GetBusy plc ("GetBusy", the "Company" or the "Group") (AIM: GETB), a developer of document management and communication software products, announces its audited results for the year ended 31 December 2019.
Group total revenue
Group recurring revenue
Group adjusted loss before tax*
Group loss before tax
Virtual Cabinet revenue
Virtual Cabinet adjusted profit before tax*
SmartVault adjusted loss before tax*
· Group recurring revenue up 20% in reported currency and 19% at constant currency from user growth and higher ARPU
· 31% total revenue growth in SmartVault (25% at constant currency) driven by strong US performance
· 10% total revenue growth in Virtual Cabinet (11% at constant currency)
· 42% growth in adjusted profit before tax for Virtual Cabinet, with operating margin up 9 percentage points to 41%
· Adjusted loss before tax improvement of 29% to £(595)k
· Statutory loss before tax reduced by 2% to £(1,180)k
· Document Management paying users up 4,307 to 65,850
· Portal users up 31% to 1.6 million
· Further improvements to net Monthly Recurring Revenue churn in Virtual Cabinet (0.1%) and SmartVault (0.0%)
· SmartVault signed first major channel and integration agreement in UK with TaxCalc
· £1m of investment made in SmartVault customer acquisition and development to support future growth, including £0.4m to launch into UK market
· First paying users for GetBusy product
Daniel Rabie, CEO of GetBusy, commented:
"There has been excellent progress towards the strategic objectives for each of our products in 2019.
"SmartVault's recurring revenue growth has been very strong on the back of the significant ongoing investments in customer acquisition and product capabilities. The new year has started very well; the level of new sales achieved in January was a record by a substantial margin.
"We are pleased with Virtual Cabinet's operating margin improvement and impressive cash generation and expect the business to increase its margin further this year. The product enhancements we have made during 2019, and continue to make, help to provide ever increasing value to our user base of over 45,000.
"Obtaining our first paying users for GetBusy has been an important milestone. We are confident that the product presents a distinct value proposition for team productivity and we look forward to building channels and taking the product to market in 2020.
"Within our product portfolio we have an established brand that is well-respected and highly profitable, a rapidly growing and very scalable SaaS product that has clear product market fit and a new entrant that is seeking to carve out a lucrative niche in a sector that is undergoing disruption. This unique combination of products is a key enabler of our aim to be a long-term sustainable growth business."