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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Getbusy Plc | LSE:GETB | London | Ordinary Share | GB00BG0TSD71 | ORD 0.15P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 66.00 | 65.00 | 67.00 | 0.00 | 07:33:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Prepackaged Software | 21.11M | 229k | 0.0046 | 143.48 | 32.79M |
From Apr 2019 to Apr 2024
TIDMGETB
RNS Number : 3202N
GetBusy PLC
08 August 2017
8 August 2017
GetBusy plc
("GetBusy" or the "Company" or the "Group")
Interim Combined Results for the six months ended 30 June 2017
GetBusy plc (AIM: GETB) announces its interim combined results for the six months ended 30 June 2017.
GetBusy was admitted to trading on AIM on 4 August 2017 following its acquisition of the demerged document management software business (the "Business") from its former parent company, Reckon Limited ("Reckon"), an Australian Stock Exchange listed accounting software company. The interim combined results of the Business are for the six months ended 30 June 2017, when it was part of Reckon. From 5 July 2017, the Business was acquired by the Company. The basis of the carve-out and combined methods applied in these interim combined results is consistent with that used in the Admission Document for the GetBusy Group.
KEY FINANCIAL INFORMATION
Hot Features
Premium
30 June 2017 30 June 2016 Change %
GBP'000 GBP'000
------------------------- ------------- ------------- ---------
Revenue 4,566 3,683 24%
------------------------- ------------- ------------- ---------
EBITDA 780 352 122%
------------------------- ------------- ------------- ---------
Capitalised development
costs 1,134 1,289 (12)%
------------------------- ------------- ------------- ---------
Financial highlights
-- Revenue up 24 per cent. to GBP4.57 million (H1 2016: GBP3.68 million);
-- Recurring subscription revenue increased to 83 per cent. of total revenue (H1 2016 82 per cent.);
-- EBITDA up 122 per cent. to GBP0.78 million (H1 2016: GBP0.35 million); -- EBITDA operating margin is up 7 per cent. to 17 per cent. (H1 2016; 10 per cent.); -- Operating cash flow has increased by 206 per cent. to GBP0.81m (H1 2016: GBP0.27m); and -- Strong balance sheet with GBP3million raised on admission to AIM.
The financial information presented above has the majority of development costs capitalised and amortised on a like-for-like basis with those already disclosed in Reckon Limited's financial reports. In future reporting, GetBusy's accounting policies may reflect development costs being expensed rather than capitalised. For completeness, it should also be noted that future reporting will include the additional costs associated with operating GetBusy as a standalone AIM quoted company.
Operational highlights
-- Strong growth across all international revenue streams with UK up 9 per cent., USA up 37 per cent. and other territories up 88 per cent;
-- Expanded global infrastructure with 111 employees worldwide. UK 59 staff, USA 38 staff and ANZ 14 staff;
-- 5,000 new paying customers added in H1 2017, 7,000 paying customers added in the full year of 2016;
-- Total paying customer count as at 30 June 2017 increased to 56,000 (H1 2016: 48,000); and
-- The development of the Company's innovative new product SCIM, targeted at our 752,000 online registered portal users is proceeding in line with expectations.
Daniel Rabie, CEO of GetBusy, commented:
"I am delighted with these results, particularly as the reported period coincided with the demerger from Reckon, the rights issue and our admission to AIM ("Admission").
"With 83 per cent. of our growing revenues under repeat subscription, our high quality and strong organic revenue growth coupled with the proceeds from our rights issue on Admission puts the Company in an excellent position to leverage off its market position and accelerate our growth plans. In GetBusy, we have both a platform to bring our new SCIM product to market and also to build an infrastructure to scale and capitalise on the strong market demand for our disruptive products.
"I would like to acknowledge the GetBusy team. Our unique culture enables us to move quickly, be innovative and truly address customer needs. Our success is carried on the shoulders of the talented team we have."
