3rd Mar 2020 11:18
(Alliance News) - Management software firm GetBusy PLC on Tuesday reported a full-year jump in revenue, but remained loss-making with operating costs climbing.
In 2019, revenue came in 17% higher at GBP12.7 million from GBP10.9 million. On a constant currency basis, revenue rose 15%, GetBusy added.
The company reported a GBP1.2 million pretax loss, flat year-on-year, but narrowed its adjusted pretax loss to GBP595,000 from GBP834,000.
GetBusy's operating costs rose 12% to GBP12.9 million from GBP11.5 million in 2018.
In the SmartVault, the company's cloud-based document management division, revenue rose 31% to GBP4.3 million from GBP3.3 million.
In Virtual Cabinet, revenue was 10% higher at GBP8.3 million. Virtual Cabinet is a desktop document managing software and is mainly used in the accounting, bookkeeping and tax industries, GetBusy said.
GetBusy added: "We expect SmartVault's growth to continue to be strong, underpinned by a very encouraging start to the new year and investment in product development and customer acquisition that will be at a higher run-rate than in 2019. Improvements in Virtual Cabinet's operating margin will be driven by strong operating leverage and more modest recurring revenue growth.
"We are not forecasting any material revenue for the GetBusy product at such an early stage, although we remain encouraged by the initial progress thus far."
Shares in the company were 4.4% higher at 67.85 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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