In a trading update for the year ended 31 December 2020, GetBusy (GETB ) said the Group's performance has continued to be strong since its last trading update in September 2020.
The London-listed document management and task management software developer told investors that group revenue is expected to be slightly ahead of market expectations as a result, despite the currency headwinds present during the second half of the year.
The company detailed that its ongoing investments in its cloud document management platform, SmartVault, which were announced back in July 2020, are ‘proceeding well.’
Group recurring revenue growth over the period is expected to be 15% at constant currency which the company said has been driven by strong annual revenue per user and growth in total user numbers; in addition, SmartVault was up 30% and Virtual Cabinet was up 6%.
Shares in GetBusy have increased by nearly 60% in value since the beginning of April 2020 to open 9.58% higher this morning at 93p following the announcement.
Customer wins for document management businesses in the final quarter were ‘very strong’ while churn levels in H2 were lower than in H1, offsetting early stage impacts of COVID-19.
The group finished the period with net cash at year-end of £2.3m, an increase of 31% since 31 December 2019. GetBusy said this was ‘noticeably ahead of market expectations owing to the earlier than expected receipt of research and development tax credits in the UK.’
The group said this, together with the recently signed £2m revolving credit facility (undrawn) provides a robust foundation to support its investments in future growth.
GetBusy expects to announce its final results for the year ended 31 December 2020 on 3 March 2021.
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