GetBusy PLC Sees SmartVault Inflection with 65% H2 New Business Surge in 2025 Trading Update

SmartVault’s inflection: 65% H2 new business surge and 16% ARR growth

GetBusy’s 2025 trading update lands with a clear bright spot: SmartVault. New business in the second half jumped 65% year on year, helping SmartVault deliver 16% ARR growth for the full year. That looks like a genuine inflection point, backed by product wins and an expanding market rather than one-off deals.

For context, ARR means annualised recurring revenue – the contracted subscription run-rate. It is the clearest top-line indicator for a SaaS business. When ARR accelerates, future revenue and margins often follow.

Group ARR accelerates; revenue and EBITDA in line

Group ARR at 31 December 2025 rose 8% at constant currency to £22.6m. Group revenue is expected to be at least £22m, up 5% at constant currency, and adjusted EBITDA is expected to be £0.3m, in line with market expectations. Adjusted EBITDA is a proxy for cash profit, excluding non-cash and one-off items.

Constant currency simply strips out exchange-rate movements to show underlying growth. Taken together, the numbers point to a year of steady Group progress with a notable second-half acceleration.

Metric (unaudited)	FY2025	Notes
Group ARR (31 Dec)	£22.6m	+8% at constant currency
Group revenue	At least £22m	+5% at constant currency
Adjusted EBITDA	£0.3m	In line with expectations
SmartVault ARR growth	16%	Outperformance within the Group
SmartVault H2 new business	+65% YoY	Inflection point
SmartVault average selling price	+36% YoY	Shift to premium Accounting Unlimited plan
Net cash (31 Dec)	£0.9m	2024: £1.1m
Available cash funds	£3.9m	2024: £3.1m
Final results date	On or around 24 March 2026	All figures currently unaudited

Pricing power and retention drive SmartVault’s mix shift

SmartVault’s momentum is built on three pillars: strong new customer acquisition, early traction from SmartRequestAI, and healthy uptake of the Intuit ProConnect integration in Q4. The average selling price rose 36% year on year thanks to more new customers choosing the premium Accounting Unlimited plan. That is classic SaaS pricing optimisation and suggests the product is earning its keep.

The RNS also flags improved customer retention, which matters as much as new logos for compounding ARR. Better retention plus higher price points typically expand gross margin and shorten payback periods – helpful as SmartVault scales.

AI and Intuit integrations expand the addressable market threefold

Management says SmartRequestAI and the Intuit ProConnect integration increased SmartVault’s addressable market at least threefold during 2025. Addressable market is the pool of potential customers a product can serve. Tripling that pool while improving sales velocity is exactly the flywheel you want to see.

Crucially, SmartVault is evolving into a platform that supports the full tax preparation workflow – from client engagement and onboarding through to secure document management and archiving. That deeper workflow coverage tends to reduce churn and justify premium pricing. The board now expects rapidly increasing EBITDA margins in 2026 as the operating leverage in the SaaS model kicks in.

Group-level outlook: confidence to sustain or accelerate growth in 2026

The board believes SmartVault can sustain or further accelerate its enhanced ARR growth into 2026. That confidence is underpinned by product-market fit improvements, expanding integrations, and better unit economics. If delivered, Group growth should skew increasingly to SmartVault while Workiro builds its enterprise position.

All the same, these figures are unaudited and the upgrade narrative hinges on continued customer demand through tax season and beyond. The final audited numbers are due on or around Tuesday 24 March 2026.

Workiro refocuses on professional services after Virtual Cabinet migrations

Workiro continues to gain traction in the enterprise market and has refocused on the professional services sector, where Virtual Cabinet carries strong brand recognition. The successful migration of customers from Virtual Cabinet to Workiro through 2025 has created a stable and scalable base. That frees the team to prioritise growth in 2026.

The RNS highlights rising demand for AI-enabled content management solutions across the Group’s existing markets. That provides a clear pathway for Workiro’s next phase, especially as cloud ERP integrations deepen. It is an option on longer-term upside rather than a 2025 profit engine.

Cash, capital and potential shareholder returns

Net cash at year-end was £0.9m (2024: £1.1m), while available cash funds stood at £3.9m (2024: £3.1m). The board says the Group is well capitalised to execute its growth strategy. Available cash funds are not defined in the RNS, but the increase year on year provides additional headroom.

Importantly, the board is “increasingly confident” about delivering material cash returns to shareholders in the medium term, alongside long-term value creation from AI and the enterprise content management opportunity. That is a strong statement, though timing and mechanism are not disclosed.

Why this update matters for investors

• Quality of growth is improving: Higher average selling prices and better retention are hallmarks of a stronger product-market fit.
• Operating leverage on the horizon: As SmartVault scales as a platform, EBITDA margins are expected to rise quickly in 2026.
• Bigger market to hunt: AI features and Intuit ProConnect access have expanded the addressable market at least threefold.
• Workiro optionality: Enterprise traction plus a refocus on professional services sets up a cleaner growth story after migrations.
• Cash discipline: Modest net cash but increased available funds, with potential for medium-term shareholder returns.

Balanced view: the good, the watch-outs, the next catalysts

Positives

• SmartVault’s 65% H2 new business surge and 16% ARR growth show real momentum.
• 36% uplift in average selling price indicates pricing power and customer willingness to upgrade.
• Board guidance points to accelerating ARR and margin expansion in 2026.

Watch-outs

• Figures are unaudited; final confirmation arrives in March.
• Group profitability remains small at £0.3m adjusted EBITDA; execution needs to convert ARR into cash more visibly.
• Net cash reduced to £0.9m, albeit with higher available cash funds.

Upcoming catalysts

• Final audited results on or around 24 March 2026.
• Evidence of sustained SmartVault ARR acceleration and margin uplift in early 2026 trading.
• Workiro enterprise wins and continued migrations translating into revenue growth.

Josh’s take

This is the update SmartVault needed to show. The mix of faster new business, higher pricing, better retention and a bigger market is the SaaS upgrade quartet. If the platform thesis delivers, 2026 margin expansion could be meaningful.

At Group level, growth is steady rather than spectacular, and profitability is still modest. But the board’s confidence on medium-term cash returns and the strengthening SmartVault engine make this a constructive step forward. March’s audited numbers will be the next reality check, but the direction of travel looks positive.