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GetBusy PLC on Wednesday reported a double-digit revenue growth as it anticipates eyes continuing annual recurring revenue momentum and resilient customer demand in the second half of 2022.
Shares are up 5.4% at 59.00 pence each on Wednesday morning in London.
GetBusy is a Cambridge, England-based document management and productivity software provider.
For the six months period ended June 30, the company posted a narrowed pretax loss of £880,000 from £949,000 the year before. GetBusy saw an increase in depreciation on owned assets and amortisation to £487,000 from £408,000 as a result of continued capitalisation of development costs.
In the period, £748,000 development costs were capitalised, compared to £324,000 during the same period in 2021.
Revenue however, climbed by 19% to £8.2 million from £6.9 million. The company said annual recurring revenue grew 21% at constant currency to £18.1 million during the period compared to £14.0 million in 2021. GetBusy explained that the growth was due to ‘a combination of new customer acquisition, strong customer retention rates and higher monetisation within our established products.’
The company said recurring revenue comprises 94% of total revenue, compared to 93% in the first half of 2021.
Chief Executive Officer Daniel Rabie said: ‘Momentum has continued to build during GetBusy's record first half of 2022, with constant currency ARR growth of 21%, stronger than we reported in our AGM update two months ago. As we continue to win new clients in our core markets, introduce new capabilities into our existing client base and establish a foothold in new markets, we anticipate that ARR growth will remain strong throughout H2.’
Looking ahead, the company expects 2022 revenue to reach at least £18.4 million, ahead of previous guidance of £17.0 million as a result of customer demand and continuing ARR momentum.
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