GetBusy FY results seen 'slightly ahead' of market expectations

14th Dec 2022 10:41

(Sharecast News) - Software firm GetBusy said on Wednesday that its full-year results were on track to come in "slightly ahead" of market expectations, as was its ambition to at least double annual recurring revenues.

GetBusy said total 2022 revenues were expected to grow by 24% to at least £19.1m, roughly 4% ahead of previously upgraded market expectations, while recurring revenues were projected to have grown approximately 27%.

The AIM-listed group said its full-year growth was a result of ongoing "solid" customer acquisition, "strong" monetisation, and "encouraging" trends on churn.

Adjusted pre-tax losses were expected to have narrowed by 20-25% compared to market expectations as a result of both higher-than-expected revenues and "prudent" cost control.

GetBusy also said it believes recurring subscription revenue to be "highly reliable and predictable", providing it with "a stable foundation" for growth investment, and added that moving into 2023, it intends 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 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," said GetBusy.

As of 1040 GMT, GetBusy shares were up 5.88% at 63.0p

Reporting by Iain Gilbert at Sharecast.com