Licence Renewals and New Customer Wins

RNS Number : 2329W

GETECH Group plc

22 April 2021

 

Getech Group plc

("Getech" or the "Company")

Licence Renewals and New Customer Wins

Getech, a provider of data, software and analytic products to the energy industry, is pleased to announce that it has successfully agreed software licence renewals with existing customers with a combined value of c.£375,000. These agreements include both annual and multi-year licences.

In addition, and on top of Getech's baseline of monthly orderbook revenue, the Group has recently successfully negotiated new sales of data and has won new service projects with existing and new customers with a combined value of c.£350,000. In step with Getech's focus on diversification, this work spans the petroleum and geothermal sectors.

Together, the sales detailed above are expected to deliver c.£537,000 of revenue in FY2021. The successful completion of these negotiations and the strong existing order book give the Board confidence that the Company continues to trade in line with current market expectations for FY2021.

Getech's Chief Executive Office, Jonathan Copus, commented:

"I am encouraged to see our core business activity in the oil and gas exploration and production sector regaining momentum and that our existing customers are renewing their software licences, which results in recurring revenue.

I am also excited that we are winning new business in the geothermal sector. It is Getech's strategy to apply our extensive geoscience and geospatial skills to fast-developing energy transition markets, in particular hydrogen, CCUS, geothermal and locating rare-earth and battery metals.

We believe that the geothermal industry is poised for substantial growth as developers scale up projects to produce 'green' baseload power to help balance the exposure of electricity grids to intermittent renewable energy sources such as wind and solar. At Getech we have unique skills and software workflows that can help operators locate heat assets that are economic to develop and to de-risk their development and management."

Getech Group plc Jonathan Copus, Chief Executive	Tel:  [phone]
Cenkos Securities plc Neil McDonald / Pete Lynch / Pearl Kellie (Corporate Finance) Michael Johnson / Julian Morse (Sales)	Tel:  [phone]

Notes to editors:

Getech (AIM: GTC) has a well-established position within the global energy market, assisting clients with its unique combination of products and services, that utilise the Group's sub-surface skills and geospatial design and implementation capabilities alongside a deep knowledge and understanding of how to deploy data.

The Company is leveraging its strong market position, utilising its existing expertise, and targeting additional commercial opportunities, to de-risk and accelerate the global transition to renewable sources of energy while strengthening its existing and well-established business.

Getech is listed on the AIM market of the London Stock Exchange. For further information, please visit www.getech.com

 

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