REG - GetBusy PLC - Trading Update

GetbusyAnnouncement

23/01/2025 07:00

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RNS Number : 3509U  GetBusy PLC  23 January 2025

23 January 2025

GetBusy plc

2024 Trading Update - Unaudited Results

Strategically positioned to create and realise value

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of
productivity software for professional and financial services, provides an
update on trading for the year ended 31 December 2024 (the "Year").

The business made strong progress in 2024, a year which is expected to yield
in excess of a 40% increase in Adjusted EBITDA and the first year that the
Group has broadly broken even at the Adjusted Profit level. Annualised
Recurring Revenue (ARR) grew by 6% at constant currency to £21.6m with
reported recurring revenue up 4% at constant currency to £20.8m. Total
revenue was up 3% for the Year, at constant currency, to £21.4m. Net cash at
31 December 2024 was £1.1m with available cash funds of £3.1m. The board
considers the Group to be sufficiently funded to execute its strategy.

Within SmartVault, we continued to generate double digit ARR growth.
Importantly, this month we deepened our longstanding strategic partnership
with Intuit, one of the dominant players in the US accounting market, powering
the only document management solution natively integrated with ProConnect,
Intuit's next generation cloud tax prep application. The board is confident
this partnership will further accelerate SmartVault's growth over the coming
years.  We also extended our product capabilities with the acquisition of
SmartPath, providing a platform on which we can build a more extensive
offering to help accountants transition to become advisory-led firms, and we
expect to deliver further significant product value across the whole
SmartVault platform over the next 12 months.

Within Workiro, we saw encouraging new customer wins from our partnerships in
the ERP market. New business grew over 500% over 2023, exceeding our average
selling price expectations and providing additional confidence the enterprise
market targeted by Workiro is characterised by large deal sizes and low churn,
driving strong customer lifetime value.  We also strengthened our base of
platinum partners, including the addition of RSM, Europe's largest provider of
NetSuite implementation services, products and solutions and part of a leading
global network, giving the board confidence that the ERP ecosystems understand
the significant customer problems our solution is solving.

The path to creating material cash returns for shareholders over the next few
years is clearer and, we believe, more achievable than ever, strengthened by
recent industry-related transactions in the market.  The board has a high
degree of confidence in the successful execution of its strategy.

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 2024,
expected to be published on or around Tuesday 25 March 2025.

GetBusy plc

investors@getbusy.com

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

    Matt Goode / 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 nearly 70,000 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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