GetBusy plc A successful year of growth with 22% constant currency increase

Daniel Rabie, CEO of GetBusy, comments:
“2018 was a successful year of growth for GetBusy, with a 22% constant currency increase in recurring revenue. Our strategy of building a long term sustainable growth business based on high quality recurring subscription revenues is delivering results, with a strong performance in each territory from our two existing products. We also passed important milestones in the development of GetBusy, our communication and productivity app, with the launch of the public beta and new website.
“In 2019 we will continue to invest in customer acquisition for SmartVault and Virtual Cabinet to drive sustained growth from each product. As the volume of beta users for GetBusy increases we will continue to learn from the data we gather and iterate the product and marketing strategy accordingly. 2019 looks set to be an exciting year.”

GetBusy plc (LON: GETB), a leading developer of document management and productivity software products, announces its audited results for the year ended 31 December 2018.

	2018	2017	Change
£’000	£’000	Reported currency	Constant currency⁺
Recurring revenue	9,468	7,960	19%	22%
Non-recurring revenue	1,397	1,334	n/a	n/a
Total revenue	10,865	9,294	17%	19%
Adjusted EBITDA* before development costs	1,696	1,432	18%	n/a
Development costs	(2,530)	(2,641)	n/a	n/a
Adjusted EBITDA*	(834)	(1,209)	31%	n/a
Cash	2,486	2,814	n/a	n/a
Loss before tax	(1,205)	(2,116)	43%	n/a

Financial highlights

· Total revenue up 17% in reported currency and 19% at constant currency

· Recurring revenue up 19% in reported currency and 22% at constant currency

· Increase in proportion of recurring revenue to 87%, up from 86% in 2017

· Significant increase in UK recurring revenue growth to 17%, up from 5% for 2017

· Adjusted EBITDA improvement of 31% to £(834)k

· Statutory loss before tax reduced by 43% to £(1,205)k

Operational highlights

· GetBusy public beta and new website launched

· SmartVault launched in UK

· Material improvement in SmartVault LTV:CAC ratio to 6:1 (2017: 3:1)

· Paying users up 4,100 to 61,543

· Portal users exceeded 1.2 million

· SmartVault successfully migrated to AWS environment

· Started transition of UK business to a pure subscription model

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