20th Jan 2021 12:41
(Alliance News) - GetBusy PLC on Wednesday said it expects revenue for 2020 to be ahead of market expectations, despite currency headwinds faced in the second half of the year.
Shares in the document management and productivity software provider were up 9.6% at 91.50 pence on Wednesday in London.
Recurring revenue growth is set to be 15% on a constant currency basis, due to strong annual revenue per user and a rise in total user numbers. By business, SmartVault user numbers were up 30% year-on-year while Virtual Cabinet's numbers were up 6%.
For 2019, recurring revenue was GB11.4 million, while total revenue was GBP12.7 million.
For the final quarter of the year, new customers wins in both businesses were strong, and churn levels in the second half were lower than that of the first half, offsetting the early effects of the Covid-19 pandemic.
As at December 31, net cash was at GBP2.3 million, up 31% from GBP1.7 million the same date the year before.
GetBusy will publish its annual results on March 3.
By Dayo Laniyan; [email protected]
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