GetBusy PLC (AIM:GETB) has forecast that its results for this year will be slightly ahead of market expectations and said its ambition to double annual recurring revenue (ARR) is “firmly on track”.
Total revenue for the year to 31 December 2022 is expected to grow by 24% to at least £19.1mln, beating the current analyst consensus of £18.4mln, the provider of productivity software for professional and financial services announced in a trading statement.
Recurring revenue is expected to grow by around 27%, driven by “solid customer acquisition, strong monetisation and encouraging trends on churn”, it said.
Adjusted pre-tax losses are forecast to have narrowed by 20%-25% compared to market expectations of £1.3mln as a result of the higher-than-expected revenue and “prudent” cost control, the AIM-listed company added.
As it moves into 2023, the company plans to invest further to scale the business, particularly in sales and marketing in the US, where its SmartVault product enjoys an "enviable" market position.
GetBusy CEO Daniel Rabie said the strong results show that the company’s growth strategy to invest and scale the business is working.
“Our very high - and improving - customer retention rates and Average Revenue Per User (ARPU) demonstrate how embedded our growing range of capabilities have become within our clients' technology stacks; a trend we expect to continue as the tailwinds of digital transformation, cyber security, privacy legislation and hybrid working strengthen.
"Our core professional and financial services markets remain buoyant, and we expect strong demand for our products, and the increasingly important security and productivity benefits they provide, to be sustained," he noted in the trading update.
Net cash as of 30 November 2022 was £2.2mln and the group's £2mln debt facility remains undrawn.
GetBusy expects to announce its final results for 2022 on 1 March 2023.