Last checked at 28 Apr 2023 07:00
28 April 2023
GetBusy plc
AGM Trading Update
GetBusy plc (AIM: GETB) ("GetBusy" or "the Company"), a leading provider of productivity software for professional and financial services, provides an update on trading ahead of today's Annual General Meeting.
Annualised recurring revenue ("ARR") at 31 March 2023 was £20.5m, a 17% constant currency increase on March 2022 and an increase of 6% at constant currency since the start of the new financial year on 1 January 2023. The strong growth in ARR has been driven by encouraging customer acquisition, including from the Netsuite channel in the UK; fast-expanding revenue in the US; solid growth in ARPU; together with reduction in churn which continues to trend favourably, enhancing the lifetime value of cashflows from the customer base.
The previously announced investments in sales and marketing, in both the US and UK, have begun and will underpin our continuing emphasis on customer acquisition in our core professional and financial services markets, which remain robust.
The merger of the Virtual Cabinet and Workiro businesses has progressed well. Initial focus on lead generation and building a healthy sales pipeline in the NetSuite channel, both direct and through our growing network of engaged partners, has started to yield encouraging results and we expect it to make a meaningful contribution during 2023.
In the US, we have had excellent, constructive engagement with our major new partner, Right Networks, and look forward to that channel contributing significantly over the course of 2023. In addition, exciting new product capabilities in SmartVault, expected to be released during Q2, will enable us to replicate the success we have had among Intuit's client base with customers of other leading tax applications, providing another channel that has the potential to support enhanced growth.
Cash at 31 March 2023 was £2.7m and is underpinned by the undrawn £2.0m facility, providing us with the confidence and the means to pursue our growth strategy at pace. The Board is pleased to reconfirm expectations* for the year with a high level of confidence.
Daniel Rabie, CEO, commented:
"2023 has started with a notable step-up in momentum as we scale the sales and marketing teams and increase focus on customer acquisition to support long-term growth.
"The opportunity ahead of us is significant. Our products solve real-world problems, creating value in large, under-penetrated and well-understood markets, buoyed by resilient structural drivers, with customers that have significant proven lifetime value.
"Our strategy of investing for growth is clear and we look to the future with increasing confidence."
* Expectations for the year-ending 31 December 2023 are considered to comprise Revenue of £21.1m and Adjusted EBITDA of £0.7m.
Enquiries
GetBusy plc investors@getbusy.com
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finnCap (Nominated Adviser and Broker) Matt Goode / Charlie Beeson / Milesh Hindocha (Corporate Finance) Alice Lane / Harriet Ward (ECM)
| +44 (0)20 7220 0500
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Alma PR (Financial PR) Hilary Buchanan / Andy Bryant / Hannah Campbell | +44 (0)20 7886 2500
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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 75,000 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