Comments after the 2020 results:
“Our mission to make people productive and happy has resonated more in 2020 than ever before.
“As clients and prospects around the world made the transition to remote working, our deep-rooted expertise and our class-leading software enabled them to do so efficiently and securely. The rapid changes to people's working lives accelerate trends towards fully digitised, paperless work practices that our document management and task management products enable. The surge in remote working, and the likely transition to a hybrid office-home working mix,requires a new software toolset for many organisations and each of our products is a component of that toolset.
“Despite the challenges of the pandemic and its economic consequences, we have delivered 15% growth in our high-quality recurring subscription revenues at constant currency. Our workforce grew by 24%in 2020 and we closed the year with 31% more cash, while embarking upon an ambitious programme of investment to support sustained growth in our document management business well into the future.
“In 2021, we expect to continue to capitalise on the trends that have been favourable to us during 2020.
“We are very clearly in the scaling phase of our document management business comprising SmartVault and Virtual Cabinet, and we are able to see a path to a substantial business with high quality, predictable and valuable earnings in the medium to long term.
“Whilst yet to be proven, we believe that our GetBusy product has the potential to open significantly greater addressable markets for our business. The problems it solves are universal, not sector-specific, and solutions to those problems have become even more valuable as businesses adopt hybrid working models on a permanent basis.
“Our Group contains a combination of a proven, highly cash-generative market-leader, a rapidly and predictably scaling pure SaaS business in a large and valuable market, and a new product that solves increasingly relevant problems and that has the potential to open a significantly greater market.
“This unique combination gives us confidence looking to the future.”