GetBusy plc ("GetBusy", the "Company" or the "Group") (AIM: GETB), a developer of document management and communication software products, announces its unaudited results for the six months ended 30 June 2019.
- Recurring revenue up 20% in reported currency and 19% at constant currency
- 29% total revenue growth in SmartVault (22% at constant currency)
- 65% growth in adjusted profit before tax for Virtual Cabinet with substantial operating margin improvement to 37%
- Adjusted loss before tax improvement of 42% to £(284)k
- Statutory loss before tax reduced by 14% to £(572)k
- SmartVault AWS migration successfully completed
- SmartVault customer acquisition model showing significant scaling potential
- Low net MRR churn rates in Virtual Cabinet and SmartVault
- Full SmartVault sales and marketing function now in UK
- First active users for GetBusy productivity communication app
- GetBusy positioned for monetisation within 12 months
Daniel Rabie, CEO of GetBusy, comments:
"I am delighted with what our team has achieved in H1. Recurring revenue has increased 20% and our adjusted loss before tax reduced by 42%. Virtual Cabinet is demonstrating good profit and cash generation through strong operating leverage. SmartVault is scaling rapidly. GetBusy has a growing base of active users and we are positioning it for monetisation.
"We have consistently acquired new users across our products and have monetised our existing customer base better by delivering more valuable product features.
"The strong start to the year and the momentum that we have built has given us confidence that revenue for 2019 will be ahead of current market expectations."