Enquiries
GetBusy plc
Nigel Payne (Director)
Clive Rabie (Director)
Daniel Rabie (CEO, Director)
Chris Hagglund (Chief Financial Officer) 0845 166 1165
Grant Thornton UK LLP (Nomad) 020 7383 5100
Philip Secrett/ Jamie Barklem/ Carolyn
Sansom
Stockdale Securities Limited (Broker)
Andy Crossley/ Richard Johnson 020 7601 6100
Fiona Conroy - Corporate Broking
Walbrook PR (UK PR & IR adviser) GetBusy@walbrookpr.com
Paul Cornelius/Nick Rome/Sam Allen 020 7933 8780
CHIEF EXECUTIVE REVIEW
I am delighted to present the half year combined results of the Business to 30 June 2017 to our shareholders.
Strong organic growth combined with cost saving from operational efficiencies has led to solid results. In the first half of 2017 we commenced the de-merger from our parent company with a subsequent rights issue effective after the Company's admission to trading on AIM raising GBP3 million, streamlined our operations to reduce overheads, continued to meet customers' product demand and identified new growth opportunities. On top of this, our high customer stratification results proved that we remain focused on achieving our core mission to make our customers productive and happy.
Our strategic focus for the rest of 2017 remains the same as the first six months. The foundations of a robust growth platform have been built and we are committed to scale it.
Key Strengths of the Group
These results have positioned the Group to take advantage of key market growth drivers. Some key strengths of our business are outlined below:
-- Strong recurring revenue growth
The Group has generated strong organic revenue growth of 24 per cent.during the period. Further to this, the Group has recently changed its go-to-market strategy to target subscription sales based on Software-as-a-Service ("SaaS") recurring revenue model. The Group's subscription-based recurring revenues have increased to 83% of total revenue during the period.
-- Reliable products and proven operational model
The Group has developed a reliable and strongly supported core product offering with a diversified customer base across industries and geographies. Our reliable product and customer focus results in low customer churn and the ability to scale revenue at a greater rate than the overheads needed to support that revenue.
-- Clear plan for future growth
Both SmartVault and Virtual Cabinet have prospects to continue their current growth rates. Our 56,000 paying customers act as a foundation from which to continue the growth of the Group into the foreseeable future, and launch the new product offering, SCIM.
-- Team and culture
GetBusy's dynamic customer focused culture enables us to be innovative, agile and continuously moving forward. We are only as good as our team, and I am very proud of the passion and capabilities of the GetBusy team.
The Growing Customer Problem
The need to manage digital data and hard copy documents is a significant challenge for businesses using traditional digital storage and retrieval methods in standard computer operating systems. These systems are typically cumbersome, slow, unsecure and lack a standardised systematic approach to file storage and naming conventions. The Group's software seeks to address the potential information chaos caused by these issues by optimising the capture, management, preservation and delivery for each individual document in the business.
This issue is a very real problem and forms a cost to businesses who are not addressing it. Wasted time dealing with information issues can cost organisations about.US$19,732 per information worker per year, amounting to a 21.3 per cent. loss in an organisation's total productivity.[1]
The Group is positioned to access this international market as its SmartVault and Virtual Cabinet software are suitable for businesses ranging in size from SMEs to large global enterprise organisations. Furthermore, there is strong global demand and little country-specific optimisation needed, as evidenced by Virtual Cabinet's successful international expansion from the United Kingdom into the Australian and New Zealand markets.
These trends are favourable to the Group and its product suite and are expected to continue to drive new revenue growth and market expansion for the foreseeable future.
SmartVault and Virtual Cabinet
Our products are designed to provide a hybrid solution with on-premises document scanning, searching, storage and retrieval, complemented by secure 24/7 anytime, anywhere, cloud document distribution and electronic signature capabilities. In addition to seamless integration with other core business software, content capture facilities such as virtual printing and advanced e-mail capture rules allow automated information assimilation.
During H1 2017, SmartVault was the system of choice for 17,000 customers with an additional 3,000 new customer added in this time. Customers of SmartVault securely shared documents with over 539,000 registered users in H1 2017. We remain focused on increasing the life time value of our SmartVault customers and reducing the cost of acquisitions. Our inbound lead generation model continues to see good growth as we refine our customer acquisition model and increase brand awareness.
Virtual Cabinet is used by 39,000 customers, of which 2,000 were added in H1 2017. Customers of Virtual Cabinet securely shared documents with over 213,000 registered users in H1 2017. We continue to focus on moving Virtual Cabinet customers to a software as a service model. Virtual Cabinet's average revenue per user continues to grow as we focus on larger deal sizes. Our mature enterprise operating model enables additional revenue growth without the need to grow overhead the same rate.
