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Getech Group PLC on Monday said full-year revenue was up as it looks to capitalise on the energy transition.
The Leeds, England-based geo-energy and green hydrogen company said 2022 revenue was £5.0 million, increasing 16% from £4.3 million a year ago, and ahead of market expectations. Getech said 66% of revenue came from transitional petroleum, with the company benefiting from high petroleum customer retention rates.
Getech said the revenue increase reflects the signing of more than 100 new contracts during 2022, with a combined value of £6.5 million.
The company said it had a record order book at December 31, at £4.6 million, up 39% from £3.3 million the year prior.
Getech also reported £4.3 million cash at December 31, down 27% from £5.9 million a year ago.
‘Low carbon solutions for critical minerals, geothermal, green hydrogen and carbon storage’ will allow it to capitalise on the energy transition, with potential to scale-up its revenue as other sectors begin to decarbonise, Getech said.
The company said its outlook remains strong due to its focus on the energy transition, with forecasts showing a $1 trillion increase per year in energy investment is needed to tackle energy affordability and security.
Chief Executive Officer Jonathan Copus said: ‘Looking ahead, we are confident that our solutions will gain even more momentum as every company is now facing the challenge to decarbonize their activities. We have a strong pipeline for this year and beyond, which will fuel the company’s continued growth - unlocking value for all stakeholders.
Getech shares were up 15% trading at 15.75 pence per share on Monday afternoon in London.
By Harvey Dorset, Alliance News reporter
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