23
January 2025
GetBusy plc
2024 Trading Update -
Unaudited Results
Strategically positioned to
create and realise value
GetBusy plc ("GetBusy" or the
"Group") (AIM: GETB), a leading provider of
productivity software for professional and financial
services, provides an update on trading for the year ended
31 December 2024 (the "Year").
The business made strong progress in
2024, a year which is expected to yield in excess of a 40% increase
in Adjusted EBITDA and the first year that the Group has broadly
broken even at the Adjusted Profit level. Annualised Recurring
Revenue (ARR) grew by 6% at constant currency to £21.6m with
reported recurring revenue up 4% at constant currency to £20.8m.
Total revenue was up 3% for the Year, at constant currency, to
£21.4m. Net cash at 31 December 2024 was £1.1m with available cash
funds of £3.1m. The board considers the Group to be sufficiently
funded to execute its strategy.
Within SmartVault, we continued to
generate double digit ARR growth. Importantly, this month we
deepened our longstanding strategic partnership with Intuit, one of
the dominant players in the US accounting market, powering the only
document management solution natively integrated with ProConnect,
Intuit's next generation cloud tax prep application. The board is
confident this partnership will further accelerate SmartVault's
growth over the coming years. We also extended our product
capabilities with the acquisition of SmartPath, providing a
platform on which we can build a more extensive offering to help
accountants transition to become advisory-led firms, and we expect
to deliver further significant product value across the whole
SmartVault platform over the next 12 months.
Within Workiro, we saw encouraging
new customer wins from our partnerships in the ERP market. New
business grew over 500% over 2023, exceeding our average selling
price expectations and providing additional confidence the
enterprise market targeted by Workiro is characterised by large
deal sizes and low churn, driving strong customer lifetime value.
We also strengthened our base of platinum partners, including
the addition of RSM, Europe's largest provider of NetSuite
implementation services, products and solutions and part of a
leading global network, giving the board confidence that the ERP
ecosystems understand the significant customer problems our
solution is solving.
The path to creating material cash
returns for shareholders over the next few years is clearer and, we
believe, more achievable than ever, strengthened by recent
industry-related transactions in the market. The board has a
high degree of confidence in the successful execution of its
strategy.
Notice of results
All quoted financial metrics are
unaudited. Final audited numbers will be confirmed in the Group's
annual report for the year ended 31 December 2024, expected to be
published on or around Tuesday 25 March 2025.
GetBusy plc
investors@getbusy.com
Cavendish Capital Markets Limited (Nominated
Adviser and Broker)
Matt Goode / Trisyia
Jamaludin (Corporate Finance)
Harriet Ward
(ECM)
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+44 (0)20 7220 0500
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THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO
596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION
OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN. THE PERSON RESPONSIBLE FOR MAKING THIS
ANNOUNCEMENT ON BEHALF OF THE COMPANY IS PAUL HAWORTH.
About GetBusy
GetBusy's specialist productivity
software solutions enable growing businesses to work securely and
efficiently with their customers, suppliers and teams anytime,
anywhere. Our solutions can be delivered flexibly across
cloud, mobile, hosted and on-premise platforms, whilst integrating
seamlessly with a wide variety of other class-leading core business
systems.
With nearly 70,000 paying users and
over 3 million collaborators across multiple market sectors and
jurisdictions, GetBusy is an established and fast-growing SaaS
business delivering sustained double-digit growth in high-quality
recurring subscription revenue over the long term.
Further information on the Group is
available at www.getbusyplc.com