Business
Interim Report
Interim Report.
About this update from Getech Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4439N\n GETECH Group plc\n 30 September 2021\n \n \n \n \n 30 September 2021\n \n \n Getech Group plc\n(\"Getech\" or the \"Company\" and together with its subsidiaries the \"Group\")\n \n \n Interim report for the six months ending 30 June 2021\n \n \n Getech (AIM: GTC), a provider of geoscience data, knowledge and software to the energy industry, is pleased to announce its unaudited results and report for the six months to 30 June 2021 (\"H1 2021\").\n \n H1 2021 Highlights\n \n Getech combines global geoscience expertise with local geospatial technology to accelerate progress to global NetZero. The Group does this by supporting the optimisation of existing, and delivery of new, energy assets and mineral resources, with core growth areas spanning hydrogen, geothermal, strategic minerals and carbon capture utilisation and storage.\n \n · Strong H1 trading. Revenue up 16% year-on-year, petroleum operations returning to cash profit. Group Orderbook fully replenished at end July 2021 (£2.7 million), annualised recurring revenue steady (£2.2 million). Cash at 30 June £6.8 million (31 Dec 2020: £2.2 million), plus £2.3 million of receivables (31 Dec 2020: £1.4 million).\n \n · Significant investment in new skills, technology and staff are reshaping Getech around the Energy Transition. This opens multiple transformational opportunities, funded by March 2021 fundraise (£5.7 million, net of costs).\n \n · Advanced discussions ongoing on securing first hydrogen asset, which is ideally positioned for access to high demand customers. This is part of an initial high-graded portfolio of 5 sites, with a combined peak capacity of 14,000 tonnes of H2 per year. The project funnel contains hundreds of sites in the UK, and this is now being expanded to Europe.\n \n · First phases of Geothermal and Strategic Minerals investment completed. New cloud-based products to be delivered from October through an innovative new Getech platform, designed to agglomerate energy transition data and knowledge. Customer engagement is positive, spanning licensed product subscriptions and service provision.\n \n · Trading conditions since 30 June 2021 continue on-trend with H1 2021, with a full tender pipeline and busy schedule of product releases.\n \n · Management looks forward to what it believes will be another transformation...