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GetBusy recurring revenue rises solidly
Document management and productivity software products provider GetBusy updated the market on its trading as investors gathered for its annual general meeting on Tuesday, reporting that the four months to 30 April were in line with the board's expectations, as the company built on the progress it achieved during 2017.
The AIM-traded firm said recurring revenue grew more than 20% compared to the same period in 2017, while total revenue was ahead 17%, both on a constant currency basis.
Gross margins had been consistent with 2017, the board said, and as at 30 April, the group had net cash of £2.7m.
So far in 2018, GetBusy said it made progress with its strategic objectives of building out additional growth channels and focussing on high quality recurring subscription revenues.
It explained that the partnership with DocuSign and the integration of its e-signature technology into GetBusy's SmartVault product, announced on 15 May, demonstrated how the group was seeking to better monetise existing customers by delivering additional value.
Overseas expansion of SmartVault had also started, with the establishment of a dedicated SmartVault sales resource for the UK, Australia and New Zealand.
Virtual Cabinet also increased its focus on improving customer lifetime values, the board stated, having developed its pure-subscription model and received its first subscription-only orders.
"I am pleased that the group has continued the momentum built up during 2017 as we execute our strategy," said CEO Daniel Rabie.
"We are delivering additional value to our existing customers, acquiring new accounts via new channels and ensuring we have the right business models in place to offer better flexibility to our customers as well as enhancing lifetime value.
"The drive for cost- and process-efficiency within our target markets, together with the continued tightening of international data regulations exemplified by GDPR in the European Union, creates a favourable environment for our products and the Group is well-placed to capitalise on the opportunity."