Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Document and task management software developer GetBusy plc (LON: GETB) are climbing on Wednesday following the release of its unaudited trading update.
The company revealed its performance has continued to be strong since the last trading update in September, with group revenue expected to be slightly ahead of market expectations, despite the second half of the year's challenging conditions.
GetBusy’s investments in SmartVault, which they announced in July, are proceeding well.
The company’s recurring revenue growth is expected to be 15%, driven by healthy annual revenue per user and increased total user numbers.
SmartVault was up 30%, and its Virtual Cabinet business saw a rise of 6% with new customer wins for both document management businesses in the final quarter very strong, according to GetBusy. They also saw churn levels in the second half below the first, softening the impact of the early stages of the pandemic.
Net cash at the year-end of £2.3m, is up 31% since 31 December 2019, and comfortably ahead of market expectations down to the earlier than expected receipt of research and development tax credits in the UK.
The company also has a recently signed £2m revolving credit facility, which is entirely undrawn.
GetBusy shares touched highs of 96p soon after the market open, although they are now at 91.5p, up 9.58% from Tuesday's close at 83.50p.
The company expects to announce its final results for the year ended 31 December 2020 on 3 March 2021.
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