22nd May 2018 12:00
LONDON (Alliance News) - GetBusy PLC on Tuesday said trading at the start of 2018 was in line with expectations as revenue grew and strategic aims achieved.
The productivity software developer reported recurring revenue growth of 20% in the four months to the end of April while total revenue came in 17% higher year-on-year. Both figures were presented on the constant currency basis, GetBusy said.
At the end of the reported period, the company had GBP2.7 million in cash.
In addition, GetBusy said it progressing well on its strategic objectives focusing on additional growth and high quality recurring subscription revenues.
The company's Virtual Cabinet received its first subscription-only orders during the period, while SmartVault has started its overseas expansion with sales resources in the UK, Australia and New Zealand. Previously, SmartVault was distributed only in the US.
GetBusy said it intends to better monetise existing customers by delivering additional value. Hence, it partnered with electronic signature technology firm DocuSign on Tuesday last week.
The company will now integrate DocuSign's e-signature technology into GetBusy's SmartVault document management software product.
"I am pleased that the group has continued the momentum built up during 2017 as we execute our strategy," said Chief Executive 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," Rabie added.
Shares in GetBusy were trading up 2.3% at 38.35 pence each on Tuesday.
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