GetBusy PLC AGM Statement (7709X)
April 28 2023 - 2:00AM
UK Regulatory
TIDMGETB
RNS Number : 7709X
GetBusy PLC
28 April 2023
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
GBP20.5m, 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 GBP2.7m and is underpinned by the
undrawn GBP2.0m 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 GBP21.1m and Adjusted EBITDA of
GBP0.7m.
Enquiries
GetBusy plc
investors@getbusy.com
finnCap (Nominated Adviser and Broker)
Matt Goode / Charlie Beeson / Milesh Hindocha
(Corporate Finance) +44 (0)20 7220
Alice Lane / Harriet Ward (ECM) 0500
Alma PR (Financial PR) +44 (0)20 7886
Hilary Buchanan / Andy Bryant / Hannah Campbell 2500
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMFLFFRSDIDFIV
(END) Dow Jones Newswires
April 28, 2023 02:00 ET (06:00 GMT)
Getbusy (LSE:GETB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Getbusy (LSE:GETB)
Historical Stock Chart
From Jul 2023 to Jul 2024