REG - GetBusy PLC - Trading update

GetbusyAnnouncement

14/12/2022 07:01

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RNS Number : 5958J  GetBusy PLC  14 December 2022

14 December 2022

GetBusy plc

Trading Update

FY22 expected to be slightly ahead of market expectations, validating growth
strategy

 

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of
productivity software for professional and financial services, is pleased to
provide a trading update ahead of end of its financial year on 31 December.

 

Growth strategy increasingly validated

 

The Board anticipates financial results for the year ended 31 December 2022 to
be slightly ahead of market expectations, in line with the Group's strategic
focus on growth. As a result, the Board's ambition to at least double Annual
Recurring Revenue ("ARR") within five years, as announced in 2021, is firmly
on track.

 

Total revenue for 2022 is expected to grow by 24% to at least £19.1m (2021:
£15.5m), around 4% ahead of the previously upgraded market expectations,*
with recurring revenue expected to grow c.27%. Ongoing solid customer
acquisition, strong monetisation and encouraging trends on churn have all
contributed to this growth.

Adjusted Loss Before Tax is expected to have narrowed by 20-25% compared to
market expectations* as a result of the higher than expected revenue for the
year and prudent cost control.

 

Net cash at 30 November 2022 was £2.2m and the Group's £2m debt facility
remains entirely undrawn.

 

Investing to scale

 

The Board believes that recurring subscription revenue is highly reliable and
predictable, providing a stable foundation for growth investment. Moving into
2023, we intend to invest further to scale the business. In particular, we
intend to accelerate our investment in sales and marketing in the US, where
our SmartVault product occupies an enviable position in a highly attractive
market, primed to scale.  We will also focus on gaining traction in the
Enterprise Resource Planning ("ERP") market with Workiro, and we will seek to
capitalise on Virtual Cabinet's strong brand recognition and integration
partnership in the insolvency and financial services markets.

 

The Board is delighted with the performance of the Group for the financial
year and remains very encouraged about the prospects for long-term sustainable
growth and enhanced stakeholder returns.

 

Daniel Rabie, CEO of GetBusy, commented:

 

"Our growth strategy to invest and scale the business is working. More than
ever, GetBusy's products are delivering tangible value across a growing
addressable market. We are helping professionals to be as productive,
efficient, and secure as possible in the face of rising cost pressures and
operational complexities.  Our very high - and improving - customer retention
rates and Average Revenue Per User ("ARPU") demonstrate how embedded our
growing range of capabilities have become within our clients' technology
stacks; a trend we expect to continue as the tailwinds of digital
transformation, cyber security, privacy legislation and hybrid working
strengthen.

 

"Our core professional and financial services markets remain buoyant, and we
expect strong demand for our products, and the increasingly important security
and productivity benefits they provide, to be sustained."

 

Notice of results

The Group expects to announce its final results for the year ended 31 December
2022, and provide updated guidance and currency assumptions for 2023, on 1
March 2023.

 

*Current analyst consensus for 2022 is considered to comprise revenue of
£18.4m, Adjusted Loss Before Tax of £(1.3)m and Adjusted EBITDA of £0.2m.

GetBusy plc

investors@getbusy.com

    Panmure Gordon (Financial Adviser, Nominated Adviser and Broker)       +44 (0)20 7886 2500

    Alina Vaskina / James Sinclair-Ford (Corporate
 Advisory)

    Erik Anderson (Corporate Broking)

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

    Hilary Buchanan / Andy Bryant / Hannah Campbell

 

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 over 74,000 paying users across multiple market sectors and
jurisdictions, GetBusy is an established and fast-growing SaaS business
delivering sustained double-digit growth and high-quality recurring
subscription revenue over the long term.

 

Further information on the Group is available at www.getbusyplc.com

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