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Highlights

  • Revenue rose 16% to £4.7 million in 2024; EBITDA loss significantly reduced to £0.56 million.

  • Getech becomes debt-free in early 2025 following asset sales and operational cost reductions.

  • New leadership, strengthened partnerships, and rising sector demand support 2025 growth trajectory.

Getech plc (LSE:GTC), a global leader in locating subsurface resources, has announced its final results for the 12 months ended 31 December 2024, marking a significant turnaround in financial performance and operational stability.

The company reported a 16% increase in revenue to £4.7 million, up from £4.0 million in 2023. Annual Recurring Revenue (ARR) also saw a modest increase, rising to £2.9 million. Perhaps most notably, the firm recorded a dramatic improvement in EBITDA, slashing its loss from £2.7 million in 2023 to just £0.56 million in 2024. 

Getech ended the year with £0.9 million in cash, bolstered by the £0.65 million sale of Kitson House in January 2024 and a successful £1.7 million fundraising round in August.

Operational achievements were equally notable. The company invested in its core technology, enhancing the Globe exploration platform and advancing AI-driven software tools such as Exploration Analyst, Unconventionals Analyst, and Data Assistant. These upgrades aim to solidify Getech’s position as a leader in machine learning-enabled exploration.

Sector-specific growth was strong, with petroleum revenues rising 16% and other sectors growing 14%. New strategic partnerships were formed with Sound Energy, Kingfisher, Natural Hydrogen Ventures, RED Engineering, and Expro, enabling Getech to expand its footprint in both hydrogen and geoenergy. In the mining sector, new contracts were secured with Sandfire Resources and East Star Resources.

The company also made key leadership changes, appointing Chris Jepps as CEO in January 2025. Jepps, formerly COO, is spearheading a new sustainable business strategy, which has already produced tangible results. In Q1 2025, the company completed a cost base reduction of approximately £1 million annually.

As part of its asset optimization strategy, Getech completed the sale and leaseback of Nicholson House for £0.725 million in February 2025. Combined with the earlier Kitson House sale, these actions allowed the company to fully repay its debt, leaving Getech debt-free for the first time in years.

Early results for FY2025 are promising, with unaudited Q1 revenues up 8% year-on-year, driven by a rejuvenated sales team and the strategic refocus led by the new executive leadership.