AGM Trading Update

RNS Number : 6876X

GetBusy PLC

06 May 2021

 

6 May 2021

GetBusy plc

AGM Trading Update

GetBusy plc (AIM: GETB) ("GetBusy" or "the Company" or "the Group"), a developer of document management and productivity software products, is pleased to provide an update on trading ahead of today's Annual General Meeting.

The new year has started well, with recurring revenue in the 4 months ended 30 April 2021 (the "Period") up 12% compared to the same period last year and total revenue up 10%, both on a constant currency basis. The Group's balance sheet remains strong, with net cash of £2.1m at 30 April 2021, and the £2m loan facility remains entirely undrawn.

SmartVault has led the recurring revenue growth, with a 44% increase in the value of new business over the Period.  Encouragingly, the average selling price of new business has been over 40% higher per customer than the same period in 2020, reflecting early success in the Board's strategy to broaden SmartVault's appeal to larger clients.

Virtual Cabinet celebrated a significant new customer win in the insolvency and restructuring space, underlining the increasing strength of its credentials in that very buoyant sector. 

Annualised recurring revenue for the GetBusy product has grown in excess of 50% over the Period from the relatively low base at 31 December 2020.  The GetBusy product has now launched within NetSuite's SuiteApps store.  Current efforts are directed towards building our relationships with NetSuite's own sales teams and its substantial partner network to build brand awareness and articulate the value the product provides. 

Enquiries

GetBusy plc

[e-mail]

Liberum Capital Limited (Nomad and Broker)

Cameron Duncan / Lauren Kettle    [phone]

About GetBusy

GetBusy's document management and task management software enables over 67,000 professional paying users around the world to digitise their operations and be productive while working in the office or remotely.

Further information on the Group is available at www.getbusy.com/investors 

 

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