Shares in productivity software provider Getbusy plunged nearly 11 per cent on Tuesday morning after it disappointed investors with its half-year results.
Annual recurring revenue (ARR) grew less than £1m in the first six months of 2024 to £21m and net cash tumbled to £0.2m, down from £1.7 last year, which Getbusy said reflected “a later receipt of UK R&D tax credit”.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £0.4m from £0.2m in the first half of 2023 and the company narrowed its adjusted loss to £0.3m, compared to £0.6m in the year ago period.
The AIM-listed company, which provides software for professional and financial services, also saw a small drop off of paying users but blamed this on churn in its legacy business and on its pivot to focus on higher value customers.
Daniel Rabie, chief executive of Getbusy, said: “We have made encouraging strategic progress in H1 2024 to keep the business on track to achieve our value creation and realisation objectives in the medium- and long-term.
“Whilst ARR growth over H1 has been more modest than in previous periods,” he continued, “we are confident we have the foundations in place for a return to stronger growth and significant value creation over the next few years.”
The firm maintained its full year revenue expectations but it warned of increasing exchange rate pressure from the weaker US dollar.