LONDON (ShareCast) - (Sharecast News) - Productivity software company GetBusy reported continued strength in its trading in an update on Thursday, reaffirming its expectations for the full-year.
The AIM-traded firm, which was holding its annual general meeting, said annual recurring revenue at constant currency was up 19% year-on-year in the first four months of 2022, reaching £17m by 30 April.

It said that was driven by "buoyant" customer demand across its established brands, the continued benefit from monetisation initiatives, and healthy net revenue retention levels.

The company said the integration of the technologies it acquired last year was progressing to plan, with "encouraging headway" in building out the customer acquisition and operational models for the group's emerging products, Workiro and Certified Vault, reported.

Net cash was described as "solid", underpinned by the group's undrawn £2m debt facility.

The GerBusy board reaffirmed its expectations for 2022, for group revenue of at least £17m and adjusted EBITDA "approaching breakeven", with a "very high" level of confidence.

"We are pleased to report that the significant groundwork we laid last year in supporting our ambition to at least double the business over five years is bearing fruit, with an acceleration of annual recurring revenue, up 19% year-on-year," said chief executive officer Daniel Rabie.

"This provides the group with enhanced revenue visibility and the resources to continue to invest in its expanding capabilities.

"GetBusy has an enviable mix of established productivity products with strong track records and prospects that underpin our growth, complemented by innovative emerging offerings that carry the potential to significantly enhance growth in the future."

Rabie said "sizeable, under-penetrated markets" and "compelling macro trends", including digital transformation, cybersecurity, privacy legislation and hybrid working, were driving more organisations to seek technology solutions to help them work "better and smarter", providing GetBusy with "significant" growth opportunities.

"The group's broadening capabilities, growing traction in new markets and continued double-digit growth in high quality recurring revenues gives the board confidence in delivering on our ambition and generating long-term value for all shareholders."

At 1105 BST, shares in GetBusy were up 7.4% at 64.98p.

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