GetBusy PLC on Tuesday reported higher revenue and a narrowed loss in the first half of 2023.

GetBusy is a Cambridge, England-based document management and productivity software provider. It delivers solutions across cloud, mobile, hosted and on-premise platforms to enable businesses to work securely and efficiently with their customers.

Shares were down 6.0% to 74.30 pence early Tuesday following the earnings release.

Revenue rose 16% to £10.5 million in the six months that ended June 30 from £9.1 million a year earlier.

Recurring revenue rose to £10.1 million from £8.5 million. Recurring revenue comprises 96% of GetBusy’s total revenue.

Pretax loss narrowed to £603 million from £724 million a year before.

Looking ahead, GetBusy said it continues to trade in line with market expectations, which are for revenue of £21.1 million in 2023, up 9.4% from £19.3 million in 2022, and adjusted earnings before interest, tax, depreciation, and amortization of £700,000, up 1.2% from £692,000 in 2022.

‘We are investing for near-term growth through customer acquisition and ensuring our long-term prospects are underpinned by innovative products serving large markets with the compelling and resilient growth drivers of productivity, cyber-security, mobility and privacy,~’ said Chief Executive Daniel Rabie.

‘We look forward to bedding-in our investments over the course of H2 with the expectation that they will deliver enhanced growth into 2024 and beyond.’

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