REG - GETECH Group plc - Half-year Report
24/09/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250924:nRSX4985Aa&default-theme=true
RNS Number : 4985A GETECH Group plc 24 September 2025
24(th) September 2025
Getech Group plc
("Getech" or "the Company")
Interim Results
Getech (AIM:GTC), a world leading locator of subsurface resources, announces
its unaudited interim results and report for the six months to 30 June 2025
("H1 2025" or "the Period").
Operational Highlights
· Implemented a significant restructuring of the business to
deliver:
· £1m in cost savings equal to a c. 20% reduction in annualised
costs
· New sales leadership improving both the size and quality of the
pipeline of sales opportunities
· 54 signed contracts of which 31 (57%) were new customers
· Key Globe contract renewals with super-major clients - reflecting
the platform's ongoing importance
· Product enhancements continuing with the release of new versions
of Globe (v2025.1 and v2025.2) and Unconventionals Analyst (v3.3)
· Natural Hydrogen becoming a key market with:
· Getech increasingly viewed as an industry leader in locating this
potentially transformational energy resource
· Significant growth in demand for services and new business
development opportunities
· Market-leading transactions such as the Joint Venture with Sound
Energy in June 2025
· Launched a new seismic-focussed high impact targeting and
exploration service in partnership with STRYDE to further drive integrated
service revenues
Financial Highlights
· H1 2025 revenues of £2.1 million (H1 2024: £2.2 million),
broadly flat on 2024
· Strong contractually committed orderbook value of £3.8 million
(31 December 2024: £4.1 million)
· Orderbook has subsequently increased to £4.2 million (at 31st August
2025), with £1.6m to be released in H2 2025.
· Cost base for the period reduced by 12% to £2.5 million (H1 2024:
£2.8 million), with annualised cost base on track to reduce by c. 20%
compared with prior full year
· Cash balance of £0.4 million on 30 June 2025, after £0.3m of
exceptional costs relating to the cost reduction program (31 December 2024:
£0.9 million)
· All borrowings repaid following the sale of Nicholson House in
February (31 December 2024: debt of £0.4 million)
· £0.1 million Adjusted EBITDA loss (H1 2024: £0.3 million
Adjusted EBITDA loss)
Post Period End & Outlook
· Strengthened Board with Chris Jepps confirmed as CEO, Simon Brown
appointed CFO and Max Brouwers as Executive Director
· Improved pipeline of sales opportunities supports achieving the
targets of delivering mid-to-high single digit organic revenue growth and
being EBITDA positive for 2025
· Entering the Company's traditionally strongest half-year for
trading and focussed on meeting the objectives set at the start of the year
Michael Covington, Getech Chairman commented:
"The changes made in the first half of 2025 have re-shaped the business for
the better. We now have a coherent and focussed commercial base together with
a sustainable business strategy which the new strengthened executive Board are
delivering on. Early indicators - such as the reduced cost base and sales
pipeline improvements - are positive. In the short-term, we have entered the
traditionally stronger second half of the year and we are focussed on
delivering the objectives we set ourselves as part of our turnaround plan in
2025, namely: delivering mid-to-high single digit organic revenue growth and
achieving EBITDA positive."
Investor Meet Company presentation
The company will hold an investor call on 25(th) September 2025 at 2.00 pm to
discuss the interim results. Investors can sign up to Investor Meet Company
for free and add to meet Getech via:
https://www.investormeetcompany.com/companies/getech-group-plc
For further information, please contact:
Getech Group plc
Chris Jepps, CEO Tel: 0113 322 2200
Cavendish Capital Markets Limited
Neil McDonald / Pete Lynch (Corporate Finance) Tel: 0207 397 8900
Dale Bellis / Jasper Berry (Sales)
Novella Communications Tel: 0203 151 7008
Tim Robertson / Safia Colebrook
getech@novella-comms.com
Notes to editors:
About Getech
Getech is a leading locator of subsurface resources essential for the world's
energy security and sustainable transition. The Company combines unique
geoscience expertise, AI-driven analytics, and extensive geospatial insight to
identify new energy and mineral resources and streamline exploration
processes. Serving clients across corporates, government and regulators in a
wide range of industries, Getech is committed to enabling energy and mineral
security while supporting a shift towards low carbon sources.
