**Summary of GetBusy PLCs 2025 Half-Year Results**
GetBusy PLC, a leading provider of productivity software for professional and financial services, announced its unaudited results for the six months ended 30 June 2025. The company highlighted significant progress in its SmartVault and Workiro product lines, with a focus on value creation and long-term growth.
**Key Highlights**
1. **SmartVault Performance**
New accounting business grew by 27%, driven by an 11% increase in volume and a 15% rise in price.
Annual Recurring Revenue (ARR) increased by 9% to £15.6 million, with a 12% growth in the accounting segment.
Churn rate improved to 1% per month, with even lower rates in the core accounting market.
Launched **SmartRequestAITM**, a game-changing feature for tax preparers, expected to drive material ARR acceleration.
Strong market tailwinds from the discontinuation of Thomson Reuters FileCabinet CS and the upcoming Intuit ProConnect integration.
2. **Workiro Progress**
Workiro product ARR grew by 40% year-on-year.
Strengthened pipeline in the ERP market.
Successfully migrated Virtual Cabinet customers to Workiro using new automated tooling.
Divisional ARR (including Virtual Cabinet) remained flat at £9.6 million but is expected to return to growth in 2026.
3. **Group Performance**
ARR grew by 5% at constant currency (1% reported) to £21.1 million.
Recurring revenue increased by 5% at constant currency (3% reported) to £10.7 million.
Gross margin remained strong at 87.5%.
Adjusted EBITDA increased by 5% to £0.4 million.
Net bank debt was £40k, with total available funds of £3.0 million.
4. **Outlook**
SmartVault ARR is expected to accelerate significantly in H2, driven by the ProConnect integration, FileCabinet CS sunset, and SmartRequestAITM.
Workiro is projected to offset Virtual Cabinet churn by the end of 2025 and return to growth in 2026.
Group ARR growth is expected to increase to 7-10% in 2025.
5. **Strategic Focus**
Continued investment in Workiros product development and market traction.
Clear path to creating material cash returns for shareholders over the next few years.
Strong focus on high-value, professional customers in embedded workflow markets.
**Financial Snapshot (H1 2025 vs H1 2024):**
**ARR**£21.1 million (up 1% reported, 5% constant currency).
**Recurring Revenue**£10.7 million (up 3% reported, 5% constant currency).
**Adjusted EBITDA**£0.4 million (up 5%).
**Net Bank Debt**£40k (vs net cash of £0.2 million in H1 2024).
**Conclusion**
GetBusy PLC is poised for material acceleration, particularly in its SmartVault product, driven by strategic integrations, product innovations, and market opportunities. The company remains focused on delivering long-term value and cash returns to shareholders, with a clear strategy for growth in both SmartVault and Workiro.