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Getech order book boosted to record level after recent contract wins

Wed, 6th Jul 2022 11:44

(Alliance News) - Getech Group PLC on Wednesday said its order book has reached a record high, as it won new contracts worth USD2.2 million.

Shares in the Leeds, England-based green hydrogen company were up 4.0% to 19.50 pence each in London on Wednesday midday.

The contract wines include geoscience data sales and product renewals and extensions for the company's Globe knowledge base, which models the earth's evolution over the last 400 million years.

It also includes Getech's "largest contract to date in the critical minerals sector", a USD900,000 multi-product sale to a "global critical minerals company."

The company said that around 56% of these new sales are expected to translate to revenue in 2022. This places Getech on track with market expectations for double digit annual revenue growth, it added.

Further, Getech said that the new contracts have placed its order book at a record high, providing "a strong foundation to deliver multi-year diversified growth."

Chief Executive Jonathan Copus said: "While companies and governments continue to expand their investment in new sources of energy and minerals, today's new sales announcement - and the record size of Getech's orderbook - provide further evidence of how demand for our products continues to grow in our target markets of transitional petroleum, critical minerals, storage, geothermal and hydrogen."

By Sophie Rose; sophierose@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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