GetBusy PLC – GETB – Half-year Report

GetBusy PLC – GETB – Half-year Report

GetBusy plc (AIM: GETB), a leading developer of document management and productivity software products, announces its unaudited results for the six months ended 30 June 2020 (the "Period", "H1" or "H1 2020").

H1 2020

H1 2019

Change

£'000

£'000

Reported currency

Constant currency+

Group total revenue

6,972

6,151

13%

13%

Group recurring revenue

6,374

5,386

18%

18%

Group adjusted loss before tax*

(252)

(284)

11%

n/a

Group loss before tax

(712)

(571)

(25)%

n/a

Net cash

2,125

1,946

9%

SmartVault revenue

2,742

2,034

35%

32%

SmartVault adjusted loss before tax*

(333)

(449)

26%

n/a

Virtual Cabinet revenue

4,230

4,117

3%

4%

Virtual Cabinet adjusted profit before tax*

1,994

1,546

29%

n/a

Financial highlights

·    Group recurring revenue up 18% from a combination of new business and higher revenue per user.  SmartVault up 34% and Virtual Cabinet up 9%

·    Gross margin increased to 93.1% (H1 2019: 92.2%) after cost optimisation in SmartVault

·    Virtual Cabinet adjusted profit margin up 9 percentage points to 47%

·    11% reduction in adjusted loss before tax to £252k with additional product and growth investments offsetting revenue increase

·    Statutory profit after tax of £800k (H1 2019: loss of £571k) driven by research and development tax refunds

·    Net cash up £0.4m since 31 December 2019 to £2.1m

Operational highlights

·    Smooth transition to full homeworking from March; team is in good health and has responded admirably

·    Group annual revenue per user ("ARPU") up 8% to £201 since 31 December 2019

·    Document Management paying users down 1% to 65,133 over Period due to churn of lower ARPU customers in Virtual Cabinet offset by SmartVault growth

·    Over 100 paying users for GetBusy at 30 June albeit revenue in the Period was immaterial

·    Net MRR Churn slightly higher at 0.6% for SmartVault and 0.2% for Virtual Cabinet

·    SmartVault LTV:CAC ratio remained strong at 4.2:1, providing the basis for accelerated investment from H2 to drive higher future growth

·    Share capital reorganisation completed in January

Daniel Rabie, CEO of GetBusy, comments:

"H1 2020 has been a unique period for every business across the world.  I am very grateful to our versatile, dedicated and highly talented team for the way they have risen to the numerous operational and market challenges of the last 6 months, proving the resilience of our subscription business model with 18% growth in recurring revenue.

"The rapid changes to people's working lives accelerate trends towards fully digitised, paperless work practices that our document management products enable.  The surge in remote working requires a new software toolset for many organisations and each of our products is a component of that toolset. 

"In H2 we will capitalise on the enhanced growth opportunities that are in front of us, starting a program of accelerated investment in product capabilities and growth within our highly scalable SmartVault business to drive sustained growth in shareholder value over the coming years."

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