GetBusy Reports Strong H1 2025 Results with SmartVault Set for Accelerated Growth

GetBusy H1 2025: steady group top line, SmartVault lining up for a faster H2

GetBusy’s half-year update is all about momentum building in SmartVault and groundwork in Workiro. Group ARR nudged up to £21.1 million, recurring revenue grew to £10.7 million, and adjusted EBITDA edged to £0.4 million. The more interesting story sits beneath the surface: SmartVault has pricing power, improving churn, and multiple catalysts landing in H2.

Before we dig in, quick jargon buster for new readers:

• ARR: annualised recurring revenue – a snapshot of the subscription run-rate.
• Recurring revenue: subscription and support income recognised in the period.
• Adjusted EBITDA: a cash‑proxy profit measure that strips out certain non-cash and exceptional items.
• Net revenue retention: percentage of revenue kept each month after churn and upgrades/downgrades.
• Constant currency: restates last year at today’s exchange rates to remove FX noise.

SmartVault: catalysts stack up for accelerated growth

SmartVault continues to lean into the US tax market where the unit economics are strongest. New accounting business rose 27% in H1, split between volume up 11% and price up 15% as more customers chose the higher value Unlimited plan. Monthly churn improved to 1.0%, and is much lower in the core accounting segment.

ARR reached $15.6 million (£11.5 million), up 9% at constant currency, with ARR in the core tax prep market – now 85% of the total – up 12%. Two distribution tailwinds are gathering pace: Intuit’s ProConnect integration (expected to launch in early Q4, after US tax extension season) and Thomson Reuters’ decision to sunset FileCabinet CS in 2027, which is pushing customers to modern cloud workflows.

Execution against those tailwinds is already visible. New business from Thomson Reuters UltraTax customers grew over 200% and accounted for 19% of new tax prep wins (H1 2024: 8%). Meanwhile, the new SmartRequestAI product aims to monetise the heavy lifting of client document collection and intake for more than 23,000 US tax users.

Management guides to a marked acceleration in SmartVault ARR growth in H2, to between 14% and 18% for 2025, with increasing cash generation through 2026. That mix of lower churn, higher ARPU and channel expansion is exactly what you want to see in a SaaS engine.

Workiro and Virtual Cabinet: groundwork now, growth later

Workiro product ARR grew 40% year-on-year, supported by a strengthening pipeline in the ERP market, initially around Oracle NetSuite. Sales cycles are long and can be lumpy, especially when tied to broader ERP rollouts. The division that includes Virtual Cabinet posted flat ARR at £9.6 million as Workiro progress offset higher churn in Virtual Cabinet, particularly in ANZ.

A key milestone: the first successful automated migrations from Virtual Cabinet to Workiro. If the tooling scales, it should stabilise churn and lift net revenue retention, with the Group expecting the division to return to growth in 2026.

Group numbers: solid margins, small EBITDA profit, small statutory loss

At the Group level, revenue and margins remained resilient while investment shifted toward product development, notably SmartRequestAI and Workiro enterprise readiness. Adjusted loss before tax widened due to higher development costs before capitalisation.

Metric	H1 2025	H1 2024	Comment
ARR	£21.1m	£21.0m	+5% at constant currency
Recurring revenue	£10.7m	£10.4m	+5% at constant currency
Total revenue	£11.0m	£10.7m	+4% at constant currency
Gross margin	87.5%	89.3%	Still strong; mix shift to cloud and partner share
Adjusted EBITDA	£0.4m	£0.4m	+5%
Adjusted loss before tax	£(0.7)m	£(0.3)m	Higher development spend before capitalisation
Statutory (loss)/profit before tax	£(0.6)m	£(0.0)m	Loss after finance costs
Net bank (debt)/cash	£(40)k	£0.2m	£3.0m available funds
Net revenue retention (monthly)	99.5%	99.7%	US improved; ANZ softer
Paying users	64,574	66,424	Down 3%; ARPU up 8% to £327

Cash and balance sheet position

Operating cash flow flipped to an inflow of £84k (H1 2024: outflow £494k) helped by overseas tax refunds. Cash used in investing was £1.1 million, mainly capitalised development. Cash reduced by £1.3 million to £1.2 million at 30 June. The £3 million revolving credit facility is committed until December 2028, with £1.2 million drawn in H1. Reported net bank debt was a modest £40k; total available funds stood at £3.0 million.

Note that equity remains negative at £(2.5) million, driven by accounting reserves, and the Group carries sizeable deferred revenue liabilities, typical for subscription businesses.

Guidance: what management expects next

• SmartVault ARR growth to accelerate to 14% – 18% for 2025, supported by ProConnect integration, FileCabinet CS sunset and SmartRequestAI monetisation.
• Workiro and migrations expected to offset Virtual Cabinet churn by end-2025, with the division returning to growth in 2026.
• Group ARR growth of 7% – 10% at constant currency for 2025.
• Increasing SmartVault cash generation through 2026, while maintaining investment in Workiro product and go-to-market.

Why it matters for investors

The investment case is increasingly concentrated in SmartVault’s US tax niche. H1 shows:

• Pricing power and mix shift: new business pricing up 15%, more Unlimited plans.
• Lower churn in the core segment: monthly churn at 1.0% and improving in accounting.
• Expanding channels: UltraTax traction and upcoming ProConnect integration broaden the funnel.
• Product-led monetisation: SmartRequestAI targets a real pain point and a large installed base.

On the other hand, there are a few watch-outs:

• Execution timing: ProConnect is now slated for early Q4 – any further slippage could push revenue recognition into 2026.
• Workiro’s long enterprise sales cycles: good early signs, but revenue remains back-end loaded and Virtual Cabinet churn is still a drag, particularly in ANZ.
• Profitability and cash: adjusted loss before tax widened to £0.7 million, cash fell to £1.2 million, and development spend rose. The RCF provides headroom, but delivery of H2 acceleration matters.
• Gross margin dipped to 87.5% due to mix and partner revenue share – still healthy, but worth tracking.

Josh’s take: SmartVault is doing the heavy lifting; H2 is the proof point

This is a quietly confident set of numbers. The Group-level growth is modest, but SmartVault’s KPIs – higher prices, better churn, stronger channels – are moving the right way and management has put clear, near-term catalysts on the table. If ProConnect lands as expected and SmartRequestAI monetises, the 14% – 18% SmartVault ARR growth target looks credible.

Workiro remains a strategic bet. The 40% ARR increase is encouraging, and the new migration tooling could be pivotal in stemming Virtual Cabinet churn. But the payoff is more 2026 than 2025.

Net-net, GetBusy looks set up for a materially better H2, with SmartVault as the growth and cash engine and Workiro laying foundations for longer-term value. For holders, the key updates to watch are the ProConnect go-live in early Q4, SmartRequestAI attach rates, Virtual Cabinet migrations, and cash generation stepping up through FY 2026.