Leeds-based energy data specialist Getech has boosted revenue and cut costs as it pushes into new markets.<\/p>\n
The AIM-listed group is targeting EBITDA profitability by the end of 2025 while pushing into new energy transition markets.<\/p>\n
In the six months to June 30, energy transition specialist Getech reported a 16% rise in revenue to \u00a34.7m for 2024 as it focuses on returning to profitability and repositioning for growth. EBITDA losses for the period was \u00a3100,000 compared to \u00a3300,000 last year.<\/p>\n
The Leeds-based company, which provides geoscience data and analytics for energy and minerals, cut its annual cost base by around \u00a31m and said it is on course to deliver positive EBITDA by the end of 2025.<\/p>\n
Chairman Michael Covington said: \u201cIn 2024, we made solid progress in advancing our services and solutions. Within the first three months of the year, we\u2019ve reduced our annual cost base by a further \u00a31m without compromising our ability to deliver for clients, and in doing so have set a clear path to being EBITDA positive by the end of 2025.\u201d<\/p>\n
The company, traditionally strong in oil and gas, is also pushing into new markets such as natural hydrogen and geothermal. Management says the focus is on \u201cplaying to our strengths\u201d while testing opportunities where Getech\u2019s subsurface expertise can give it an edge.<\/p>\n
Board changes have underpinned the strategy shift, with Simon Brown appointed CFO and Max Brouwers joining as executive director to bolster energy transition credentials.<\/p>\n
Debt-free and leaner, Getech now plans to use its streamlined base to seize opportunities in both traditional and emerging energy markets \u2014 a move its leadership says is essential to building sustainable, profitable growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Leeds-based Getech is targeting EBITDA profitability by the end of 2025 while pushing into new markets<\/p>\n","protected":false},"author":271992,"featured_media":2144260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2144259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-yorkshire"],"yoast_head":"\n