LONDON (ShareCast) - (Sharecast News) - Document and task management software company GetBusy updated the market on its trading for 2020 on Wednesday, reporting that its performance had continued strongly since its last update in September.
The AIM-traded firm said group revenue was expected to be "slightly ahead" of market expectations, despite currency headwinds in the second half.

It said its investments in SmartVault, announced in July, were proceeding well.

Group recurring revenue growth was expected to be 15% at constant currency, driven by strong annual revenue per user and growth in total user numbers, with SmartVault up 30% and Virtual Cabinet rising 6%.

"New customer wins for both document management businesses in the final quarter were very strong and churn levels in the second half were lower than in the first half, offsetting the early stage impacts of the pandemic," the board said in its statement.

Net cash at the year-end of £2.3m, up 31% since the end of 2019, was "noticeably ahead" of market expectations, which the board put down to the earlier-than-expected receipt of research and development tax credits in the UK.

"This, together with the recently signed £2m revolving credit facility, which is completely undrawn, provides a robust foundation to support the group's investments in future growth."

GetBusy said it would announce its final results for the year ended 31 December on 3 March.

At 1248 GMT, shares in GetBusy were up 10.18% at 92p.

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