GetBusy PLC Trading Update (7479O)
May 22 2018 - 5:43AM
UK Regulatory
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) +44 (0)845 166 1165
Paul Haworth (Chief Financial Officer) +44 (0) 7979 703904
investors@getbusy.com
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
GetBusy@walbrookpr.com
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.
This information is provided by RNS, the news service of the
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END
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