GetBusy: Interim result 2017
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GetBusy, Reckon's former document management division, recently commenced trading on the AIM sub-market of the London Stock Exchange (LSE) under the code GETB. This meant the demerger and subsequent rights issue became unconditional.
GetBusy shares were issued on 4 August. For those who elected to receive them in paper form, share certificates were dispatched by Computershare UK on 8 August.
Unfortunately, for those who set up a CREST account, it could take ‘some time' for the shares to appear in your international brokerage account. For those who use CommSec, the GetBusy shares were transferred by Computershare UK to Pershing – CommSec's international broker – on 4 August and Pershing is still in the process of allocating the shares to their respective owners. To help the process along, CommSec recommends you call them and ask for your GetBusy shares to be identified in Pershing's account and transferred to your international brokerage account. We believe the process will be similar with other Australian brokers so a call to your broker is recommended.
| Six months to June | 2017 | 2016 | /– (%) |
|---|---|---|---|
| Revenue (£m) | 4.6 | 3.7 | 24 |
| EBITDA (£m) | 0.8 | 0.4 | 100 |
| NPAT (£m) | 0.1 | - | nm |
| EPS (p) | 0.2 | - | nm |
GetBusy shares closed in London overnight at 38.25 pence or around 62 cents at current exchange rates, representing decent premiums to the rights issue price of 28 pence and 48 cents (at the then current exchange rate), respectively. GetBusy shares received in the spin-off now represent around 21 cents per Reckon share at current prices.
SmartVault recovers
GetBusy's revenue rose 24%, to £4.6m (see Table 1), in the six months to June, as 5,000 additional paying customers were added. GetBusy now has 752,000 registered users and 56,000 paying customers, compared to 617,000 and 48,000 in the prior corresponding period. Earnings before interest, tax, depreciation and amortisation (EBITDA) doubled to £0.8m.
GetBusy operates in a highly competitive space, which is still in the very early stages of development. However, its two products, SmartVault and Virtual Cabinet, are growing quickly and have very sticky customers, with churn rates of 1.1% and 0.3% respectively. The company's new SCIM product should be released in Australia in late 2018.
With GetBusy now listed on AIM, we won't be providing specific ongoing coverage.
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