Getech: Leeds-based subsurface resources locator 'evolving in the right direction' as losses narrow
The chairman of Leeds-based subsurface resources locator Getech has said the company is “evolving in the right direction” as the business posted narrowing losses in its first-half results.
The company posted pre-tax losses of £821,000 for the six months ending June 30, a major drop from the same period last year when the company posted losses of £2.9m.
Getech also reported an earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss, before exceptional items, of £0.3m, down from £1.6m for the first six months of 2023. The company said it is on track to being EBITDA positive by the end of 2024.
The company posted first-half revenues of £2.2m, an increase of 16 per cent on last year when it posted revenues of £1.9m.
Michael Covington, Getech chairman, said: "The business is evolving in the right direction. Last year we reset the structure and focus of the company while also substantially reducing our overheads.
“This year, following our recent fundraise, the business is well placed to increase its customer base of exploration companies seeking new discoveries of assets needed for the energy transition. To that end, we have an expanding pipeline of potential projects, and we are focused on converting them."
The firm added that its “successful diversification into the energy transition market” had grown its sales pipeline to £9.6m
The company posted net debt of £0.1m, down from £0.6m in the first six months of 2023.