Founded in 1994 Getech is listed on the Alternative Investment Market of the
London Stock Exchange ("AIM"), with ticker symbol GTC.
For further information, please visit www.getech.com (http://www.getech.com/)
.
CEO Statement
Introduction
I am pleased to present Getech's half-year results for the six months to 30
June 2025. The start of 2025 marked a new period for the business, with the
immediate focus being to re-set the financial balance of the business and move
to being EBITDA positive. Within the first three months of the year, the
annual cost base was reduced by c. 20%, a c. £1 million reduction (on an
annualised basis), achieved primarily through a reduction in staff costs and
by streamlining administrative infrastructure. These actions were implemented
without compromising the Group's ability to deliver its revenue earning
products and services for clients.
During this challenging period, in February 2025 the Group announced the
completion of the sale and partial leaseback of its office property Nicholson
House for a price of £725,000. A portion of the net proceeds were used to
repay the balance outstanding on the Group's bridge loan facility (c.
£420,000) and other transaction fees, thereby eliminating all Group
borrowings and significantly improving the Group's financial position.
The sale and partial leaseback agreement follows the sale of Kitson House in
January 2024 and has several tangible benefits: firstly, unlocking the value
of our real estate asset enabling us to eliminate our debt and providing a
stronger foundation for operations and growth. Secondly, by securing a
good-value rent, we maintain operational stability for our head office and
minimise any disruption. Overall, the transaction is a key component in
rebalancing the Getech business and improving its operational efficiency.
The Group has set out a new, sustainable, business strategy, which re-focuses
the core activities of the Group on its traditional markets of Oil & Gas
and Mining - where Getech has long-term relationships with many of the largest
companies operating in these sectors.
In tandem with repositioning Group's strategy and re-setting the cost-base to
improve profitability, the management team focused on increasing revenues,
which Getech generates from product subscriptions, data sales, services and
training, each with distinct sales drivers and cycle-times that we manage in
an integrated way to maximise growth.
To achieve our revenue growth objectives, we expanded the sales team in the US
and the UK with the addition of senior hires alongside a new structure and
approach to identifying, developing and securing new business opportunities.
Early indications are positive and reflected in the growth of the Group's
pipeline of sales opportunities since the start of the year.
In parallel with these core Group activities, we continue to progress
high-quality, selective opportunities in Natural Hydrogen exploration in
support of the Energy Transition.
Financial Results
In the six months under review, the Group generated revenues of £2.1 million
(H1 2024: £2.2 million) - broadly flat on 2024, given the impact of £0.1
million in reduced revenues due to factors outside of our control (such as
adverse movements in foreign exchange). The contractually committed orderbook
stood at £3.8 million (31 December 2024: £4.1 million) and, following
contract wins post-period, orderbook has subsequently increased to £4.2
million (at 31st August 2025), with £1.6m to be released in H2 2025.
H1 2025 annualised recurring revenue (ARR) of £2.6 million (31 December 2024:
£2.9 million) was negatively impacted by adverse movements in foreign
exchange, late contract renewals and an element of customer churn caused by
industry uncertainties and associated cost-cutting. Despite that,
post-period, ARR has increased to £2.7m with further contract wins.
With a reduced cost base of £2.5 million (H1 2024: £2.8 million) this led in
H1 2025 to a £0.1 million Adjusted EBITDA loss (H1 2024: £0.3 million
Adjusted EBITDA loss).
On 30 June 2025 the Group had cash balances of £0.4 million (31 December
2024: £0.9 million) after £0.3m of exceptional costs relating to the H1 2025
cost reduction program and the Group was debt free (31 December 2024: £0.1
million).
