GetBusy plc (“GetBusy” or the “Group”) (AIM: GETB), a leading developer of document management and task management software, is pleased to provide an update on trading for the year ended 31 December 2020.
The Group’s performance has continued to be strong since the last trading update in September. Group revenue is expected to be slightly ahead of market expectations, despite the currency headwinds of the second half of the year. The investments in SmartVault announced in July are proceeding well.
Group recurring revenue growth is expected to be 15% at constant currency driven by strong annual revenue per user and growth in total user numbers; SmartVault was up 30% and Virtual Cabinet was up 6%. New customer wins for both document management businesses in the final quarter were very strong and churn levels in H2 were lower than in H1, offsetting the early stage impacts of the pandemic.
Net cash at the year-end of £2.3m, up 31% since 31 December 2019, was noticeably ahead of market expectations owing to the earlier than expected receipt of research and development tax credits in the UK. This, together with the recently signed £2m revolving credit facility, which is completely undrawn, provides a robust foundation to support the Group’s investments in future growth.
The Group expects to announce its final results for the year ended 31 December 2020 on 3 March 2021.