Flurry of contract wins for energy resource locator
Leeds-headquartered Getech, a geoenergy and resource company, has secured eight new contract wins, worth a total of £1.8m.
The contracts comprise subscriptions to the company’s Globe platform, geoscience data and the purchase of expert consulting services.
Globe is a proprietary digital platform of earth science data which facilitates the exploration and location of subsurface resources that are vital for the energy transition, including carbon storage, geothermal, natural hydrogen and critical mineral assets.
Getech says it expects to recognise revenues of £0.6m from these contracts in the year to 31 December 2023 (FY23) and expects unaudited revenue for FY23 to be about £4m.
The balance of £1.2m will be added to the firm’s order book, which currently totals £4.6m (30 June 2023: £4.4m).
Alongside new business activity, the business adds that it is now signing up all new customers to its subscription model, as well as migrating existing customers to longer term contracts – which typically have a minimum commitment period of three years.
As a consequence, Getech reports annual recurring revenue (ARR) has increased to £2.8m (FY22 £2.4m).
Richard Bennett, acting CEO, said: “Entering 2024 with our substantially reduced cost base, increased order book and growing ARR means the business is undoubtedly better placed following a year of transition in 2023.
“We have also invested in expanding our exploration capabilities, targeting resources associated with the energy transition.
“The recent COP28 demonstrated again the world’s commitment to phasing down fossil fuels and in 2024 we expect to benefit from this by helping our customers locate the subsurface future facing resources such as critical minerals and geothermal projects that are so vital to the energy transition.”