Operational Review
Getech integrates geoscience and geospatial expertise to deliver
decision-ready insights for customers operating in the subsurface across Oil
& Gas, Mining, Natural hydrogen and Geothermal sectors. Our diversified
market exposure supports growth and reduces both sector and customer
concentration risk.
One of the foundations of our offerings is our flagship earth modelling
product, Globe, which is delivered using a SaaS revenue model. In May 2025,
our clients' commitment to Globe and the unique insight it brings was
highlighted by our team successfully closing a significant Globe platform
subscription renewal with a US-based energy super-major, with a total value of
$945,000 (recognised over 3-years). With the release of Globe 2025.1 in
Q12025 and 2025.2 in July 2025, the capabilities of Globe were again expanded,
with the latest version comprising new geological analysis and interpretation
capabilities. Getech also further advanced its proprietary AI and machine
learning algorithms, to improve natural resource exploration and predictions
for its customers.
Elsewhere across the product stack, in March 2025 the Group released a new
version of its popular Unconventionals Analyst software. This product is used
by oil & gas operators and financial institutions to manage onshore shale
oil & gas projects and investments. It is offered through a SaaS revenue
model, as with its sister products Data Assistant and Exploration Analyst.
Alongside our product work, our services teams continue to be in demand,
managing, processing, integrating and interpreting geoscience and geospatial
information on bespoke projects for customers across the energy spectrum.
Getech has long been recognised as a leader in gravity and magnetics, holding
the world's largest commercial database of this data which is used globally by
organisations to understand the subsurface conditions of any area as part of
initial exploration screening.
In another enhancement to our offerings and to further drive integrated
service revenues, in partnership with STRYDE, we jointly announced the launch
of a new seismic-focussed high impact targeting and exploration service
designed to help energy and natural resource companies explore faster and more
effectively, while reducing exploration risk and cost. Already deployed
successfully on multiple projects in the Middle East, the service enables our
clients to conduct early screening and identification of high value leads and
prospects, to optimise new seismic survey design, and to reduce unnecessary
seismic acquisition costs by focusing investment only where it matters most.
As activity within the nascent Natural Hydrogen sector has accelerated, Getech
has quickly emerged as a key player due to the ability of its gravity and
magnetic data and related processing expertise to image and identify the
source rocks required for this potentially transformative clean energy
resource, with recent collaborations with Sound Energy, Kingfisher and Natural
Hydrogen Ventures, among others.
In the period under review, the Group secured 54 contract wins totalling
£1.7m, including 9 new annual software subscription customers and the renewal
of 12 software licence contracts.
Getech's success in refocusing the business and supporting revenue growth with
new sales hires has been reflected in our pipeline of sales opportunities
which has increased since 2024 - both in terms of size and quality - and
represents an excellent foundation from which to drive the performance of the
business.
As well as the improved sales pipeline, additional upside potential exists
through our portfolio of joint venture projects. This portfolio enables the
Group to earn a share in assets that have the possibility of generating
substantially higher returns than have been achieved historically.
In June 2025, the Group announced that, following the completion of a
successful natural hydrogen and helium regional screening study, it had - in
partnership with Sound Energy - incorporated the subsidiary HyMaroc Limited.
This joint venture aims to jointly negotiate exclusive rights for the
exploration and exploitation of geologic hydrogen and helium in Morocco and
progress towards geophysical and drilling activities in order to unlock
potential resources.
This addition to our project portfolio was our first since the 2024
announcement of our joint venture with East Star Resources to locate
sedimentary copper deposits in Kazakhstan. We continue to mature other
opportunities within our strong pipeline of similar, but confidential, joint
exploration projects - notably within the Natural Hydrogen sector, which is
receiving significant commercial interest - and in such a way as to mitigate
or minimise up-front capital investment.
