GetBusy PLC Trading update (5958J)
December 14 2022 - 2:00AM
UK Regulatory
TIDMGETB
RNS Number : 5958J
GetBusy PLC
14 December 2022
14 December 2022
GetBusy plc
Trading Update
FY22 expected to be slightly ahead of market expectations,
validating growth strategy
GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading
provider of productivity software for professional and financial
services, is pleased to provide a trading update ahead of end of
its financial year on 31 December.
Growth strategy increasingly validated
The Board anticipates financial results for the year ended 31
December 2022 to be slightly ahead of market expectations, in line
with the Group's strategic focus on growth. As a result, the
Board's ambition to at least double Annual Recurring Revenue
("ARR") within five years, as announced in 2021, is firmly on
track.
Total revenue for 2022 is expected to grow by 24% to at least
GBP19.1m (2021: GBP15.5m), around 4% ahead of the previously
upgraded market expectations,* with recurring revenue expected to
grow c.27%. Ongoing solid customer acquisition, strong monetisation
and encouraging trends on churn have all contributed to this
growth.
Adjusted Loss Before Tax is expected to have narrowed by 20-25%
compared to market expectations* as a result of the higher than
expected revenue for the year and prudent cost control.
Net cash at 30 November 2022 was GBP2.2m and the Group's GBP2m
debt facility remains entirely undrawn.
Investing to scale
The Board believes that recurring subscription revenue is highly
reliable and predictable, providing a stable foundation for growth
investment. Moving into 2023, we intend to invest further to scale
the business. In particular, we intend to accelerate our investment
in sales and marketing in the US, where our SmartVault product
occupies an enviable position in a highly attractive market, primed
to scale. We will also focus on gaining traction in the Enterprise
Resource Planning ("ERP") market with Workiro, and we will seek to
capitalise on Virtual Cabinet's strong brand recognition and
integration partnership in the insolvency and financial services
markets.
The Board is delighted with the performance of the Group for the
financial year and remains very encouraged about the prospects for
long-term sustainable growth and enhanced stakeholder returns.
Daniel Rabie, CEO of GetBusy, commented:
"Our growth strategy to invest and scale the business is
working. More than ever, GetBusy's products are delivering tangible
value across a growing addressable market. We are helping
professionals to be as productive, efficient, and secure as
possible in the face of rising cost pressures and operational
complexities. Our very high - and improving - customer retention
rates and Average Revenue Per User ("ARPU") demonstrate how
embedded our growing range of capabilities have become within our
clients' technology stacks; a trend we expect to continue as the
tailwinds of digital transformation, cyber security, privacy
legislation and hybrid working strengthen.
"Our core professional and financial services markets remain
buoyant, and we expect strong demand for our products, and the
increasingly important security and productivity benefits they
provide, to be sustained."
Notice of results
The Group expects to announce its final results for the year
ended 31 December 2022, and provide updated guidance and currency
assumptions for 2023, on 1 March 2023.
*Current analyst consensus for 2022 is considered to comprise
revenue of GBP18.4m, Adjusted Loss Before Tax of GBP(1.3)m and
Adjusted EBITDA of GBP0.2m.
GetBusy plc
investors@getbusy.com
Panmure Gordon (Financial Adviser, Nominated
Adviser and Broker)
Alina Vaskina / James Sinclair-Ford (Corporate
Advisory) +44 (0)20 7886
Erik Anderson (Corporate Broking) 2500
Alma PR (Financial PR) +44 (0)20 7886
Hilary Buchanan / Andy Bryant / Hannah Campbell 2500
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. THE
PERSON RESPONSIBLE FOR MAKING THIS ANNOUNCEMENT ON BEHALF OF THE
COMPANY IS PAUL HAWORTH.
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 74,000 paying users across multiple market sectors and
jurisdictions, GetBusy is an established and fast-growing SaaS
business delivering sustained double-digit growth and high-quality
recurring subscription revenue over the long term.
Further information on the Group is available at
www.getbusyplc.com
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