Business
2023 Half-year Results
2023 Half-year Results.
About this update from Getbusy Plc
[{"type":"text","content":"\n\n5 September 2023\nGetBusy plc\n2023 Half-year Results\nSignificant value creation continues\n \nGetBusy plc (\"GetBusy\", the \"Company\" or the \"Group\") (AIM: GETB), a leading provider of productivity software for professional and financial services, announces its unaudited results for the six months ended 30 June 2023 (the \"Period\", \"H1\" or \"H1 2023\").\n\n\n\n\n\n\n\nH1 2023\n\n\nH1 2022\n\n\nChange\n\n\n\n\n£'000\n\n\n£'000\n\n\nReported currency\n\n\nConstant currency***\n\n\n\n\nGroup ARR\n\n\n20,121\n\n\n18,068\n\n\n11%\n\n\n14%\n\n\n\n\nGroup recurring revenue\n\n\n10,102\n\n\n8,519\n\n\n19%\n\n\n16%\n\n\n\n\nGroup total revenue\n\n\n10,521\n\n\n9,070\n\n\n16%\n\n\n13%\n\n\n\n\nGroup adjusted EBITDA*\n\n\n164\n\n\n24\n\n\n583%\n\n\n\n\nGroup adjusted loss before tax**\n\n\n(603)\n\n\n(724)\n\n\n17%\n\n\n\n\nGroup loss before tax\n\n\n(782)\n\n\n(879)\n\n\n11%\n\n\n\n\nCash\n\n\n1,659\n\n\n2,131\n\n\n(22)%\n\n\n\n\n \nFinancial highlights\n· Recurring revenue growth of 16% at constant currency to £10.1m (H1 2022: £8.5m)\n· Recurring revenue comprises 96% of total revenues (H1 2022: 94%)\n· ARR growth of 14% at constant currency to £20.1m (H1 2022: £18.1m) and up 7% at constant currency since the start of the year\n· Gross margin remains strong at 89.9% (H1 2022: 90.4%) with greater volume of cloud revenue\n· Adjusted EBITDA of £164k (H1 2022: £24k)\n· Cash of £1.7m (H1 2022: £2.1m) remains strong, underpinned by undrawn committed £2.0m facility with total of £3.7m available growth capital\n \nOperational highlights\n· Strong net revenue retention of 100.5% per month (H1 2022: 100.6%), reflecting successful fair-price monetisation efforts and lower gross churn \n· Group ARPU up 14% at constant currency to £275 (H1 2022: £245)\n· 0.7% reduction in paying users to 73,126 (H1 2022: 73,667), reflecting strategy to focus on higher value customers\n· Launched major new integration for SmartVault with Thomson Reuters' UltraTax application, opening promising new accounting markets within US\n· &...