Getech Group Sees Revenue Growth in 2024 Driven by Energy Transition Work
Key Ideas
- Getech Group's revenue in 2024 increased by 18%, reaching GBP4.7 million, attributed to income from energy transition-related work.
- The company's focus on cost reduction led to a narrowed Ebitda loss in 2024 and anticipates further improvement in 2025.
- Getech is positioning itself in the natural hydrogen market and aims to transition from a service provider to an explorer for greater commercial returns.
- Despite a temporary share price decline, Getech remains confident in its business outlook for 2025 and foresees growth in data-led exploration demand.
Getech Group PLC, based in Leeds, England, reported a revenue increase in 2024, driven by its work in the energy transition sector. The company highlighted growth in income from sub-surface exploration for materials related to energy transition, such as natural or white hydrogen, battery materials, and geothermal sources. Getech also noted a 3.6% rise in annual recurring revenue, reaching GBP2.9 million. Efforts in cost reduction and closure of certain projects led to a narrowed Ebitda loss. The company aims to establish itself in the natural hydrogen market, expecting joint exploration agreements to enhance commercial returns. Despite a temporary share price decrease, Getech is optimistic about its future, focusing on cost reduction and aligning its business with revenue growth.
Topics
Green Hydrogen
Renewable Energy
Revenue Growth
Market Expansion
Cost Reduction
Geo-energy
Sub-surface Exploration
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