Getech (AIM: GTC), the geoenergy company and owner of hydrogen developer, H2 Green, is pleased to announce its Final Results for the 12 months ended 31 December 2022.
Financial Highlights
- Double-digit revenue growth, ahead of market expectations: £5.1 million (FY2021: £4.3 million) with a 66%/23% split between transitional petroleum and critical minerals
- Record orderbook: £4.6 million, a 39% increase (31 December 2021: £3.3 million)
- Annualised recurring revenue: up 14% to £2.4 million (FY2021: £2.1 million)
- Strong cash position: £4.3 million at 31 December 2022, with cash held flat across H2 2022 by sales momentum and careful capital management (31 December 2021: £5.9 million)
Operational Highlights
- 42% YoY increase in the number of software subscriptions sold
- New solutions developed to locate copper, gold, cobalt and helium
- $900k largest-to-date critical minerals contract, with a multi-mineral global mining company
- Strategic partnership with global geothermal technology company Eavor to jointly locate and appraise a portfolio of geothermal projects in Latin America (post-period end)
- First contract for integrated decarbonisation solution for a global FMCG company (post-period end)
- Wholly owned subsidiary, hydrogen developer H2 Green progress:
- Dr Graham Cooley appointed as H2 Green’s Chair. As the former CEO of ITM Power, Graham played a key role in transforming ITM Power into a hydrogen market leader (post-period end)
- Inverness Green Hydrogen Project has been selected for a UK Government grant from its Net Zero Hydrogen Fund (post-period end)
- At Shoreham Port, H2 Green increased phase 1 capacity from 0.8 tonne/day to 2.5 tonne/day due to bigger local demand and extended its commercial exclusivity to 2027
Outlook
- Strong balance sheet, sales pipeline growth, plus good customer and partner momentum
- Work to sell Kitson House is progressing
- The macro environment outlook remains strong for Getech with its clear focus on the energy transition
Richard Bennett, Getech Executive Chairman, commented:
“As we transition to clean energy, the importance of geoscience in solving the energy “trilemma”, the quest for affordable, clean and secure energy source, is undisputed. Getech has spent the last 30 years collecting and analysing data primarily for use within the petroleum sector, but we are now making a strategic shift to evolve our solutions and our client base to encompass a much wider range of corporates looking to reduce their carbon footprint.
Strong revenue performance and a record order book in 2022 reflects a robust environment for petroleum market activities alongside new corporate demand to use our data to identify critical minerals, geothermal and hydrogen locations, as well as CCS projects. We have a very promising pipeline of opportunities and are excited about the potential for developing our portfolio in 2023.”
Richard Bennett will provide a live investor presentation relating to the financial results via the Investor Meet Company (IMC) platform on Thursday, 8 June 2023 at 10.00am UK time. Investors can sign up to Investor Meet Company for free and add to meet Getech via: https://www.investormeetcompany.com/getech-group-plc/register-investor