GetBusy (GETB) , the business software developer, has revealed that trading continues to be strong into the second half of 2018, with cash and revenue ahead of expectations.
It reported revenue increasing approximately 20% to £10.9m and cash at the end of 2018 being “substantially better than expected” at £2.5m. EBITDA was in line with expectations.
This comes as the group experienced growth in high quality recurring subscription revenue, with annualised monthly recurring revenue of £10.3m, an increase of 19%.
After a successful first full year as an independent public company, it expects to announce its Final Results on 5 March 2019.
Shares rose 16% following the news
In December the group launched a new website and public beta for its GetBusy client chat and productivity app, marking the start of its search for a product/market fit.
he company said early indicators of cost-per-lead and conversion rates were “encouraging”.
It is also migrating its cloud-based SmartVault product from self-managed servers to Amazon Web Services. The company said it was to ensure that the product is highly scalable, and to improve the speed, reliability and security for its customers.
Daniel Rabie, CEO of GetBusy, said: "Recurring revenue from Virtual Cabinet and SmartVault has continued to grow at strong rates due to the combined impact of favourable LTV:CAC ratios, low net MRR churn and a well-executed GDPR campaign.”
He added: "As we look ahead to 2019, we will continue to invest in the growth of high quality recurring subscription revenues from SmartVault and Virtual Cabinet. As the volume of beta users for GetBusy increases we will continue to learn from the data we gather and iterate the product and marketing strategy accordingly. 2019 looks set to be an exciting year."
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