Getech to accelerate cost reduction drive

Getech is continuing to make progress, with a rise in sales in 2024 being matched with a drive to reduce costs.
The AIM-listed business locates energy and mineral resources and plans to increase its efforts to “better align the business with our revenue base”.
The Leeds-based business acknowledged the “cost reduction programme has taken longer to implement than initially estimated”. It expects its 2024 EBITDA losses to be around £500,000 – an improvement of more than £2m on the previous year.
It sold part of its headquarters in Roundhay, Leeds, last January, raising £650,000. The final building, Nicholson House, is now under offer and is expected to put £300,000 into the business.
Getech increased revenues by 17% last year, to £4.7m. Around 60% of its income is recurring, and the company said it is focused on increasing this through a subscription model.
The company raised £1.7m in August to invest in its sales and R&D teams.