Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGetech Grp Regulatory News (GTC)

Share Price Information for Getech Grp (GTC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 8.625
Bid: 8.25
Ask: 9.00
Change: 0.00 (0.00%)
Spread: 0.75 (9.091%)
Open: 8.625
High: 8.625
Low: 8.625
Prev. Close: 8.625
GTC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Multiple New Contract Wins

3 Jan 2024 07:00

RNS Number : 4314Y
GETECH Group plc
03 January 2024
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

03 JANUARY 2024

 

Getech Group plc

("Getech" or the "Company")

Multiple New Contract Wins

 

Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce eight new contract wins that represent in aggregate a total value £1.8m. The contract wins comprise of subscriptions to the Company's Globe platform, geoscience data and the purchase of expert consulting services.

The Company expects to recognise £0.6m of revenue from these contracts in the year to 31 December 2023 ("FY23") and expects unaudited revenue for FY23 to be approximately £4.0m. The balance of £1.2m will be added to the Company's order book, which currently totals £4.6m (30 June 2023: £4.4m). As previously highlighted in our trading statement in December 2023, due to a growing level of caution amongst the Company's client base a number of projects expected to close in FY23 will now occur in this financial year, and so Getech enters 2024 with a strong pipeline.

Alongside new business activity, the Company is now signing up all new customers to its subscription model, as well as migrating existing customers to longer term contracts - which typically have a minimum commitment period of three years. As a consequence, the Company is pleased to report annual recurring revenue ("ARR") has increased to £2.8m (FY22 £2.4m). Our objective is to migrate all customers to a subscription model as contracts come up for renewal.

Included in the new contracts announced today is a three year renewal contract for Getech's Globe platform from an Asian multinational energy company. Globe is Getech's proprietary digital platform of earth science data that facilitates the exploration and location of subsurface resources that are vital for the energy transition, including carbon storage, geothermal, natural hydrogen and critical mineral assets. Globe is an innovative product that collects geoscience and geophysical data, and through proprietary computational modelling and AI-led machine learning techniques, identifies favourable exploration opportunities for its customers.

Also included in the contracts is a first global license subscription for Getech's Data Assistant software. The contract was signed with a US-based multinational energy company. Data Assistant is an easy-to-use extension to ArcGIS Pro that enables customers to easily transfer geoscience data into their existing project workflows leading not only to efficiency cost-savings but also to better geospatial decision making. A video overview of the product can be found here:

https://getech.com/getech-explore/products/technology/data-assistant/

Richard Bennett, acting CEO said, "Entering 2024 with our substantially reduced costbase, increased order book and growing ARR means the business is undoubtedly better placed following a year of transition in 2023.

We have also invested in expanding our exploration capabilities, targeting resources associated with the energy transition. The recent COP28 demonstrated again the world's commitment to phasing down fossil fuels and in 2024 we expect to benefit from this by helping our customers locate the subsurface future facing resources such as critical minerals and geothermal projects that are so vital to the energy transition."

 

For further information, please contact:

 

Getech Group plc

Richard Bennett, CEO

 

Tel: 0113 322 2200

 

Cavendish Capital Markets Limited

Neil McDonald / Pete Lynch (Corporate Finance)

Michael Johnson / Dale Bellis (Sales)

 

Tel: 0207 397 8900

 

 

Novella Communications

Tel: 0203 151 7008

Tim Robertson / Claire de Groot / Safia Colebrook

getech@novella-comms.com

 

 

Notes to editors:

 

Getech Group plc (AIM: GTC) applies its world-leading geoscience data and unique geospatial software products to accelerate the energy transition by locating, developing and operating geoenergy and green hydrogen projects.

 

For further information, please visit www.getech.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
CNTQKBBBOBKDBDK
Date   Source Headline
23rd Apr 20247:09 amRNSContract Win
15th Apr 20247:00 amRNSThree Separate Contract Wins
3rd Apr 20244:57 pmRNSHolding(s) in Company
21st Mar 20247:00 amRNSTrading and Technology Update
29th Feb 20247:00 amRNSCopper Exploration Joint Venture
29th Feb 20247:00 amRNSSediment-Hosted Copper Exploration JV
8th Feb 20247:00 amRNSDirector/PDMR Shareholding
7th Feb 20247:00 amRNSBoard Changes & Grant of Share Options
22nd Jan 20247:00 amRNSSale of Asset & Change of Registered Office
3rd Jan 20247:00 amRNSMultiple New Contract Wins
15th Dec 20237:00 amRNSTrading Update
29th Nov 202310:59 amRNSChange of Auditor
24th Nov 20231:46 pmRNSMelloLondon Investor Conference
20th Nov 202312:18 pmRNSChange of Nominated Adviser
27th Oct 20239:25 amRNSHolding(s) in Company
17th Oct 20237:00 amRNSHolding(s) in Company
26th Sep 20237:00 amRNSHolding(s) in Company
25th Sep 20237:00 amRNSInterim Results
18th Sep 202310:11 amRNSNotice of Results and Investor Presentations
11th Aug 20235:15 pmRNSHolding(s) in Company
7th Aug 20237:00 amRNSGetech expands services to natural hydrogen
17th Jul 20237:00 amRNSThree Contract Wins
11th Jul 20232:53 pmRNSExercise of Share Options and Director Dealing
29th Jun 20232:36 pmRNSResult of AGM
5th Jun 20237:00 amRNSFinal Results
2nd Jun 20237:00 amRNSNotice of Results and Investor Presentation
30th Mar 20237:47 amRNSH2 Green Project Selected for Government Grant
15th Mar 202310:02 amRNSGrant of Share Options
6th Mar 20237:00 amRNSAppointment of Dr Graham Cooley to Chair H2 Green
28th Feb 202312:45 pmRNSHolding(s) in Company
27th Feb 20237:00 amRNSDirector/PDMR Shareholding
15th Feb 20237:00 amRNSDirectorate Change
2nd Feb 20237:00 amRNSInvestor Event
25th Jan 20237:00 amRNSNotice of Investor Presentation
23rd Jan 20237:00 amRNSPost-Close Trading Update
10th Jan 20237:00 amRNSAgreement to Jointly Evaluate Geothermal Projects
19th Dec 202210:36 amRNSHolding(s) in Company
14th Dec 20227:00 amRNSMilestone achieved in Inverness
13th Oct 20227:00 amRNSSenior appointment in geothermal
28th Sep 20227:00 amRNSInterim Results
22nd Sep 20227:00 amRNSExtension of exclusivity with Shoreham Port
8th Sep 20227:00 amRNSGetech expands senior team
16th Aug 20227:00 amRNSShare Purchase by Director
4th Aug 202210:48 amRNSHolding(s) in Company
4th Aug 20227:00 amRNS$1.1m Contract Sale & Release of Globe 2022
12th Jul 20227:00 amRNSCarbon Capture and Storage software and analytics
6th Jul 20227:00 amRNS$2.15m of new contracts
28th Jun 20227:00 amRNSNew geospatial services contract
23rd Jun 20223:53 pmRNSResult of AGM
22nd Jun 20225:15 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.