16th Jan 2019 09:28
LONDON (Alliance News) - GetBusy PLC on Wednesday said it expects double-digit revenue growth for 2018 on beta launch of its app and improvement of its cloud-based product.
The stock was trading 19% higher on Wednesday morning at 40.50 pence a share.
The management software company said it expects to report a 20% increase in revenue for the year to the end of December to GBP10.9 million, on a constant currency basis.
GetBusy anticipates adjusted earnings before interest, taxes, depreciation, and amortization to be in line with expectations.
These results were boosted by strong order intake and the transition to a pure subscription model.
In early December, the company launched a new website and public beta for its client chat and productivity app. On Wednesday, GetBusy said early indicators of cost-per-lead and conversion rates have been encouraging.
The company said it has well progressed in the migration of its cloud-based SmartVault product from self-managed servers to Amazon.com Inc web services, improving speed, reliability and security for its customers while ensuring the product is highly scalable.
However, GetBusy noted that a one-off, non-underlying provision of GBP100,000 will be taken in 2018 for onerous contractual costs related to the previous self-managed server infrastructure.
"Our dedicated and motivated team has made tremendous progress in 2018, our first full year as an independent public company, during which we've delivered a solid set of results, with cash and revenue ahead of expectations," said Chief Executive Daniel Rabie.
GetBusy floated on London's AIM in August last year after raising GBP3 million in its initial public offering.
The company expects to announce its 2018 results on March 5.
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