Healthy rise in revenues at energy resource locator

Leeds-headquartered Getech, a geoenergy and resource company, says it has made a strong start to 2024, with revenues for the first two months being around 40% ahead of the same period in 2023.

In 2024 to date, the firm has secured contract wins totalling £0.9m, including three new annual software subscription customers as well as the renewal of eight annual licenses for the Globe geoscience platform and software products.

As a result, annual recurring revenue has increased to £2.9m (31 December 2022: £2.4m; 31 December 2023: £2.8m) and, with the addition of new contracts, Getech’s order book value has been maintained at £4.5m (31 December 2023: £4.6m; 31 December 2022: £4.6m).

The sale of the Kitson House part of Getech’s office completed for £0.65m, as confirmed in January 2024.

The company has retained freehold ownership of Nicholson House, which was independently valued in December 2023 at £0.86m. Both buildings are located at the same site in Roundhay, Leeds.

Getech has previously identified the opportunity to cut annual costs by £2m, as revealed in 2023. The full benefit of these cost reductions is expected in 2024, assisting Getech in realising positive EBITDA and cashflow.

Richard Bennett, CEO, said: “Getech has had a good start to 2024 and I am pleased by the improved financial position of the company.

“Importantly, prospects for the business continue to build as we retain our long-term clients, as well as attract new brands to our growing subscription base.  

“Alongside this, the capabilities of our Globe geoscience platform are being significantly enhanced with the application of AI and machine learning.

“So much so, that it is arguably a different system from that of 12 months ago – our job now is to demonstrate this to our markets.”