Trading Update

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

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Cavendish Capital Markets Limited (Nominated Adviser and Broker) Matt Goode / Charlie Beeson / Trisyia Jamaludin (Corporate Finance) Harriet Ward (ECM)	[phone]

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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