GetBusy PLC AGM Trading Update (3709K)

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RNS Number : 3709K

GetBusy PLC

05 May 2022

5 May 2022

GetBusy plc

AGM Trading Update

GetBusy plc ("GetBusy" or the "Group") (AIM: GETB), a leading provider of productivity software for professional and financial services, provides an update on trading ahead of today's Annual General Meeting.

The Board is pleased to confirm continued strong trading momentum in the first four months of 2022. ARR at constant currency has grown by 19% year-on-year, reaching GBP17.0m at 30 April 2022. This has been driven by buoyant customer demand across the Group's established brands, the continued benefit from monetisation initiatives and healthy net revenue retention levels.

The integration of the technologies acquired last year is progressing to plan and we are making encouraging headway building out the customer acquisition and operational models for the Group's emerging products, Workiro and Certified Vault. Net cash remains solid, underpinned by the Group's undrawn GBP2m debt facility.

The Board reaffirms its expectations* for 2022 with a very high level of confidence.

Daniel Rabie, CEO, commented:

"We are pleased to report that the significant groundwork we laid last year in supporting our ambition to at least double the business over five years is bearing fruit, with an acceleration of ARR, up 19% year-on-year. This provides the Group with enhanced revenue visibility and the resources to continue to invest in its expanding capabilities.

"GetBusy has an enviable mix of established productivity products with strong track records and prospects that underpin our growth, complemented by innovative emerging offerings that carry the potential to significantly enhance growth in the future.

"Sizeable, under-penetrated markets and compelling macro trends, including digital transformation, cyber security, privacy legislation and hybrid working are driving more and more organisations to seek technology solutions, such as ours, to help them work better and smarter, providing us with significant growth opportunities. The Group's broadening capabilities, growing traction in new markets and continued double-digit growth in high quality recurring revenues gives the Board confidence in delivering on our ambition and generating long-term value for all shareholders."

* Expectations, as outlined within the 2021 results issued on 1 March 2022, are:

   --      group revenue of not less than GBP17.0m 
   --      adjusted EBITDA approaching break-even 

GetBusy plc

[e-mail]

Liberum Capital Limited (Nomad and Broker)

Cameron Duncan / Lauren Kettle [phone]

 
  Alma PR (Financial PR)    [phone] 
 

Hilary Buchanan / Andy Bryant / Hannah Campbell

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 70,000 paying users 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

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May 05, 2022 02:01 ET (06:01 GMT)