Outlook
Post-period, the Group strengthened its Executive Board with several
appointments: having previously been appointed Interim CEO in January 2025, I
became CEO on a permanent basis; Simon Brown, appointed Finance Director (a
non-Board role) in November 2024, joined the Board as CFO and Max Brouwers,
Chief Business Development Officer, who had previously been proposed to join
the Board, did so as an Executive Director.
Two of the Group's largest markets - Oil & Gas and Mining - have recently
benefitted from the renewed US focus on natural resource exploration,
supported by reduced regulatory barriers and new funding initiatives. At the
same time, uncertainty around trade tariffs, recession risk, lower oil prices
and metal price volatility has created some headwinds.
However, we expect these markets to continue to be of key importance to the
global economy. According to the IEF and S&P Global, $4.3 trillion in new
upstream oil & gas investment will be required between 2025 and 2030 to
meet demand growth and to offset natural field declines. The IEA has recently
noted that these production declines have accelerated globally, with operators
now expected to need to invest US$540bn each year through to 2050, requiring
annual discoveries of 10 billion barrels of oil and c.1000 Bcm of natural gas
to fill the supply gap to maintain today's production. For the mining sector,
the IEA also estimates that - depending on the scenario - $590 to 800 billion
in new capital investment will be needed between 2024 and 2040 to meet
projected demand for critical minerals.
With its global and diverse customer base and strong industry track record,
the Group remains well positioned to navigate this heterogeneous market and
identify the best opportunities. As we enter our traditionally stronger second
half of the year, we are leveraging our pipeline of expected renewals and new
business opportunities to focus on achieving our targets of delivering
mid-to-high single digit organic revenue growth and achieving EBITDA positive
for 2025. In parallel, we are progressing our portfolio of Natural Hydrogen
joint exploration projects with a view to material value creation in the
medium to long-term.
Chris Jepps, CEO
Financial Review
Revenue and Sales
H1 2025 revenue totalled £2.1 million (H1 2024: £2.2 million), broadly flat
on 2024, given the impact of £0.1 million in reduced revenues due to factors
outside of our control (such as adverse movements in foreign exchange). During
the period Getech won contracts amounting to £1.7m, including new business
and subscription renewals, resulting in a decrease in orderbook value to £3.8
million (31 December 2024: £4.1 million).
Annualised Recurring Revenue ("ARR") decreased to £2.6 million (31 December
2024: £2.9 million) and was negatively impacted by adverse movements in
foreign exchange, late contract renewals and some customer churn caused by
industry uncertainties and associated cost-cutting.
Post-period, ARR has increased to £2.7m with further contract wins while
orderbook has subsequently increased to £4.2 million (at 31st August 2025),
with £1.6m to be released in H2 2025.
Cost Management
Getech implemented a substantial cost reduction programme in H1 2025,
reflected in the £0.3m of exceptional items. As a result, the cost base,
excluding exceptional items, was reduced by 12% compared to H1 2024.
Variance from prior period 6 months ended 30 June 2025 6 months ended 30 June 2024 12 months ended 31 December 2024
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Cost of sales 1,154 1,131 3,016
Development costs capitalised 264 397 763
Administrative expenses 1,552 1,739 3,024
Depreciation and amortisation charges (423) (422) (817)
Share-based payments (59) (11) (52)
Total cost base excluding exceptional items -12% 2,488 2,834 5,934
Profitability
In the period under review, Getech recognised revenues of £2.1 million -
broadly flat on H1 2024 - and, combined with the implementation of the cost
reduction programme, recorded an improved Adjusted EBITDA loss of £0.1
million (H1 2024: £0.3 million). Getech is on track to being Adjusted
EBITDA break-even for year-end 2025. Note that Adjusted EBITDA is defined as
EBITDA excluding exceptional items and share-based payments charges.
Post-tax loss, after exceptional items, was £0.9 million (H1 2024: £0.7
million loss).
Operating Cash Flow
Getech's cash outflow from operations was £0.3m (H1 2024: net cash flow
break-even). This outflow included £0.3 million of exceptional costs relating
to the cost reduction programme (H1 2024: £0.1 million of exceptional costs
included).
