# GetBusy plc Sustained recurring revenue growth and strategic progress

- Link: https://www.directorstalkinterviews.com/getbusy-plc-sustained-recurring-revenue-growth-strategic-progress/412755906
- Published: 2018-08-01T07:04:53+01:00
- Author: Giles Arbor

**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

Share on: