Getech, a Leeds-headquartered firm specializing in energy resources location, has announced significant progress in its diversification strategy, resulting in an expanded sales pipeline valued at £9.6 million.
In its unaudited interim results for the six months ending June 30, 2024, Getech reported a revenue increase to £2.2 million, up 16% from £1.9 million in the same period last year. Despite this revenue growth, the company recorded a pre-tax loss of £821,000, a notable improvement compared to a loss of £2.9 million in the first half of 2021. The company’s cost base has been reduced by 28% to £2.8 million, down from £3.9 million the previous year.
Following the reporting period, Getech successfully raised £1.7 million through a Placing and Retail Offer, which has bolstered its shareholder base with key new investors.
Chairman Michael Covington commented on the company’s progress: “We are seeing positive evolution in the business. After restructuring and significantly cutting overheads last year, we are now in a stronger position to broaden our customer base. Our recent fundraising efforts have equipped us to better serve exploration companies seeking to discover new assets essential for the energy transition.”
Getech’s focus on the Energy Transition—a global initiative towards a low carbon future—has driven increased subsurface exploration activities. As the owner of the largest database of potential fields data and with substantial geoscience expertise, Getech is well-positioned to assist exploration companies in identifying energy resources.
The company has diversified its client base beyond traditional oil and gas sectors to include firms focused on critical minerals, geothermal energy, and carbon storage. Currently, exploration companies account for 33% of Getech’s revenues, with the goal of increasing this figure to 50%. The remainder of the revenue is derived from transitional petroleum activities.
Getech’s strategic diversification and growing sales pipeline underscore its commitment to supporting the global transition to sustainable energy solutions.
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