GetBusy plc (LON:GETB), a leading developer of document management and productivity software products, has today provided an update on trading ahead of today’s AGM.
Trading for the four months to 30 April 2018 was in line with the Board’s expectations as the Company built on the strong progress achieved during 2017. Recurring revenue grew over 20% compared to the same period in 2017 while total revenue grew 17%, both on a constant currency basis. Gross margins have been consistent with 2017. At 30 April 2018 the Group had net cash of £2.7m.
So far in 2018, the Group has made progress with its strategic objectives of building out additional growth channels and focussing on high quality recurring subscription revenues:
· The partnership with DocuSign and the integration of its e-signature technology into GetBusy’s SmartVault product announced on 15 May 2018 demonstrates how the Group is seeking to better monetise existing customers by delivering additional value.
· Overseas expansion of SmartVault has started, with the establishment of a dedicated SmartVault sales resource for the UK, Australia and New Zealand.
· Virtual Cabinet has increased its focus on improving customer lifetime values, having developed its pure-subscription model and received its first subscription-only orders.
Daniel Rabie, CEO of GetBusy Plc, commented: “I am pleased that the Group has continued the momentum built up during 2017 as we execute our strategy. We are delivering additional value to our existing customers, acquiring new accounts via new channels and ensuring we have the right business models in place to offer better flexibility to our customers as well as enhancing lifetime value.
“The drive for cost- and process-efficiency within our target markets, together with the continued tightening of international data regulations exemplified by GDPR in the European Union, creates a favourable environment for our products and the Group is well-placed to capitalise on the opportunity.”
The Company’s AGM will be held at 11.00am BST today at the offices of Grant Thornton at 30 Finsbury Square, London, EC2P 2YU.