LONDON (ShareCast) - (Sharecast News) - Getbusy's shares leapt on Tuesday after it slashed its interim loss, as revenue increased following paid customer growth, putting the company on course to beat full-year revenue expectations.
The document management and communication software developer reported a loss before tax of £0.6m for the six months ended 30 June - a 14% improvement on the same period the year before - as revenue pushed up 19% to £6.2m and recurring revenue climbed 20% to £5.4m.

This increase came after a 12% rise in paid customers due to the growing popularity of the AIM-traded company's 'Virtual Cabinet' and 'SmartVault' products.

As a result, Getbusy said full-year revenue was now likely to beat expectations as it plans to continue to build out product functionality and build its base of active users in the second half.

Daniel Rabie, chief executive of GetBusy, said: "We have consistently acquired new users across our products and have monetised our existing customer base better by delivering more valuable product features.

"The strong start to the year and the momentum that we have built has given us confidence that revenue for 2019 will be ahead of current market expectations."

Analysts at Liberum hiked their price target for the stock from 52p to 56p as they argued that the results were stronger than expected due to higher customer numbers and good cost control, adding that the highly profitable Virtual Cabinet business is worth more than the current group market value.

Getbusy's shares were up 31.03% at 38.00p at 1228 BST.

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