REG - GetBusy PLC - Trading Update

GetbusyAnnouncement

18/01/2024 07:00

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RNS Number : 0605A  GetBusy PLC  18 January 2024

18 January 2024

GetBusy plc

2023 Trading Update - Unaudited Results

Continued double-digit growth and value creation

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of
productivity software for professional and financial services, is pleased to
provide an update on trading for the year ended 31 December 2023.

The Group continued its positive momentum in line with its strategic goals
during 2023, delivering total revenue in line with market expectations of
£21.1m, whilst making significant headway in maximising future value creation
potential.  Annualised Recurring Revenue (ARR) grew by 10% at constant
currency to £20.5m, recurring revenue was up 12% at constant currency to
£20.3m and total revenue was up 10% at constant currency.  Adjusted Loss
before Tax is expected to be slightly better than market expectations.

Net cash at 31 December 2023 was £1.9m, with an additional £2.0m of growth
capital available through the Group's revolving credit facility, giving the
Group the capital it needs to execute its strategy.

SmartVault, the online document management and secure file sharing software
product, made substantial progress in improving its scalability, supporting
the goal of creating a strategically valuable business over the medium term:

·      Partners made a material contribution to new business, providing
confidence that the channel strategy will, over time, contribute meaningfully
to SmartVault's growth;

·      There was a higher volume of larger deals, demonstrating the
increasing appeal to larger accounting firms and enhancing the lifetime value
of the customer base, as larger customers tend to have markedly lower churn
rates;

·      Uptake of the integration into Thomson Reuters' ULTRATAX product,
which launched in July and approximately doubles the medium-term market
opportunity, has been encouraging in terms of volumes and price; and

·      The new Accounting Unlimited plan, which packages an unrivalled
feature set including e-signature and the form-fill and quoting technology
acquired in 2021, launched in November and has driven expansion revenue record
levels.

Workiro, the Group's enterprise content management product, saw pleasing
progress in the ERP market and, together with Virtual Cabinet, in the
professional services market:

·      Following the receipt of International Partner of the Year just
before the start of 2023, there has been a marked increase in partner
engagement, including five sign-ups to our invitation-only Platinum programme,
which incorporates minimum annual revenue commitments, in Q4;

·      Customers and the sales pipeline reflect a diverse range of
industries with similar challenges around efficient and secure content
handling within their core business functions, validating the hypothesis that
Workiro provides a significantly greater market opportunity for the Group over
the long-term;

·      Average selling price is markedly greater than that for
SmartVault with greater opportunity to expand within customers after the
initial win.  Together with the scalability of the partner model and the
typical customer acquisition costs seen, this validates continued investment
in pursuing this market; and,

·      The first customers have migrated from Virtual Cabinet to
Workiro, with a pipeline of others to come, enabling them to access its full
cloud capabilities and latest technologies and to stop using expensive
on-premise infrastructure, providing an opportunity for price expansion for
the Group.

We look forward to seeing these efforts contribute to an increase in revenue
momentum across the Group over 2024 and beyond.

Notice of results

All quoted financial metrics are unaudited. Final audited numbers will be
confirmed in the Group's annual report for the year ended 31 December 2023,
expected to be published on or around Tuesday 26 March 2024.

*Current analyst consensus for 2023 is considered to comprise revenue of
£21.1m, Adjusted EBITDA of £0.7m. and Adjusted Loss Before Tax of £(0.8)m

GetBusy plc

investors@getbusy.com

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)         +44 (0)20 7220 0500

 Matt Goode / Charlie Beeson / Trisyia Jamaludin (Corporate Finance)

 Harriet Ward (ECM)

 

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 73,000 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

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