GetBusy PLC Trading Update (1456C)
January 18 2018 - 1:00AM
UK Regulatory
TIDMGETB
RNS Number : 1456C
GetBusy PLC
18 January 2018
18 January 2018
GetBusy plc ("GetBusy" or the "Company" or the "Group")
Trading Update
Solid trading, in line with expectations
GetBusy plc (AIM: GETB) is pleased to provide an update on
trading for the year-ending 31 December 2017.
The Group has continued to build on the momentum established at
the time of its admission to AIM in August 2017. Trading since
admission has been good and the Group has closed its financial year
with both revenue and Adjusted EBITDA in line with market
expectations. Net cash at the year end was GBP2.8million.
The Group expects to report its full audited results for the
year ended 31 December 2017 on or around 20 March 2018.
Daniel Rabie, CEO of GetBusy, commented:
"I am delighted with the performance of the team this year who
have all risen to the challenges we have put before them. We
successfully completed the demerger from Reckon together with the
rights issue and the admission to AIM, but most importantly we have
delivered a solid performance in our maiden year, with pleasing
growth across the business. Our growing high-quality subscription
revenue puts the Company in an excellent position to leverage off
its market position and continue our growth plans in 2018."
Early adoption of IFRS 15
The existing market expectations for the Company and this
trading update are both provided on a consistent basis using the
accounting policies indicated in the Group's interim financial
statements and admission document.
The Group has, however, decided to "early" adopt IFRS 15, a new
accounting standard for revenue recognition that would otherwise
come into force on 1 January 2018. Given that IFRS 15 significantly
changes the timing of the recognition of revenue and some
incremental costs, such as sales commissions, for certain types of
revenue stream, the Group has decided to early adopt this new
standard and will apply it to its audited 2017 results. A full
reconciliation of the impact of the changes caused by this new
standard, together with a detailed accounting policy and
explanatory notes, will be provided in the announcement of the
Group's 2017 results and in the Group financial statements.
Enquiries:
GetBusy plc
Daniel Rabie (Chief Executive Officer) 0845 166 1165
Paul Haworth (Chief Financial Officer) 0845 166 1165
Grant Thornton UK LLP (Nomad)
Philip Secrett / Jamie Barklem / Carolyn Sansom 020 7383 5100
Stockdale Securities Limited (Broker)
Andy Crossley / Richard Johnson / Fiona Conroy 020 7601 6100
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 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;
-- Its SmartVault product is an award-winning Document
Management software targeting the professional Small and Medium
Enterprise market, and is long established in the USA.
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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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