Sparks

In its year-end trading update, GetBusy confirmed that it expects to report FY24 revenue of £21.4m (+1% y-o-y, +3% constant currency), 6.6% below consensus. Annualised recurring revenue (ARR) of £21.6m increased 5% y-o-y or 6% in constant currency. Adjusted EBITDA is expected to increase at least 40% y-o-y to c £1.5m (c 7% margin), ahead of consensus at £1.2m, and the company expects to be broadly break-even at the adjusted profit level for the first time. Net cash at year-end was £1.1m (down from £1.9m at the end of FY23) with available funds of £3.1m.  SmartVault continues to generate double-digit ARR growth, and earlier this month, GetBusy deepened its partnership with Intuit, adding Intuit ProConnect Tax into the suite of products natively integrated with SmartVault. New business wins in Workiro were five times higher than in FY23, helped by partnerships in the ERP market. Management believes it has sufficient funds to execute its strategy. With costs well-controlled, an acceleration in ARR and revenue growth will be the key triggers to reaching positive free cash flow.