(Alliance News) - Getech Group PLC on Monday said its revenue increased in 2024 due to growing income from work associated with the energy transition.
The Leeds, England-based geo-energy and green hydrogen location company said it has made "good progress" in 2024, and it is "well positioned for an improved 2025".
Full-year revenue increased around 18% to GBP4.7 million from GBP4.0 million in 2023.
The company said its sales increased due to the retained client base and new income from growth in work supporting sub-surface exploration for materials connected to the energy transition, including natural or white hydrogen, battery materials or geothermal sources of energy.
Annual recurring revenue increased slightly, by 3.6%, to GBP2.9 million from GBP2.8 million year-on-year. The company said it continues to focus on growing ARR income with a subscription model.
Earnings before interest, taxes, depreciation and amortisation loss narrowed in 2024 to a GBP500,000 loss, from a GBP2.7 million loss in 2023.
Getech said it has focused on cost reduction in 2024, registering around GBP2 million of annualised costs alongside the closure of the H2 Green projects.
The company noted that the cost reduction plan has taken longer than first estimated, which has impacted the Ebitda margin.
It expects net proceeds of around GBP300,000 from the pending sale of Nicholson House, part of the company's headquarters which is currently under offer.
Getech said it is "quickly establishing itself" in the "nascent but potentially vast market" for natural hydrogen. It said joint exploration agreements "have the potential to move the company from being a service provider to be more akin to an explorer with the possibility of greater commercial returns".
Looking ahead, it said it sees the demand for data-led exploration increasing and expects to benefit from previous investments.
The company said it is confident of a continued improvement in trading and outlook in 2025, as it expands its drive to reduce costs and "align the business with our revenue base".
Getech shares were down 12% to 1.77 pence in London on Monday afternoon, after opening higher.
By Michael Hennessey, Alliance News reporter
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