Business
Trading Update and Outlook
Trading Update and Outlook.
About this update from Getech Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3895H\n GETECH Group plc\n 06 April 2022\n \n \n \n \n 6 April 2022\n \n Getech Group plc\n (\"Getech\" or the \"Company\")\n Trading Update and Outlook\n A transformational year, facilitating a strong outlook\n Getech, a geoenergy and green hydrogen company, is pleased to provide an update on its trading and outlook ahead of the publication of its full year results for the year ended 31 December 2021 (\"FY2021\"), which will be announced during May 2022.\n \n Highlights\n \n \n · \n Following receipt of £6.25 million of equity proceeds in April 2021, Getech repositioned its business model and strategy to support the accelerated delivery of a secure and sustainable path to decarbonisation. \n \n · \n During FY2021, the Company has done this by:\n \n \n o \n expanding the application of Getech's unique geoscience and data products into essential tools for locating and developing new geothermal, critical minerals, carbon/energy storage and green hydrogen projects;\n \n \n o \n establishing a new low carbon 'locate-develop-operate' business model;\n \n \n o \n investing in the team - hiring senior executives in engineering, economics, project delivery and business development, and adding Board skills in business scale up, ESG and low carbon asset management;\n \n \n o \n leveraging its status as a trusted partner to build strategic relationships for participation in decarbonisation projects; and\n \n \n o \n acquiring a green hydrogen development company, and securing the first two development projects in Shoreham and Inverness. \n \n \n · \n Strong performance in FY2021 has continued into FY2022:\n \n \n o \n FY2021 revenue from geoenergy products and services rose c. 20% to £4.3m (2020: £3.6m), in line with market expectations;\n \n \n o \n orderbook grew by 25% to £3.3m at 31 December 2021 (31 December 2020: £2.7m);\n \n \n o \n focus on responsible capital management with strong net cash position of £5.1m at 31 December 2021; and\n \n \n o \n growth in revenues and sales continued into FY2022 with robust Q1 22 performance, facilitating a strong outlook ahead.\n \n Getech - a geoenergy and green hydrogen company\n Geoenergy encompasses technologies, raw materials and energy sources that interact with the geological subsurface and these dove...