(Correcting pretax profit.)
(Alliance News) - GetBusy PLC on Tuesday reported higher revenue and a narrowed loss in the first half of 2023.
GetBusy is a Cambridge, England-based document management and productivity software provider. It delivers solutions across cloud, mobile, hosted and on-premise platforms to enable businesses to work securely and efficiently with their customers.
Shares were down 14% to 67.90 pence Tuesday afternoon in London.
Revenue rose 16% to GBP10.5 million in the six months that ended June 30 from GBP9.1 million a year earlier.
Recurring revenue rose to GBP10.1 million from GBP8.5 million. Recurring revenue comprises 96% of GetBusy's total revenue.
Pretax loss narrowed to GBP782,000 in the six months that ended June 30 from GBP880,000 a year before.
Looking ahead, GetBusy said it continues to trade in line with market expectations, which are for revenue of GBP21.1 million in 2023, up 9.4% from GBP19.3 million in 2022, and adjusted earnings before interest, tax, depreciation, and amortization of GBP700,000, up 1.2% from GBP692,000 in 2022.
"We are investing for near-term growth through customer acquisition and ensuring our long-term prospects are underpinned by innovative products serving large markets with the compelling and resilient growth drivers of productivity, cyber-security, mobility and privacy,~" said Chief Executive Daniel Rabie.
"We look forward to bedding-in our investments over the course of H2 with the expectation that they will deliver enhanced growth into 2024 and beyond."
By Sophie Rose, Alliance News reporter
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Getbusy (GETB)