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GetBusy Plc

GetBusy plc Sustained recurring revenue growth and strategic progress

GetBusy plc (LON:GETB), a leading document management software business, has today announced its unaudited results for the six months ending 30 June 2018.

 H1 2018

 H1 2017

Change

£’000

£’000

Reported currency

Constant currency+

Recurring revenue

4,496

3,800

18%

23%

Non-recurring revenue

660

725

Total revenue

5,156

4,525

14%

18%

Adjusted EBITDA* before development costs

783

838

(7)%

Development costs

(1,275)

(1,232)

Adjusted EBITDA*

(492)

(395)

(25)%

Cash

2,357

N/A

Financial highlights

· Total revenue up 14% in reported currency and 18% at constant currency

· Recurring revenue up 18% in reported currency and 23% at constant currency

· Increase in proportion of recurring revenue to 87%, up from 84% in H1 2017

· Significant increase in UK recurring revenue growth to 16%, up from 5% for FY 2017

· Adjusted EBITDA of £(492)k, down just £97k from H1 2017 despite additional £383k of corporate costs following demerger and IPO in August 2017.

Operational highlights

· SmartVault launched in UK and Australia

· Integration partnership signed with DocuSign

· Paying users up 1,100 to 58,600

· Portal users exceeded 1 million for the first time

· Customer and commercial validation started for new GetBusy product

· Favourable conditions to increase investment in customer acquisition in H2 and beyond.

Daniel Rabie, CEO of GetBusy plc, comments: “In H1 2018 we’ve seen early but significant progress on the key elements of our strategy. 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 FY17. We have launched our cloud-based SmartVault product in the UK and Australia and 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 H2 we will seek to capitalise on favourable market conditions and data points to increase our investment in customer acquisition in all territories.”

* Adjusted EBITDA is EBITDA before IPO and demerger costs, share option costs, net capitalised development costs and non-underlying items. A full list of alternative performance measures can be found in note 2.

+ Changes at constant currency are calculated by retranslating the comparative period at the current period’s prevailing rate of exchange.

A glossary of certain terms can be found in note 2.

Ahead of today’s presentations to investors, a copy of the presentation to investors is now available on the Company’s website, at www.getbusy.com/about/investors