GetBusy PLC COVID-19 Update (4041K)
April 22 2020 - 2:00AM
UK Regulatory
TIDMGETB
RNS Number : 4041K
GetBusy PLC
22 April 2020
22 April 2020
GetBusy plc
("GetBusy" or "the Company" or "the Group)
COVID-19 Update
GetBusy plc (AIM: GETB), a leading developer of document
management and productivity software products, provides the
following update in light of the current COVID-19 pandemic.
COVID-19 Update
Firstly, we are very pleased that none of our team has been
diagnosed with COVID-19; the health and wellbeing of our people is
paramount. We transitioned to working from home from mid-March and
the team has adapted impressively; the fact that nearly all our
business tools are cloud-based ensured this process went
smoothly.
We are fortunate that our subscription business model is
inherently resilient to the challenges that many businesses are
currently facing. Whilst we naturally expect disruption to the
appetite of some prospective customers to adopt new technology at
this time, we regard the current international lockdown as a
catalyst that potentially accelerates the trends of remote and
digital working that are helpful to our business in the medium and
long term.
Receipt of loan under US Paycheck Protection Program
The Company also announces the receipt of a US$ 515,000 loan
under the US Small Business Administration's Paycheck Protection
Program ("PPP") by the Group's US trading subsidiary, GetBusy USA
Corporation.
The PPP is a component of the US federal stimulus package known
as the Coronavirus Aid, Relief and Economic Security Act ("CARES"),
which offers help to small businesses in the US during the COVID-19
crisis. Under PPP, the loan, or a proportion of it, may be
forgivable if the use of the proceeds meets certain criteria,
including retaining US employees. We anticipate meeting these
criteria and expect between 90% and 100% of the loan to be forgiven
over the next eight weeks. Any forgiven portion of the loan will be
recorded in the Group's income statement as Other Income, which is
excluded from Adjusted Profit / (Loss), our principal measure of
Group financial performance. The loan forgiveness is not
taxable.
A more detailed update on trading will be provided in advance of
the Company's AGM on 5 May 2020.
Enquiries
GetBusy plc
Daniel Rabie (Chief Executive Officer) investors@getbusy.com
Paul Haworth (Chief Financial Officer)
Liberum (Nomad and Broker)
Bidhi Bhoma / Cameron Duncan / Louis
Davies +44 (0)20 3100 2000
About GetBusy
GetBusy is a global Document Management and Communication
software business that provides highly secure forms of digital
document distribution, workflows and client chat. 1.6 million users
are now registered to share information through GetBusy's
award-winning online client portals.
Further information on the Group is available at
www.getbusy.com/about/investors
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END
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