GetBusy loss widens despite improved revenue performance

Document management software business GetBusy announced its unaudited results for the six months ended 30 June on Wednesday, reporting a 14% improvement in total revenue in reported currency, and an 18% rise at constant currency, to £5.16m.

The AIM-traded firm said recurring revenue was ahead 18% in reported currency and 23% at constant currency, reaching £4.5m.

It said it saw an increase in the proportion of recurring revenue to 87%, up from 84% in the first half of 2017, with a “significant” increase reported in UK recurring revenue growth to 16%, up from 5% for the 2017 full year.

Adjusted EBITDA was a £0.49m loss, which was £0.1m - or 25% - wider than the first half of 2017, following an additional £0.38m of corporate costs following the demerger and initial public offering in August 2017.

On the operational front, GetBusy noted the launch of its ‘SmartVault’ product in the UK and Australia, and the signing of an integration partnership with DocuSign.

It said total paying users rose 1,100 in the period to 58,600, with its portal users exceeding one million for the first time.

Customer and commercial validation was started during the half for a new GetBusy product, the board reported, adding that it saw “favourable conditions” to increase investment in customer acquisition in the second half and beyond.

“In the first half of 2018 we've seen early but significant progress on the key elements of our strategy,” said chief executive officer Daniel Rabie.

“We have continued our focus on high quality recurring subscription revenues, which we have grown by 18%, or 23% at constant currency.

“We've also had tremendous early success in the UK converting to a pure subscription model, with year-on-year growth of 16% compared to 5% for the 2017 full-year.”

Rabie noted the launch of the cloud-based SmartVault product in the UK and Australia, adding that the company had already secured our first SmartVault customers in those territories.

“Finally, we have improved our ability to create further value from our SmartVault portal users through our integration partnership with DocuSign.

“I'm really proud of the performance of our team who continue to give their all to exceed customers' expectations.

“Moving into the second half, we will seek to capitalise on favourable market conditions and data points to increase our investment in customer acquisition in all territories.”