Getech, the geoenergy and green hydrogen company has reported revenue growth in its interim results out today as it brings forward energy developments with its green hydrogen project pipeline now totalling 240 MW of capacity. It's a great example of a transitional business that is now developing a portfolio of assets to support the pathway to net zero with green hydrogen sites at Inverness and Shoreham Port.

Financial highlights 

• Demand for Getech products and services continues to accelerate and diversify - revenue up 11% year-on-year to £2.7 million (H1 2021: £2.4 million). 
• Record orderbook value of £4.8 million, a 118% increase year-on-year (30 June 2021: £2.2 million) and 45% increase since the end of 2021 (31 December 2021: £3.3 million).  
• Strong visibility in revenue generation, with £1.5 million of the orderbook expected to convert in H2 2022, and a further £1.6 million due in FY 2023. 
• Gross profit margin of 63% (H1 2021: 59%) driven by increased product revenue. 
• Robust cash position of £4.3 million at 30 June 2022 (31 December 2021: £5.9 million), plus £2.4 million of receivables invoiced post Period-end for payment in H2. 

Corporate and operational highlights 

• Continued implementation of ‘locate, develop, operate’ business model, using foundation products and services to grow revenue and unlock transformational asset investment opportunities.  
• Investment to grow products and services rewarded with multi-million-pound contracts and diversification across transitional petroleum, critical minerals, geothermal, carbon storage. 
• Green hydrogen developments advancing at pace – with expansion in tangibility, scale and scope: 
• Completion of engineering and commercial feasibility studies for both Shoreham and Inverness, resulting in extension of the Shoreham Green Energy Port exclusivity for five years (through to first production and beyond), groundworks at Inverness SGN gasholder site, and progress towards concluding terms on a multi-hub Joint Venture Agreement with The Highland Council.  
• Phase 1 hydrogen production design capacity of Shoreham and Inverness increased to 2.5 tonnes/day (6 MW) in response to strong indicators of initial hydrogen demand – with c.5 tonnes/day of potential identified and targeted for production start-ups in 2025. 
• Owned and operated wind and solar generation assets added to the development plan of the Shoreham and Inverness green energy hubs, expanding the revenue generation potential and reducing the cost of hydrogen production.  
• The hydrogen project pipeline now totals c.240 MW of production capacity. 

Current trading and outlook 

• The macro-economic environment continues to drive robust demand for Getech’s products and services, demonstrated by further revenue and orderbook momentum into H2 2022, with additional Globe contracts closed. 
• Asset development pipeline is expanding into the geothermal and critical minerals sectors. 

 
Dr Jonathan Copus, Getech CEO commented:  
“With global energy investment forecast to rise to $2.4 trillion in 2022, driven mainly by the accelerating need for clean and secure energy, Getech continues to see escalating and widening demand for our industry-leading geoscience data and proprietary geospatial software. This is evidenced by sustained increases in revenue and rapid orderbook growth – both of which have continued to grow post Period end. Inclusive of investment to extend the reach of our foundation products and services, they generated an H1 2022 cash profit. This underscores the strength of our foundation business, which also benefits from US dollar strength.   

Against a backdrop of increasing global investment in green hydrogen and recognition of its critical role in energy security, we are making strong progress with our development projects at Shoreham and Inverness. When in operation, Inverness will be the first regional green hydrogen network in the UK and Shoreham a vital local green economic hub in the South of England. Both projects have the potential to demonstrate the suitability of green hydrogen as a decarbonisation solution and provide a framework for future scalability and repeatability across the UK and internationally. 

With a clear business model of locating, developing and operating geoenergy and green hydrogen projects, a unique foundation offering and a strong team, Getech is well positioned to drive growth through the acceleration in energy investment.” 

KeyFacts Energy Industry Directory: GETECH