Getech: Leeds-based firm to ‘re-double’ focus on oil and gas in pivot from green hydrogen

The announcement follows major oil and gas firms BP and Shell announcing earlier this year that they were shifting away from renewables.

In a statement delivered to the London Stock Exchange, Chris Jepps, the recently appointed CEO of Getech said: “For many years, servicing the Oil & Gas sector has been the foundation of our business and revenues. In recent years we have perhaps slightly lost focus on this in our desire to diversify and follow a broad range of opportunities in emerging low carbon energy sectors.

“I believe that a sustainable strategic positioning for the business is to re-double our focus on our core markets such as Oil & Gas and Mining, whilst maintaining interest in low carbon sectors by selecting only the highest quality opportunities.”

He added that the appointment of President Donald Trump had also led to shifts in the market, with the US onshore oil and gas sector now expected to grow further following the Trump administration's push to alleviate regulation on the sector.

Getech also said it had seen “encouraging momentum” last year as the firm announced that its sales had risen 16 per cent.

The company posted revenue of £4.7m for 2024, up from £4m the year prior. It also narrowed its EBITDA losses from £2.7m in 2023 to £0.56m last year.

Michael Covington, chairman of Getech, said 2024 had been an “active but challenging” year for the company, adding that the firm has seen a tougher trading environment than it expected at the outset of the year.

The firm said that it had reduced its annual cost base by a further £1m in the first three months of the year, and in doing so that it had set a “clear path to being EBITDA positive by the end of 2025.”

February 2025 saw Getech sell off its Leeds headquarters building for £725,000 as part of a bid to “rebalance” its business and eliminate its debts. The company continued to occupy one floor of Nicholson House under a partial leaseback.

January 2024 also saw Getech sell off its Kitson House office. The company said the combined sales of the offices had enabled the repayment of all the group’s debt.