‘Strategic shift’ under way at energy industry business

Getech, a geoenergy company and owner of hydrogen developer, H2 Green, has hailed a healthy revenue performance in its final results for the 12 months ended 31 December 2022.

The Leeds-headquartered business achieved double-digit revenue growth to £5.1m (FY2021: £4.3m), which was ahead of market expectations. It also recorded a pre-tax loss of £3m (FY 2021: £2.9m loss).

Richard Bennett, Getech executive chairman, said: “As we transition to clean energy, the importance of geoscience in solving the energy “trilemma”, the quest for affordable, clean and secure energy source, is undisputed.

“Getech has spent the last 30 years collecting and analysing data primarily for use within the petroleum sector, but we are now making a strategic shift to evolve our solutions and our client base to encompass a much wider range of corporates looking to reduce their carbon footprint.

“Strong revenue performance and a record order book in 2022 reflects a robust environment for petroleum market activities alongside new corporate demand to use our data to identify critical minerals, geothermal and hydrogen locations, as well as CCS projects.

“We have a very promising pipeline of opportunities and are excited about the potential for developing our portfolio in 2023.”

The business’s record order book totalled £4.6m, a 39% increase (31 December 2021: £3.3m), with annualised recurring revenue up 14% to £2.4m (FY2021: £2.1m)

Getech says historically it generated more than 90% of its income from the oil & gas sector, whereas this proportion now stands at just 66%.

The firm emphasises that demand for its services is being driven by the energy transition to clean energy, as companies need to locate new materials and find new sources of energy.

It adds it is now selling data and expertise to an even wider range of customers, from consumer goods to computing services companies, all looking to become energy self-sufficient.

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