GetBusy, based in the United Kingdom, also reported SmartVault revenue of approximately $3.4 million for the recently ended half, an increase of 32 percent over a year ago. During an investor presentation, CFO Paul Haworth said revenue growth had been driven by a “substantial” increase in SmartVault pricing last year.
The company sees potential for SmartVault growth both in the United States and the United Kingdom. Haworth said the company sees “opportunity to scale” and the company is also expanding the application in vertical markets. Sixty-two percent of SmartVault customers are in accounting and bookkeeping while 56 percent of Virtual Cabinet customers are in the field.
GetBusy will invest about $1 million on an annualized basis in SmartVault and will increase the amount over two years and will also invest in product improvement. The major of the investment this year will be in sales and market with the balance in operations.
Virtual Cabinet had 43,433 paying customers at the end of the half, down 4 percent for what was the described as the loss of two customers with a low average selling price. The product’s first-half revenue was approximately $5.3 million, a 4-percent increase this year.
Total company revenue was about $8.8 million, a 13-percent increase. It pre-tax profit of roughly $2.5 million represented a 29-percent increase. After-tax profit was $1 million, compared to a year-earlier loss of roughly $715,000. GetBusy said the difference was driven by research and development refunds.
In the United States, the company also obtained a Paycheck Protection Loan of roughly $500,000.