GetBusy 'ahead of expectations' after switch to subscriptions

GetBusy on Wednesday reported that it expects to have achieved double-digit increases in revenue for 2018 after the business transitioned to a subscription model.

The document management software business said that total revenue increased approximately 20% to £10.9m for the full year, on a constant currency basis, while adjusted EBITDA is expected to be in-line with expectations and cash at the year-end was substantially better than expected at £2.5m, up from £2.4m at 30 June 2018.

Chief executive Daniel Rabie said: "Our dedicated and motivated team has made tremendous progress in 2018, our first full year as an independent public company, during which we've delivered a solid set of results, with cash and revenue ahead of expectations."

The AIM traded company said high-quality recurring subscription revenue, at constant currency for the full year, was 22% with the growth rate in the UK accelerating to 17% after strong order intake and the transition to a pure subscription model.

Consequently, annualised monthly recurring revenue at 31 December was £10.3m, an increase of 19% at constant currency.

"As we look ahead to 2019, we will continue to invest in the growth of high-quality recurring subscription revenues from SmartVault and Virtual Cabinet. 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," said Rabie.

GetBusy’s shares remained unchanged at 34.00p at 0901 GMT.