GetBusy PLC Trading Update (7479O)

TIDMGETB

RNS Number : 7479O

GetBusy PLC

22 May 2018

22 May 2018

GetBusy plc ("GetBusy" or the "Company" or the "Group")

Trading Update

Strategic progress and over 20% recurring revenue growth

GetBusy plc (AIM: GETB), a leading developer of document management and productivity software products, is pleased to provide an update on trading ahead of today's AGM.

Trading for the four months to 30 April 2018 was in line with the Board's expectations as the Company built on the strong progress achieved during 2017. Recurring revenue grew over 20% compared to the same period in 2017 while total revenue grew 17%, both on a constant currency basis. Gross margins have been consistent with 2017. At 30 April 2018 the Group had net cash of GBP2.7m.

So far in 2018, the Group has made progress with its strategic objectives of building out additional growth channels and focussing on high quality recurring subscription revenues:

-- The partnership with DocuSign and the integration of its e-signature technology into GetBusy's SmartVault product announced on 15 May 2018 demonstrates how the Group is seeking to better monetise existing customers by delivering additional value.

-- Overseas expansion of SmartVault has started, with the establishment of a dedicated SmartVault sales resource for the UK, Australia and New Zealand.

-- Virtual Cabinet has increased its focus on improving customer lifetime values, having developed its pure-subscription model and received its first subscription-only orders.

Daniel Rabie, CEO of GetBusy, commented:

"I am pleased that the Group has continued the momentum built up during 2017 as we execute our strategy. We are delivering additional value to our existing customers, acquiring new accounts via new channels and ensuring we have the right business models in place to offer better flexibility to our customers as well as enhancing lifetime value.

"The drive for cost- and process-efficiency within our target markets, together with the continued tightening of international data regulations exemplified by GDPR in the European Union, creates a favourable environment for our products and the Group is well-placed to capitalise on the opportunity."

The Company's AGM will be held at 11.00am BST today at the offices of Grant Thornton at 30 Finsbury Square, London, EC2P 2YU.

Enquiries:

GetBusy plc

   Daniel Rabie (Chief Executive Officer)                                  [phone] 
   Paul Haworth (Chief Financial Officer)                                  [phone] 

[e-mail]

Grant Thornton UK LLP (Nomad)

   Philip Secrett / Jamie Barklem                                                  020 7383 5100 

Stockdale Securities Limited (Broker)

   Andy Crossley / Richard Johnson / Fiona Conroy                  020 7601 6100 

Walbrook PR (UK PR & IR Adviser)

   Paul Cornelius / Nick Rome / Sam Allen                                  020 7933 8780 

[e-mail]

About GetBusy

GetBusy is an established, successful, award-winning Document Management software business, with operations in UK, USA, Australia and New Zealand, providing over 57,000 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 864,000 users are registered to share information through GetBusy's online client portals.

The Group has three core product offerings:

-- Virtual Cabinet is Document Management software focused on the medium size to enterprise size markets. It is used by 27 of the 100 largest accounting firms in the UK and 12 of the top 20 accounting firms in Australia and New Zealand;

-- SmartVault is an award-winning Document Management software targeting the professional small and medium enterprise market, and is long established in the USA;

-- GetBusy (in development) is a new product which will help customers create stronger relationships with less effort, 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.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

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May 22, 2018 02:00 ET (06:00 GMT)