Increased renewals puts newcomer GetBusy in strong position

Document management specialists GetBusy released an impressive maiden set interim results for the first six months of 2017 on Tuesday, just days after floating on AIM.

The Cambridge-based firm reported a 24% increase in revenue to £4.57m. Thanks to a jump in recurring subscription revenue, the software-as-a-service (SaaS) division accounted for a total of 83% of revenue during the period.

EBITDA more than doubled to £780,000 from the £350,000 reported in 2016, a 122% increase that aided in the creation of an operating margin of 17%.

Daniel Rabie, chief executive of GetBusy, commented: "With 83% of our growing revenues under repeat subscription, our high quality and strong organic revenue growth coupled with the proceeds from our rights issue on admission puts the company in an excellent position to leverage off its market position and accelerate our growth plans.

"In GetBusy, we have both a platform to bring our new SCIM product to market and also to build an infrastructure to scale and capitalise on the strong market demand for our disruptive products."

Operating cash flow was up 206% to £810,000 and the £3m the firm raised on its admission to AIM left GetBusy with a strong balance sheet at the end of June.

All international revenue streams saw strong growth, with the UK up 9%, the USA up 37% and all other territories posting an 88% increase thanks to 5,000 new paying customers in the period, which was just 2,000 less than the entirety of 2016.

"The strong trading results continue to validate our strategy and business model," said Rabie before stating he felt the group was in, "an excellent position to exploit the opportunities in the market."

As of 1030 BST, shares had gained 13.14% to 39.60p.