Business
Trading update
Trading update.
About this update from Getbusy Plc
[{"type":"text","content":"\n \n \n \n 14 December 2022\n \n \n \n \n GetBusy plc\n \n \n \n \n Trading Update\n \n \n \n \n FY22 expected to be slightly ahead of market expectations, validating growth strategy\n \n \n \n \n \n \n GetBusy plc (\"GetBusy\" or the \"Group\") (AIM: GETB), a leading provider of productivity software for professional and financial services, is pleased to provide a trading update ahead of end of its financial year on 31 December.\n \n \n \n \n \n \n Growth strategy increasingly validated\n \n \n \n \n \n \n \n \n The Board anticipates financial results for the year ended 31 December 2022 to be slightly ahead of market expectations, in line with the Group's strategic focus on growth. As a result, the Board's ambition to at least double Annual Recurring Revenue (\"ARR\") within five years, as announced in 2021, is firmly on track. \n \n \n \n \n \n Total revenue for 2022 is expected to grow by 24% to at least £19.1m (2021: £15.5m), around 4% ahead of the previously upgraded market expectations,* with recurring revenue expected to grow c.27%. Ongoing solid customer acquisition, strong monetisation and encouraging trends on churn have all contributed to this growth.\n \n \n \n \n \n Adjusted Loss Before Tax is expected to have narrowed by 20-25% compared to market expectations* as a result of the higher than expected revenue for the year and prudent cost control.\n \n \n \n \n \n Net cash at 30 November 2022 was £2.2m and the Group's £2m debt facility remains entirely undrawn.\n \n \n \n \n \n \n Investing to scale\n \n \n \n \n \n \n \n \n The Board believes that recurring subscription revenue is highly reliable and predictable, providing a stable foundation for growth investment. Moving into 2023, we intend to invest further to scale the business. In particular, we intend to accelerate our investment in sales and marketing in the US, where our SmartVault product occupies an enviable position in a highly attractive market, primed to scale. We will also focus on gaining traction in the Enterprise Resource Planning (\"ERP\") market with Workiro, and we will seek to capitalise on Virtual Cabinet's strong brand recognition and integration partnership in the insolvency and financial services markets.\n \n \n \n \n \n The Board is delighted with the performance of the Group for ...