Getech revenue rises, loss narrows in 2024
By Josh White
Date: Tuesday 06 May 2025
(Sharecast News) - Getech reported a 16% increase in revenue to £4.7m for the year ended 31 December on Tuesday, as the subsurface resource specialist narrowed its EBITDA loss to £0.56m from £2.7 million a year earlier.
The AIM-traded company also strengthened its balance sheet, with year-end cash rising to £0.9m and all debt repaid by early 2025.
Recurring revenue edged up to £2.9m, while sales were bolstered by growth in both petroleum and non-petroleum sectors, which saw respective revenue increases of 16% and 14%.
Operational improvements included further development of the 'Globe' platform and enhanced capabilities in AI and data analytics.
The company also secured new contracts in copper exploration and expanded its partnerships across the hydrogen and geoenergy sectors.
In 2024, Getech raised £1.7m in equity to support working capital and expand its sales team.
It also sold Kitson House for £0.65m and, in early 2025, completed a £0.73m sale-and-leaseback of Nicholson House, using proceeds to eliminate all debt.
With former COO Chris Jepps appointed CEO in January, the company said it had implemented a new sustainable business strategy and cut its annual cost base by around £1m.
Unaudited revenue for the first quarter of 2025 was tracking 8% ahead of the prior year, supported by a strengthened commercial team and revised strategic focus.
"In 2024, we made solid progress in advancing our services and solutions, achieving a 16% increase in sales," said chairman Michael Covington.
"In 2025, the appointment of Chris Jepps as CEO has already had a positive impact.
"Within the first three months of the year, we've reduced our annual cost base by a further £1m, 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."
Covington said that at the same time, the new executive management team had introduced a "new, sustainable business strategy", re-focusing the Group on its traditional core oil and gas and mining client base, while continuing to pursue "high-quality, selective opportunities" in natural hydrogen.
"It is still early days, but the new team's momentum is encouraging."
At 1117 BST, shares in Getech Group were up 11.21% at 1.84p.
Reporting by Josh White for Sharecast.com.
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