Future Growth Strategy
Our next generation product, presently called SCIM, will seek to combine document management with key additional communication functionality that businesses require, but which is currently spread across multiple systems, including messaging, quotes, invoices, tasks capture and more.
The development of the SCIM product has three core objectives, to:
-- create stronger customer relationships for users with less effort; -- help users become more organised and productive; and -- reduce administrative burden.
Once developed, the SCIM product is expected to be able to leverage the Group's existing customer base and global infrastructure in place.
SCIM addresses a real market need and is expected to continue to achieve growth in the Group's core markets of SMEs and large enterprises.
Outlook
In summary, we are extremely pleased with the financial results for the first half of the year. Our key focus for the second half of the year remains streamlining our operations, continuing to meet customers' product demand and identifying new growth opportunities through R&D, additional acquisition channels or new verticals.
GetBusy is in an excellent position to exploit the opportunities in the market.
The strong trading results continue to validate our strategy and business model and our mission to create productive and happy customer and increase shareholder value.
Daniel Rabie
CEO
Combined Statement of Comprehensive Income
for the six months ended 30 June 2017
Six Months Six Months
ended 30 ended 30
Note June 2017 June 2016
LIR '000 LIR '000
OPERATING ACTIVITIES
Revenue 3 4,566 3,683
Product Costs (338) (298)
Staff Costs (2,572) (2,222)
Premises and establishment expenses (170) (139)
Marketing expenses (197) (232)
Development costs (88) (70)
Amortisation (624) (317)
Depreciation (56) (54)
Other expenses (421) (370)
(4,466) (3,702)
Operating profit 100 (19)
Finance income/(expenses) (29) 4
Profit/(loss) before income tax from continuing
activities 71 (15)
Income tax credit 57 27
Profit from continuing operations 128 12
=========== ===========
Other Comprehensive Income
Items that may subsequently be reclassified
to profit and loss
Foreign exchange gain 101 46
Total comprehensive income 229 58
=========== ===========
Combined Statement of Financial Position
as at 30 June 2017
30 June 31 Dec
ASSETS Note 2017 2016
Current LIR '000 LIR '000
Trade and other receivables 1,045 731
Other assets 366 375
Total current assets 1,411 1,106
--------- ---------
Non-Current
Property, plant and equipment 311 317
Intangible assets 4 3,252 2,742
Total non-current assets 3,563 3,059
--------- ---------
TOTAL ASSETS 4,974 4,165
========= =========
LIABILITIES
Current
Trade creditors and other payables 692 667
Deferred revenue 3,106 3,068
Provisions 64 120
Financial liabilities 75 85
Current tax liabilities 245 177
Total current liabilities 4,182 4,117
--------- ---------
Non-Current Liabilities
Financial liabilities 33 66
Deferred Tax liabilities 306 257
Total Non-Current Liabilities 339 323
--------- ---------
TOTAL LIABILITIES 4,521 4,440
--------- ---------
NET ASSETS 453 (275)
========= =========
EQUITY
Share capital 5 157 101
Merger funding 1,281 838
Foreign currency translation reserve 20 (81)
Retained earnings (1,005) (1,133)
TOTAL EQUITY 453 (275)
========= =========
Combined Statement of Changes in Equity
for the six months ended 30 June 2017
as at 30 June 2017
Foreign Currency
Share Capital Retained earnings Translation Reserve Merger Funding Total Equity
LIR '000 LIR '000 LIR '000 LIR '000 LIR '000
Balance at 1 January
2017 101 (1,133) (81) 838 (275)
Profit for the period - 128 - - 128
Foreign currency
translation - - 101 - 101
-------------- ------------------ ---------------------- --------------- -------------
Total comprehensive
income for the period - 128 101 - 229
Funding from related
party - - - 443 443
-------------- ------------------ ---------------------- --------------- -------------
Total transactions with
owners - - - 443 443
Inclusion of GetBusy
plc 56 - - - 56
Balance at 30 June 2017 157 (1,005) 20 1,281 453
============== ================== ====================== =============== =============
Foreign Currency
Share Capital Retained earnings Translation Reserve Merger Funding Total Equity
LIR '000 LIR '000 LIR '000 LIR '000 LIR '000
Balance at 1 January
2016 100 9 (8) (880) (779)
Profit for the period - 12 - - 12
Foreign currency
