GetBusy Plc (LON:GETB) said its balance sheet is resilient enough to carry on through the coronavirus crisis.
Since January, recurring revenue – representing 90% of total revenue – jumped 20% compared to 2019 thanks to strong market demand for cloud productivity products and improved sales and marketing execution.
The business software firm said it plans to capitalise on the expected market growth coming from months of remote working.
Revenue and adjusted loss for the year to December are estimated to be £14mln and £600,000 respectively, in line with market forecasts.
Getbusy has received state benefits from governments in UK, US and Australia as current customers delay payments or change payment plans.
The AIM-listed firm said 60% of its revenue base comes from accountants and bookkeepers, whose trading depends on performance of their clients.
As of now, Getbusy has not seen significant numbers of customers churning or reducing licensed users.
The cancellation of trade shows has hit new business generation, which has been diverted online, although some customer-facing staff have been furloughed as they are not able to carry out on-site installation.
"Looking into 2021 the cancellation of trade-shows and the need for some on-site installation is balanced against the lockdown-enforced acceleration of remote working, and the implied need for cloud software tools and fully digitised, paperless work practices," analysts at house broker Liberum commented.
Shares rose 6% to 64.5p on Tuesday morning.
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