COVID-19 Update

RNS Number : 4041K

GetBusy PLC

22 April 2020

 

22 April 2020

GetBusy plc

("GetBusy" or "the Company" or "the Group)

COVID-19 Update

GetBusy plc (AIM: GETB), a leading developer of document management and productivity software products, provides the following update in light of the current COVID-19 pandemic.

COVID-19 Update

Firstly, we are very pleased that none of our team has been diagnosed with COVID-19; the health and wellbeing of our people is paramount.  We transitioned to working from home from mid-March and the team has adapted impressively; the fact that nearly all our business tools are cloud-based ensured this process went smoothly.

We are fortunate that our subscription business model is inherently resilient to the challenges that many businesses are currently facing.  Whilst we naturally expect disruption to the appetite of some prospective customers to adopt new technology at this time, we regard the current international lockdown as a catalyst that potentially accelerates the trends of remote and digital working that are helpful to our business in the medium and long term. 

Receipt of loan under US Paycheck Protection Program

The Company also announces the receipt of a US$ 515,000 loan under the US Small Business Administration's Paycheck Protection Program ("PPP") by the Group's US trading subsidiary, GetBusy USA Corporation.

The PPP is a component of the US federal stimulus package known as the Coronavirus Aid, Relief and Economic Security Act ("CARES"), which offers help to small businesses in the US during the COVID-19 crisis.  Under PPP, the loan, or a proportion of it, may be forgivable if the use of the proceeds meets certain criteria, including retaining US employees.  We anticipate meeting these criteria and expect between 90% and 100% of the loan to be forgiven over the next eight weeks.  Any forgiven portion of the loan will be recorded in the Group's income statement as Other Income, which is excluded from Adjusted Profit / (Loss), our principal measure of Group financial performance.  The loan forgiveness is not taxable.

A more detailed update on trading will be provided in advance of the Company's AGM on 5 May 2020.

Enquiries

GetBusy plc
Daniel Rabie (Chief Executive Officer)	[e-mail]
Paul Haworth (Chief Financial Officer)
Liberum (Nomad and Broker)
Bidhi Bhoma / Cameron Duncan / Louis Davies	[phone]

About GetBusy

GetBusy is a global Document Management and Communication software business that provides highly secure forms of digital document distribution, workflows and client chat. 1.6 million users are now registered to share information through GetBusy's award-winning online client portals.

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

 

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