translation - - 46 - 46
-------------- ------------------ ---------------------- --------------- -------------
Total comprehensive
income for the period - 12 46 - 58
Dividends to
shareholders - (350) - - (350)
Funding from related
party - - - 1,230 1,230
-------------- ------------------ ---------------------- --------------- -------------
Total transactions with
owners - (350) - 1,230 880
Inclusion of GetBusy
USA Corporation 1 (863) - (120) (982)
Balance 30 June 2016 101 (1,192) 38 230 (823)
============== ================== ====================== =============== =============
Combined Statement of Cash Flows
for the six months ended 30 June 2017
Six Months Six Months
ended 30 ended 30
June 2017 June 2016
LIR '000 LIR '000
Cash flow from operating activities
Receipts from customers 4,746 4,135
Payments to suppliers and employees (4,081) (3,957)
Interest received/(paid) (29) 4
Income tax received 174 83
Net cash from operating activities 810 265
-------------------------- --------------------------
Cash flow from investing activities
Payment for property, plant and equipment (96) (15)
Proceeds from sale of property, plant
and equipment 20 -
Payment for capitalised development (1,134) (1,289)
Net cash outflow from investing activities (1,210) (1,304)
-------------------------- --------------------------
Cash flow from financing activities
Proceeds from Reckon Limited 443 1,230
Proceeds/(Payments) for other financial
liabilities (43) 159
Dividends paid - (350)
Net cash inflow from financing activities 400 1,039
-------------------------- --------------------------
Net increase/(decrease) in cash and cash
equivalents - -
Cash and cash equivalents, beginning
of the year - -
Net foreign exchange differences - -
Cash and cash equivalents at end of the
year - -
========================== ==========================
Notes to the consolidated financial statements
for the six months ended 30 June 2017
1. General information
GetBusy plc (the "Company") and its associated companies specialises
in document management software business operating across the
United Kingdom, United States, Australia and New Zealand.
The Company was incorporated in the United Kingdom on 29 June
2017 and on 4 August 2017 became a quoted company on the AIM
market of the London Stock Exchange.
GetBusy plc Group was formed on 5 July 2017. The shares in
GetBusy Australia Pty Limited, GetBusy New Zealand Pty Limited,
GetBusy UK Limited and GetBusy United States Corporation were
transferred to GetBusy plc on this date.
Upon admission to AIM, GetBusy plc Group was demerged from
Reckon Limited via In-specie distribution of GetBusy shares
to Reckon shareholders on a 1 for 3 basis.
2. Basis of preparation
These interim financial statements have been prepared using
accounting policies based on International Financial Reporting
Standards ("IFRS"). The accounting policies, presentation and
methods of computation followed in the preparation of these
interim financial statements are consistent with those applied
in the audited Historical Financial Information for the year
ended 31 December 2016. These interim financial information
are not required to and do not comply with IAS 34 "Interim
financial reporting".
The interim financial information presented for the six month
periods ended 30 June 2017 and 30 June 2016 has not been audited.
The financial information for the year ended 31 December 2016
does not constitute the full statutory accounts for the period.
IFRSs do not provide for the preparation of financial information
on a carve out basis or combined financial information for
entities under common control which do not form a legal group.
Accordingly, in preparing the interim statements, certain conventions
commonly used for the preparation of historical financial information
for inclusion in investment circulars as described in the Annexure
to SIR 2000 (Investment Reporting Standard applicable to public
reporting engagements on historical financial information)
issued by the UK Auditing Practice Board have been applied.
The basis of the carve-out and combined methods applied in
these interim statements is consistent with that used in the
Admission Document for the Group.
The interim financial statements have been prepared under historical
cost convention and financial information is presented in sterling
and has been rounded to the neared thousand (LIR'000) unless
otherwise stated.
