GetBusy Revenue Grows But Loss Widens In First Year Since Listing

20th Mar 2018 10:01

LONDON (Alliance News) - Software developer GetBusy PLC said on Tuesday its loss widened in 2017, as a result of demerger and flotation costs on top of higher general expenses.

GetBusy was formed through the demerger of Australian-listed Reckon Ltd's document management and software business and was listed to London's AIM though a raising of GBP3.0 million in August 2017.

For the year, the company reported a pretax loss of GBP2.1 million, widened from GBP1.9 million the year before due to one-off costs from the IPO, as well as a rise in sales and general expenses to GBP7.2 million from GBP6.1 million, amid continued investment.

However revenue grew to GBP9.3 million, up 20% from GBP7.8 million the prior year, through a rise in revenue from recurring subscriptions to GBP8.0 million from GBP6.5 million, meaning this now represents 86% of total revenue.

"I am delighted with the performance of the team this year who have all risen to the challenges we have put before them. We successfully completed the demerger from Reckon together with the rights issue and the admission to AIM, but most importantly we have delivered a solid performance in our maiden year, with pleasing growth across the business. Our growing high-quality subscription revenue puts the company in an excellent position to leverage off its market position and continue our growth plans in 2018," said Chief Executive Officer Daniel Rabie.

Shares in GetBusy were down 5.8% at 34.40 pence on Tuesday.

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