‘Transformational’ year for energy industry specialist
Getech, which provides geoscience data, software and analytic products and services to the energy industry, saw its FY2021 revenue rise about 20% to £4.3m (2020: £3.6m).
Publishing its final results for the 12 months ended 31 December 2021, the Leeds-headquartered business also reported a pre-tax loss of £2.9m (2020: £1.8m loss), while its orderbook grew by 25% to £3.3m at 31 December 2021 (31 December 2020: £2.7m);
CEO, Dr Jonathan Copus, said: “2021 was a transformational year for Getech, during which we invested to diversify the application of our world-leading petroleum products into new geoenergy and green hydrogen growth sectors.
“We delivered this against a turbulent macroeconomic backdrop that continues to highlight the urgent need for the world to significantly increase energy investment.
“To ensure energy security and the transition to a low carbon future, governments have materially increased their clean energy targets and are fast-tracking policies to accelerate the pace of energy system investment.
“Building on this momentum, our ambition is to establish a portfolio of at least 500MW of new geoenergy and green hydrogen assets by 2030.”
During the year, Getech acquired a green hydrogen developer, and secured its first two development projects.
The company developed key strategic partnerships with Shoreham Port, SGN Commercial Services (SGN), Eversholt Rail and the Highland Council; and continued to invest in new talent and skills.
Looking ahead, the business adds it will focus on expanding its pipeline of products and services for the energy transition.
It says it will replicate and scale up its green hydrogen asset development model, both in the UK and internationally and pursue energy co-location opportunities in the critical minerals sector.
