City briefs: Slingsby and Getech

Baildon-based HC Slingsby, which distributes industrial and commercial equipment, says its Group sales in the six months to 30 June 2022 were 10% higher than in the same period in 2021. 

The business has reported an unaudited profit before tax of £0.24m in the six months ended 30 June 2022, compared to unaudited pre-tax profits of £0.1m for the same period last year.

The Group had net cash of £0.5m at 30 June 2022 (£0.8m at 30 June 2021) compared to £0.3m at 31 December 2021.  

HC Slingsby is operating within its existing banking facilities and its directors continue to believe the Group has additional funding options available should these be needed.

Dominic Slingsby, interim executive chairman and operations director, said: “The Group continues to experience cost inflation across most areas of its business (goods, freight and overheads) and there is a risk that the UK economy will enter recession in H2 2022.

“There is also heightened potential for credit related issues should customers become insolvent.”

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Leeds-based geoenergy and green hydrogen company, Getech has signed a $1.1m/£906,000 multi-year contract with a major international energy company for its ‘Globe’ platform.

It has also launched the next generation of this tool that models the Earth’s evolution over the last 400 million years.

Approximately one third of the revenue from this latest deal will be recognised in the current financial year, with the balance over the subsequent two-year period.

Globe synthesises geoscience data into a ‘digital twin’ of the Earth – modelling geologic, climatic, and oceanographic systems to provide insight into the processes that locate and concentrate energy and critical mineral resources.

Chief executive officer, Dr Jonathan Copus, said: “We are encouraged by the continued strong demand we see for our products, delivering growth in revenue generation, but also importantly providing a strong base from which we can further explore strategic partnerships and opportunities to expand Getech’s own portfolio of low carbon assets.

“The success of the global energy transition is reliant on a diverse range of solutions facilitated by the rapid development and application of technology and a significant increase in critical minerals supply.

“Getech’s Globe platform provides an excellent example of our ability to combine decades of experience and innovation with leading geoscience data to meet mounting market demand.”

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