Business
Interim Results
Interim Results.
About this update from Getech Group Plc
[{"type":"text","content":"\n\n25 September 2023\nGetech Group plc\n(\"Getech\" or the \"Company\")\nInterim Results\nGetech (AIM: GTC), a world leading locator of subsurface resources, announces its unaudited interim results and report for the six months to 30 June 2023 (\"H1 2023\" or the \"Period\").\n'Restructured and re-focused on core expertise of locating subsurface resources'\nOperational and Strategic highlights\n· Strategic review of the business completed over the last 6 months, resulting in targeted objectives to:\no re-focus the Company on the core business of locating subsurface resources;\no extend Globe's capabilities to identify a wider range of assets e.g. Zinc, Lithium and Phosphates;\no reduce cost base by £2 million and switch to developing H2 Green's assets in partnership;\no generate future revenues from subscription sales and solutions coupled to asset participation in large scale projects where appropriate;\no become cashflow positive in the near term and\no increase and target marketing and sales activity towards the $1 trillion Energy Transition market.\n· Significant progress has already been made on all of the strategic priorities set out above.\n· Interim executive Chairman Richard Bennett, appointed in February 2023, has agreed to become Acting Chief Executive Officer of the Group with Michael Covington, currently Non-Executive Director, to be Chairman Designate. Both appointments expected to be confirmed as permanent in due course.\n \nFinancial highlights\n· H1 2023 revenues of £1.9 million (H1 2022: £2.7 million including a one-off £0.7 million transfer payment) reflects lower sales volumes in oil and gas.\n· Strong orderbook value of £4.4 million (30 June 2022: £4.8 million) with £1.4 million of the orderbook expected to convert in H2 2023, and a further £1.5 million due in FY 2024. This demonstrates multi-year commitment from our customers to use the Globe geoscience platform.\n· Annualised recurring revenue increased to £2.6 million with the addition of new Globe and software customers (December 2022: £2.4 million).\n· On an unchanged cost base, recorded a loss before tax and exceptional costs of £2.2 millio...