Trading update

RNS Number : 5958J

GetBusy PLC

14 December 2022

 

14 December 2022

GetBusy plc

Trading Update

FY22 expected to be slightly ahead of market expectations, validating growth strategy

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of productivity software for professional and financial services, is pleased to provide a trading update ahead of end of its financial year on 31 December.

Growth strategy increasingly validated

The Board anticipates financial results for the year ended 31 December 2022 to be slightly ahead of market expectations, in line with the Group's strategic focus on growth. As a result, the Board's ambition to at least double Annual Recurring Revenue ("ARR") within five years, as announced in 2021, is firmly on track. 

Total revenue for 2022 is expected to grow by 24% to at least £19.1m (2021: £15.5m), around 4% ahead of the previously upgraded market expectations,* with recurring revenue expected to grow c.27%. Ongoing solid customer acquisition, strong monetisation and encouraging trends on churn have all contributed to this growth.

Adjusted Loss Before Tax is expected to have narrowed by 20-25% compared to market expectations* as a result of the higher than expected revenue for the year and prudent cost control.

Net cash at 30 November 2022 was £2.2m and the Group's £2m debt facility remains entirely undrawn.

Investing to scale

The Board believes that recurring subscription revenue is highly reliable and predictable, providing a stable foundation for growth investment. Moving into 2023, we intend to invest further to scale the business. In particular, we intend to accelerate our investment in sales and marketing in the US, where our SmartVault product occupies an enviable position in a highly attractive market, primed to scale.  We will also focus on gaining traction in the Enterprise Resource Planning ("ERP") market with Workiro, and we will seek to capitalise on Virtual Cabinet's strong brand recognition and integration partnership in the insolvency and financial services markets.

The Board is delighted with the performance of the Group for the financial year and remains very encouraged about the prospects for long-term sustainable growth and enhanced stakeholder returns.

Daniel Rabie, CEO of GetBusy, commented:  

"Our growth strategy to invest and scale the business is working. More than ever, GetBusy's products are delivering tangible value across a growing addressable market. We are helping professionals to be as productive, efficient, and secure as possible in the face of rising cost pressures and operational complexities.  Our very high - and improving - customer retention rates and Average Revenue Per User ("ARPU") demonstrate how embedded our growing range of capabilities have become within our clients' technology stacks; a trend we expect to continue as the tailwinds of digital transformation, cyber security, privacy legislation and hybrid working strengthen.

"Our core professional and financial services markets remain buoyant, and we expect strong demand for our products, and the increasingly important security and productivity benefits they provide, to be sustained."

Notice of results

The Group expects to announce its final results for the year ended 31 December 2022, and provide updated guidance and currency assumptions for 2023, on 1 March 2023. 

*Current analyst consensus for 2022 is considered to comprise revenue of £18.4m, Adjusted Loss Before Tax of £(1.3)m and Adjusted EBITDA of £0.2m.

GetBusy plc

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Panmure Gordon (Financial Adviser, Nominated Adviser and Broker)    Alina Vaskina / James Sinclair-Ford (Corporate Advisory)     Erik Anderson (Corporate Broking)	[phone]
Alma PR (Financial PR)    Hilary Buchanan / Andy Bryant / Hannah Campbell	[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 74,000 paying users across multiple market sectors and jurisdictions, GetBusy is an established and fast-growing SaaS business delivering sustained double-digit growth and high-quality recurring subscription revenue over the long term.

Further information on the Group is available at www.getbusyplc.com

 

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