LONDON (ShareCast) - (Sharecast News) - Document management and productivity software company GetBusy said on Thursday that the new year had started "well", with recurring revenue in the four months ended 30 April up 12% year-on-year, and total revenue ahead 10%, both on a constant currency basis.

The AIM-traded firm, which was holding its annual general meeting, said its balance sheet remained strong, with net cash of £2.1m at 30 April, and the £2m loan facility remaining entirely undrawn.

It said SmartVault had led the recurring revenue growth, with a 44% increase in the value of new business over the four month period.

"Encouragingly, the average selling price of new business has been over 40% higher per customer than the same period in 2020, reflecting early success in the board's strategy to broaden SmartVault's appeal to larger clients," the board said in its statement.

"Virtual Cabinet celebrated a significant new customer win in the insolvency and restructuring space, underlining the increasing strength of its credentials in that very buoyant sector."

GetBusy said its annualised recurring revenue for the GetBusy product had grown by more than 50% over the period from the "relatively low base" as at 31 December.

"The GetBusy product has now launched within NetSuite's SuiteApps store.

"Current efforts are directed towards building our relationships with NetSuite's own sales teams and its substantial partner network to build brand awareness and articulate the value the product provides."

At 0907 BST, shares in GetBusy were up 4.62% at 102p.

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