Liquidity
During H1 2025 there was an overall net cash outflow of £0.5 million (H1
2024: £0.2 million outflow). This included proceeds from the sale of
Nicholson House (£0.7 million inflow), which were used in repayment of a
£0.4 million bridging loan secured on the property sold. The cash balance at
the period end was £0.4 million (H1 2024: £0.2 million).
Group Statement of Comprehensive Income
for the six months ended 30 June 2025
6 months ended 30 June 2025 6 months ended 30 June 2024 12 months ended 31 December 2024
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Revenue 2,087 2,158 4,662
Cost of sales excluding amortisation (777) (776) (2,257)
Gross profit excluding amortisation 1,310 1,382 2,405
Amortisation charged to cost of sales (377) (355) (759)
Gross Profit 933 1,027 (1,646)
Administrative expenses excluding depreciation (1,506) (1,672) (2,966)
EBITDA (196) (290) (561)
Depreciation (charged to administrative expenses) (46) (67) (58)
Amortisation (charged to cost of sales) (377) (355) (759)
Operating loss before exceptional items (619) (712) (1,378)
Exceptional items (286) (89) (139)
Operating loss (905) (801) (1,517)
Finance income 1 2 3
Finance costs (10) (22) (65)
Loss before tax (914) (821) (1,579)
Income tax 56 75 1
Loss for the period (858) (746) (1,578)
Other comprehensive income
Currency translation differences 19 (7) 131
Total comprehensive loss (839) (753) (1,447)
Earnings per ordinary share
Basic (pence/share) (0.56) (1.11) (1.66)
Diluted (pence/share) (0.56) (1.11) (1.66)
Group Statement of Financial Position
as at 30 June 2025
30 June 2025 30 June 2024 31 December 2024
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Non-current assets
Goodwill 296 296 296
Intangible assets 3,650 3,648 3,604
Property, plant and equipment 217 38 37
Investments 248 - 248
Deferred tax asset 50 110 51
4,461 4,092 4,236
Current assets
Trade and other receivables 988 1,002 1,455
Current tax recoverable 192 136 123
Cash and cash equivalents 419 154 898
Assets classified as held for sale - 825 687
1,595 2,117 3,163
Total assets 6,056 6,209 7,399
Current liabilities
Trade and other payables 2,288 2,409 2,613
Current tax liabilities - - 1
Borrowings - 148 413
Lease liabilities 30 - 14
2,318 2,557 3,041
Net current assets (723) (440) 122
Non-current liabilities
Lease liabilities 150 - -
Provisions 10 - -
160 - -
Net assets 3,578 3,652 4,358
Equity
Called up share capital 382 169 382
Share premium account 9,831 8,685 9,831
Merger reserve 2,601 2,601 2,601
Share-based payment (SBP) reserve 73 56 53
Currency translation reserve 336 179 317
Retained earnings (9,645) (8,038) (8,826)
Total equity 3,578 3,652 4,358
Group Statement of Changes in Equity
for the six months ended 30 June 2025 (unaudited)
Share capital Share premium Merger reserve SBP reserve Currency translation reserve Retained earnings Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
1 January 2025 382 9,831 2,601 53 317 (8,826) 4,358
Loss for the period - - - - - (858) (858)
Other comprehensive income - - - - 19 - 19
Total comprehensive income - - - - 19 (858) (839)
Transactions with owners of the company:
SBP charge - - - 59 - - 59
Transfer of reserves - - - (39) - 39 -
30 June 2025 (unaudited) 382 9,831 2,601 73 336 (9,645) 3,578
for the six months ended 30 June 2024 (unaudited)
Share capital Share premium Merger reserve SBP reserve Currency translation reserve Retained earnings Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
1 January 2023 169 8,685 2,601 158 186 (7,405) 4,394
Loss for the period - - - - - (746) (746)
Other comprehensive income - - - - (7) - (7)
Total comprehensive income - - - - (7) (746) (753
Transactions with owners of the company:
SBP charge - - - 11 - - 11
Transfer of reserves - - - (113) - 113 -
30 June 2023 (unaudited) 169 8,685 2,601 56 179 (8,038) 3,652
for the year ended 31 December 2024 (audited)
