GetBusy trading update this morning

My take on this morning’s GetBusy update: a quietly strong release from a business that’s starting to look like it’s hitting its stride. Group ARR up 11% to £23.4m is solid, but the real story is SmartVault – ARR up 19% and new business up 36% through the critical US pre-tax season is genuinely impressive.

The line that caught my eye is SmartVault now being the only document workflow platform integrated across every major US tax software ecosystem. That’s the kind of distribution moat that’s very hard to displace once embedded, and the high-switching-costs argument is more credible now than it’s ever been.

Workiro’s return to growth is the cherry on top – it removes a long-standing bear point, and the TaxCalc tie-up opens access to 11,000 firms. Reconfirmed guidance with a “high degree of confidence” tells you the run rate is comfortable.