Last checked at 18 Jan 2018 07:00
18 January 2018
GetBusy plc ("GetBusy" or the "Company" or the "Group")
Trading Update
Solid trading, in line with expectations
GetBusy plc (AIM: GETB) is pleased to provide an update on trading for the year-ending 31 December 2017.
The Group has continued to build on the momentum established at the time of its admission to AIM in August 2017. Trading since admission has been good and the Group has closed its financial year with both revenue and Adjusted EBITDA in line with market expectations. Net cash at the year end was £2.8million.
The Group expects to report its full audited results for the year ended 31 December 2017 on or around 20 March 2018.
Daniel Rabie, CEO of GetBusy, commented:
"I am delighted with the performance of the team this year who have all risen to the challenges we have put before them. We successfully completed the demerger from Reckon together with the rights issue and the admission to AIM, but most importantly we have delivered a solid performance in our maiden year, with pleasing growth across the business. Our growing high-quality subscription revenue puts the Company in an excellent position to leverage off its market position and continue our growth plans in 2018."
Early adoption of IFRS 15
The existing market expectations for the Company and this trading update are both provided on a consistent basis using the accounting policies indicated in the Group's interim financial statements and admission document.
The Group has, however, decided to "early" adopt IFRS 15, a new accounting standard for revenue recognition that would otherwise come into force on 1 January 2018. Given that IFRS 15 significantly changes the timing of the recognition of revenue and some incremental costs, such as sales commissions, for certain types of revenue stream, the Group has decided to early adopt this new standard and will apply it to its audited 2017 results. A full reconciliation of the impact of the changes caused by this new standard, together with a detailed accounting policy and explanatory notes, will be provided in the announcement of the Group's 2017 results and in the Group financial statements.
Enquiries:
GetBusy plc
Daniel Rabie (Chief Executive Officer) 0845 166 1165
Paul Haworth (Chief Financial Officer) 0845 166 1165
Grant Thornton UK LLP (Nomad)
Philip Secrett / Jamie Barklem / Carolyn Sansom 020 7383 5100
Stockdale Securities Limited (Broker)
Andy Crossley / Richard Johnson / Fiona Conroy 020 7601 6100
About GetBusy
GetBusy is an established, successful, award-winning Document Management software business, with global operations (UK, USA, Australia and New Zealand), providing over 56,000 customers with a highly secure form of digital document distribution with the flexibility to suit any business or industry. It has found particular success in the accountancy, legal and financial services verticals. Over 752,000 users are registered to share information through GetBusy's online client portals.
The Group currently has two core product offerings:
· its Virtual Cabinet product is Document Management software focused on the medium size to enterprise size markets. It is used by 27 per cent. of the largest accounting firms in the UK, and it has completed a successful recent Australian and New Zealand launch proving its ongoing growth potential;
· Its SmartVault product is an award-winning Document Management software targeting the professional Small and Medium Enterprise market, and is long established in the USA.
The Group is currently developing a new product which will help its customers create stronger relationships with less effort, will help users become more organised and productive, and reduce their administrative burden.
The Group has an international reach, rapidly growing existing products, a proven business model, and strong momentum moving into the future.
Further information on the Group is available at www.getbusy.com.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.