5th May 2020 14:28
(Alliance News) - GetBusy PLC said Tuesday at its annual general meeting that it had made a strong start to 2020, leading to expectations of significant growth in the medium to longer term.
Shares in GetBusy were 13% higher at 69.00 pence on Tuesday in London.
For the four months to the end of April, the document management software developer reported double digit revenue growth and the generation of a small adjusted profit. On a constant currency basis, recurring revenue grew by 20%, and total revenue by 15%.
The SmartVault business grew by 32% in recurring revenue, reflecting strong market demand for cloud products, as well as improved sales and marketing execution.
Meanwhile, the Virtual Cabinet division reported a 13% rise in recurring revenue, reflecting the benefit of strong growth in 2019 and further improvements in revenue per user.
Looking ahead, as a result of the Covid-19 pandemic, SmartVault's demand from new customers has remained solid, albeit with monthly variations, while the conversion of new customer leads in Virtual Cabinet has slowed considerably since early March, leading to the furloughing of a small number of staff.
Further, GetBusy still expects to report an adjusted pretax loss of GBP600,000 and revenue of GBP13.8 million for 2020 as a whole.
For 2019, GetBusy had an adjusted pretax loss of GBP595,000 and revenue of GBP12.7 million.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Getbusy