23rd Jul 2019 10:20
(Alliance News) - GetBusy PLC on Tuesday said its pretax loss narrowed in the first half of the year with higher recurring revenue led by customer growth in both its Virtual Cabinet and SmartVault products.
Shares in GetBusy jumped 16% to 33.68 pence on Tuesday morning.
The document management and communication software firm posted a USD571,000 pretax loss for the six months ended June 30, narrowed from GBP666,000 the year before.
This improvement was down to revenue, which grew 19% to GBP6.2 million from GBP5.2 million - including a 20% improvement in recurring revenue to GBP5.4 million from GBP4.5 million. The increase was the result of customer growth within GetBusy's Virtual Cabinet and ASmartVault products, with paid users up 12%.
Operating costs rose to GBP5.2 million from GBP5.5 million.
GetBusy Chief Executive Daniel Rabie said: "SmartVault is scaling rapidly. GetBusy has a growing base of active users and we are positioning it for monetisation."
"We have consistently acquired new users across our products and have monetised our existing customer base better by delivering more valuable product features."
"The strong start to the year and the momentum that we have built has given us confidence that revenue for 2019 will be ahead of current market expectations."
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