TIDMGETB
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 GBP21.1m, whilst making significant headway
in maximising future value creation potential. Annualised Recurring
Revenue (ARR) grew by 10% at constant currency to GBP20.5m,
recurring revenue was up 12% at constant currency to GBP20.3m 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 GBP1.9m, with an additional
GBP2.0m 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 GBP21.1m, Adjusted EBITDA of GBP0.7m. and Adjusted Loss
Before Tax of GBP(0.8)m
GetBusy plc
investors@getbusy.com
Cavendish Capital Markets Limited (Nominated
Adviser and Broker)
Matt Goode / Charlie Beeson / Trisyia Jamaludin
(Corporate Finance) +44 (0)20 7220
Harriet Ward (ECM) 0500
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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