivity
software solutions to enable them to work securely and efficiently with their
customers, suppliers and teams anytime, anywhere.

 

Our software suite now includes a range of tools and end-to-end workflows such
as digital asset and document management, tailored templates, quotes/proposal
development, form-fill, authentication, e-signatures and approvals, workflow
and task management, chat, and complex digital certification.

 

These 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, such as ERP, accounting, tax,
policy management and insolvency practice management systems.

 

As a result, we enter 2022 with product capabilities which substantially
improve our position to deliver on our overarching strategic objective: to
create value by generating long-term growth in high-quality, predictable
recurring revenue through our growing range of productivity software
applications.

 

Certified Vault Customer Wins

 

The Group is pleased to announce that it has entered into the first customer
agreements for its Certified Vault product, with aggregate ARR now in excess
of $0.2m, demonstrating the potential for the Group within the broader US
financial services market.

 

Developed since 2020 and launched during 2021, Certified Vault provides secure
vaulting and custody of authoritative copies of digital assets in the $1
trillion US asset finance industry. Certified Vault enables customers in a
variety of industries such as security, vehicle financing, real estate finance
and equipment leasing to process electronically signed contracts, generate
immutable authoritative copies, and securely store them to be fully
enforceable and compliant with the prevailing legislation, section 9-105 of
the Uniform Commercial Code.

 

Driven by a combination of legislation, a mandate for cost efficiency and to
reduce the duration of the closing process for secured finance transactions,
the asset finance industry is moving from paper-based chattel documents to
digital. The COVID-19 pandemic has accelerated that shift. Built on the
foundation of our existing SmartVault cloud technology and with strong margins
from our SaaS delivery model, Certified Vault offers a secure, smooth digital
process for the perfection of security interests in a wide range of leased or
financed assets.

 

Daniel Rabie, CEO, commented:

 

"I am delighted with the significant progress we have made during 2021 and the
substantial momentum with which we're entering 2022, with ARR growth
accelerating in the final quarter.

 

"The sustained investment to broaden our capabilities has led to our evolution
from a document management software business focussed on accountants to a
productivity software business with expanded opportunities across the larger
professional and financial services markets.

 

"In addition to a fantastic performance in 2021, we are excited to have won a
series of significant customers for Certified Vault, a product that we expect
to make a meaningful ARR contribution throughout 2022. To be working with such
established players in the sector is a real validation of our capabilities and
the investments we're making across the Group in future growth.

 

"We look forward to 2022 and beyond with increasing confidence."

 

(*)The current market forecast for the year ended 31 December 2021 is revenue
of £15.1m, adjusted loss before tax of £(1.2)m and net cash of £1.3m.

 

The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. The person responsible for making this announcement on
behalf of the Group is Paul Haworth.

 

GetBusy plc

investors@getbusy.com

 

Liberum Capital Limited (Nomad and Broker)

Cameron Duncan / Lauren Kettle
                         +44 (0)20 3100 2000

 

   Alma PR (Financial PR)   +44 (0) 20 3405 0205

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 70,000 paying users 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.getbusy.com/investors

 

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