Getech secures record order book as world seeks new sources of energy

The Leeds-based company said revenue was up by 11 per cent year-on-year to £2.7m in the six months ended June 30 2022, which it said was a reflection of the urgent need for new sources of energy.

Getech also said it had a record order book with a value of £4.8m, which is a 118 per cent increase year-on-year.

The company said it had continued to implement its “locate, develop, operate” business model, using foundation products and services to grow revenue and unlock transformational asset investment opportunities.

It said this investment to grow products and services had been rewarded with multi-million-pound contracts and diversification across transitional petroleum, critical minerals, geothermal, carbon storage.

The company said green hydrogen developments were advancing at pace, with the completion of engineering and commercial feasibility studies for projects in Shoreham and Inverness.

Dr Jonathan Copus, Getech’s CEO, commented: “With global energy investment forecast to rise to $2.4 trillion in 2022, driven mainly by the accelerating need for clean and secure energy, Getech continues to see escalating and widening demand for our industry-leading geoscience data and proprietary geospatial software.

"This is evidenced by sustained increases in revenue and rapid order book growth, both of which have continued to grow post period end. Inclusive of investment to extend the reach of our foundation products and services, they generated an H1 (first half) 2022 cash profit. This underscores the strength of our foundation business, which also benefits from US dollar strength.

He added: “Against a backdrop of increasing global investment in green hydrogen and recognition of its critical role in energy security, we are making strong progress with our development projects at Shoreham and Inverness.

"When in operation, Inverness will be the first regional green hydrogen network in the UK and Shoreham a vital local green economic hub in the South of England. Both projects have the potential to demonstrate the suitability of green hydrogen as a decarbonisation solution and provide a framework for future scalability and repeatability across the UK and internationally.

“With a clear business model of locating, developing and operating geoenergy and green hydrogen projects, a unique foundation offering and a strong team, Getech is well positioned to drive growth through the acceleration in energy investment.”

Wind and solar generation assets have been added to the development plan of the Shoreham and Inverness green energy hubs, which Getech said expanded the revenue generation potential and reduced the cost of hydrogen production.

The statement added: “The macro-economic environment continues to drive robust demand for Getech’s products and services, demonstrated by further revenue and orderbook momentum into H2 2022, with additional globe contracts closed.”

Mr Copus said Getech employed 50 people in Leeds, which includes the core of the company’s geoscience technology team. He said he was extremely proud of Getech’s Yorkshire-based staff and the skills they bring to the company. He said the quality of Getch’s work was helping it to attract “excellent people”.