Getech: Yorkshire-based subsurface research firm seeing increased demand due to drive for energy security
Yorkshire-based subsurface research firm Getech has said it is seeing a boost in demand for its services on the back of an increased focus from governments on energy security.
The firm, which has headquarters in Leeds and Texas, locates subsurface resources for industries including oil and gas and natural hydrogen.
Announcing its first-half year results, the company hailed a positive outlook as it cited a number of market tailwinds.
Chris Jepps, Getech CEO, said in a statement: “Industry conditions continue to support a strengthening exploration outlook, driven by persistently low reserve replacement among the supermajors, a longer oil-demand horizon and an increased focus on energy security and geographic diversification.
“This requirement for long-term energy supply is driving both established and emerging energy resource opportunities, creating demand for the data, specialised software and geoscience expertise needed to assess new geographies and resources efficiently.
“Getech’s core markets of oil & gas, mining and natural hydrogen have all seen increased activity, which we expect to be reflected in the group’s future performance given our proven ability to identify and de-risk new exploration projects.”
Mr Jepps added that the company was entering the second half “in a much stronger position than previous years”.
It comes at a time in which countries across the world are making moves to improve energy security, following widespread industry shocks due to the wars in Ukraine and Iran.
It also comes as Prime Minister Andy Burnham continues to face looming decisions on whether to approve the controversial Jackdaw and Rosebank fields in the North Sea.
Announcing its results for the six months ended June 30, Getech posted revenues of £2.4m, up from £2.1m a year prior.
The firm also narrowed its pre-tax losses significantly, landing at £241,000, down from £914,000 in the same period a year prior.
Getech posted earnings before interest, taxes, depreciation and amortisation for the period of £232,000, up from a loss of £196,000.
Michael Covington, Getech chairman, said: “The first half of 2026 has been an important step forward for Getech.
“We delivered profitable EBITDA, improved cash generation and strengthened our recurring revenue base, whilst continuing to invest in the proprietary data and technologies that differentiate the company.
“Our largely fixed cost base provides the potential for meaningful operational leverage as revenues expand.”