Trading Update

GetBusy PLC

23 January 2025

 

23 January 2025

GetBusy plc

2024 Trading Update - Unaudited Results

Strategically positioned to create and realise value

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of productivity software for professional and financial services, provides an update on trading for the year ended 31 December 2024 (the "Year").

The business made strong progress in 2024, a year which is expected to yield in excess of a 40% increase in Adjusted EBITDA and the first year that the Group has broadly broken even at the Adjusted Profit level. Annualised Recurring Revenue (ARR) grew by 6% at constant currency to £21.6m with reported recurring revenue up 4% at constant currency to £20.8m. Total revenue was up 3% for the Year, at constant currency, to £21.4m. Net cash at 31 December 2024 was £1.1m with available cash funds of £3.1m. The board considers the Group to be sufficiently funded to execute its strategy.

Within SmartVault, we continued to generate double digit ARR growth. Importantly, this month we deepened our longstanding strategic partnership with Intuit, one of the dominant players in the US accounting market, powering the only document management solution natively integrated with ProConnect, Intuit's next generation cloud tax prep application. The board is confident this partnership will further accelerate SmartVault's growth over the coming years.  We also extended our product capabilities with the acquisition of SmartPath, providing a platform on which we can build a more extensive offering to help accountants transition to become advisory-led firms, and we expect to deliver further significant product value across the whole SmartVault platform over the next 12 months.

Within Workiro, we saw encouraging new customer wins from our partnerships in the ERP market. New business grew over 500% over 2023, exceeding our average selling price expectations and providing additional confidence the enterprise market targeted by Workiro is characterised by large deal sizes and low churn, driving strong customer lifetime value.  We also strengthened our base of platinum partners, including the addition of RSM, Europe's largest provider of NetSuite implementation services, products and solutions and part of a leading global network, giving the board confidence that the ERP ecosystems understand the significant customer problems our solution is solving.

The path to creating material cash returns for shareholders over the next few years is clearer and, we believe, more achievable than ever, strengthened by recent industry-related transactions in the market.  The board has a high degree of confidence in the successful execution of its strategy.

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 2024, expected to be published on or around Tuesday 25 March 2025.

GetBusy plc

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Cavendish Capital Markets Limited (Nominated Adviser and Broker)    Matt Goode / 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 nearly 70,000 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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