GetBusy plc ("GetBusy", the "Company" or the "Group") (AIM: GETB), a leading developer of document management and task management software, announces its audited results for the year ended 31 December 2020.
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 14% in reported currency and 15% at constant currency
· Recurring revenue comprises 92% of total revenues, up from 90% in 2019
· SmartVault recurring revenue up 30% at constant currency driven by strong annual revenue per user ("ARPU") and user growth, and Virtual Cabinet up 6% driven by ARPU
· Gross margin remained strong at 92.8% (2019: 92.5%)
· Statutory profit after tax of £398k (2019: loss of £1.2m) aided by research and development tax refunds of £1.5m
· Net cash well ahead of market expectations, up £0.5m to £2.3m with better than expected R&D tax receipts
· Undrawn 3-year £2.0m loan facility signed with Silicon Valley Bank to support growth investment
· Group ARPU up 10% at constant currency to £203
· 2% paying user growth to 67,343 following prioritisation of higher value users in SmartVault and churning some lower ARPU customers in Virtual Cabinet
· SmartVault growth investment programme started in H2 2020 leading to a very strong final quarter in 2020
· 182 paying users for GetBusy at 31 December (2019: nil)
· GetBusy integration partnership with NetSuite, the leading cloud business software provider, launched in January 2021
Daniel Rabie, CEO of GetBusy, commented:
"Our mission to make people productive and happy has resonated more in 2020 than ever before.
"As clients and prospects around the world made the transition to remote working, our deep-rooted expertise and our class-leading software enabled them to do so efficiently and securely. The rapid changes to people's working lives accelerate trends towards fully digitised, paperless work practices that our document management and task management products enable. The surge in remote working, and the likely transition to a hybrid office-home working mix, requires a new software toolset for many organisations and each of our products is a component of that toolset.
"Despite the challenges of the pandemic and its economic consequences, we have delivered 15% growth in our high-quality recurring subscription revenues at constant currency. Our workforce grew by 24% in 2020 and we closed the year with 31% more cash, while embarking upon an ambitious programme of investment to support sustained growth in our document management business well into the future.
"In 2021, we expect to continue to capitalise on the trends that have been favourable to us during 2020.
"We are very clearly in the scaling phase of our document management business comprising SmartVault and Virtual Cabinet, and we are able to see a path to a substantial business with high quality, predictable and valuable earnings in the medium to long term.
"Whilst yet to be proven, we believe that our GetBusy product has the potential to open significantly greater addressable markets for our business. The problems it solves are universal, not sector-specific, and solutions to those problems have become even more valuable as businesses adopt hybrid working models on a permanent basis.
"Our Group contains a combination of a proven, highly cash-generative market-leader, a rapidly and predictably scaling pure SaaS business in a large and valuable market, and a new product that solves increasingly relevant problems and that has the potential to open a significantly greater market.
"This unique combination gives us confidence looking to the future."