As the legal group was not formed until 5 July 2017, there
is a material departure from the requirements of IAS 33 to
present earnings per share ("EPS") in these interim statements.
Management are of the opinion that the calculated EPS would
be misleading to users of the financial information due to
the carve-out basis of preparation.
3. Segment reporting
The Business is currently organised into three geographic areas
which are the United Kingdom, United States and Other. The geographical
locations are the basis upon which the Business reports it financial
information to the chief decision maker, being the Board of Directors.
Six Months Six Months
ended 30 ended 30
June 2017 June 2016
Revenue LIR '000 LIR '000
The revenue reported below represents revenue
generated from external customers where the
sales originates
United Kingdom 2,561 2,341
United States of
America 1,399 1,019
Other 606 323
4,566 3,683
=========== ===========
4. Intangibles
Capitalised Intellectual
development Property Total
LIR '000 LIR '000 LIR '000
COST
As at 1 January 2016 2,156 - 2,156
Acquired - 63 63
Additions 1,289 - 1,289
------------------------- -------------------------- ---------------------------
As at 30 June 2016 3,445 63 3,508
Additions 1,362 - 1,362
------------------------- -------------------------- ---------------------------
As at 31 December
2016 4,807 63 4,870
Additions 1,134 - 1,134
As at 30 June 2017 5,941 63 6,004
========================= ========================== ===========================
AMORTISATION
As at 1 January 2016 1,327 - 1,327
Amortisation for the
period 317 - 317
------------------------- -------------------------- ---------------------------
As at 30 June 2016 1,644 - 1,644
Amortisation for the
period 477 7 484
------------------------- -------------------------- ---------------------------
As at 31 December
2016 2,121 7 2,128
Amortisation for the
period 620 4 624
------------------------- -------------------------- ---------------------------
As at 30 June 2017 2,741 11 2,752
========================= ========================== ===========================
NET BOOK VALUE
As at 30 June 2016 1,801 63 1,864
As at 31 December
2016 2,686 56 2,742
As at 30 June 2017 3,200 52 3,252
========================= ========================== ===========================
The intangible assets represent capitalised development costs
in GetBusy UK Limited and intellectual property purchased by
GetBusy USA Corporation prior to the acquisition by Reckon Limited.
30 June 30 June
2017 2016
LIR '000 LIR '000
Development costs capitalised 1,134 1,289
Development costs expensed 88 70
1,222 1,359
========== =========
5. Issued Capital
30 June 30 June
2017 2016
Allocated, called up
and fully paid capital LIR '000 LIR '000
Balance at 1
January 101 100
Addition of GetBusy plc / GetBusy
USA Corporation 56 1
Balance as at
30 June 157 101
========== =========
No. No.
Allocated, called up
and fully paid capital '000 '000
Balance at 1
January 101 100
Addition of GetBusy plc / GetBusy
USA Corporation 37,500 1
Balance as at
30 June 37,601 101
========== =========
6. Subsequent
Events
On 5 July 2017 GetBusy
plc acquired:
Shares in GetBusy Australia Pty Limited
from Reckon Limited
Shares in GetBusy New Zealand Pty Limited from Reckon
Accountant Group (NZ) Limited
Shares in GetBusy UK Limited from Reckon
Limited
Shares in GetBusy USA Corporation from
Billback LLC
These companies are 100 per cent.
owned by GetBusy plc.
On 4 August 2017 GetBusy plc and its subsidiaries was demerged
from Reckon Limited and its shares were admitted to trading on
the AIM of the London Stock Exchange.
Effective 4 August 2017, after the demerger, an additional capital
of LIR3 million was raised by way of a pro-rata non-renounceable
rights issue to fund the ongoing development of the SCIM product
and to expand marketing strategies and sales channels of the
Group.
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 content management (ECM) 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. GetBusy's SmartVault product is award winning Document Management software targeting the professional Small and Medium Enterprise (SME) market, and is long established in the USA market.
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.
[1]http://wwwimages.adobe.com/content/dam/Adobe/en/products/acrobat/axi/pdfs/bridging-the-information-worker-productivity-gap.pdf?sdid=KATQP
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BSGDIRXGBGRR
(END) Dow Jones Newswires
August 08, 2017 02:00 ET (06:00 GMT)
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