Share capital Share premium Merger reserve SBP reserve Currency translation reserve Retained earnings Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
1 January 2024 169 8,685 2,601 158 186 (7,405) 4,394
Loss for the year - - - - - (1,578) (1,578)
Other comprehensive income - - - - 131 - 131
Total comprehensive income - - - - 131 (1,578) (1,447)
Transactions with owners of the company:
Issued share capital 213 1,146 - - - - 1,359
SBP charge - - - 52 - - 52
Transfer of reserves - - - (157) - 157 -
31 December 2024 (audited) 382 9,831 2,601 53 317 (8,826) 4,359
Group Statement of Cash Flows
for the six months ended 30 June 2025
6 months ended 30 June 2025 6 months ended 30 June 2024 12 months ended 31 December 2024
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Operating activities
Loss before tax (914) (823) (1,579)
Adjustments for:
Finance costs 10 22 65
Investment income (1) (2) (3)
Amortisation of intangible assets 377 355 759
Depreciation of property, plant and equipment 46 67 58
Impairment of held-for-sale properties - - 139
Equity-settled share-based payment expense 59 11 52
Gains and losses on exchange rate (7) (5) -
Operating cash flow before working capital movement (430) (375) (509)
Movements in working capital
(Increase)/decrease in contract assets 310 123 231
(Increase)/decrease in trade and other receivables 149 262 (213)
Increase/(decrease) in contract liabilities (19) (432) 552
Increase/(decrease) in trade and other payables (306) 418 (551)
Cash absorbed by operations (296) (4) (490)
Income tax refunded - 12 11
Net cash from operating activities (296) 8 (479)
Investing activities
Capitalisation of internally developed intangible assets (264) (397) (763)
Purchase of intangible assets (156) - -
Purchase of property, plant and equipment (40) (22) (8)
Proceeds from sale of property, plant and equipment - - 1
Proceeds from disposal of held-for-sale property 687 650 650
Interest received 1 2 3
Net cash from investing activities 228 233 (117)
Financing activities
Proceeds from issue of shares - - 1,700
Share issue costs - - (342)
Proceeds from borrowings - 148 390
Repayment of borrowings (413) (589) (566)
Payment of lease liabilities (11) (9) (23)
Interest paid (10) (22) (65)
Net cash from financing activities (434) (472) 1,094
Net decrease in cash and cash equivalents (502) (231) 498
Cash and cash equivalents at the beginning of the period 898 385 385
Effect of foreign exchange rates 23 - 97
Cash and cash equivalents at the end of the period 419 154 385
Notes to the Interim Report
for the six months ended 30 June 2025
Corporate Information
Getech Group plc ("the Company" and ultimate Parent of "the Group") is a
public limited company domiciled and incorporated in England and Wales. The
Company's registered office and principal place of business is Nicholson
House, Elmete Lane, Leeds LS8 2LJ.
The principal activity of the Group is locating the energy and mineral
resources essential for the world's energy transition. Getech's unique data
encompassing the most recent 400 million years of Earth's evolution, coupled
with its geoscience expertise, AI-driven analytics and extensive GIS
capabilities, enables the Company to provide valuable and actionable insights
to support resource discovery and development.
The Company's client portfolio is wide-ranging, from governments,
municipalities, natural resources and energy companies to consumer goods and
computing services companies, all striving to become energy and minerals
self-sufficient and drive towards net zero.
Basis of Preparation
The interim results are for the six months ended 30 June 2025. They have been
prepared using the recognition and measurement principals of international
accounting standards in conformity with the requirements of the Companies Act
2006. As permitted, this interim report has been prepared in accordance with
the AIM rules and not in accordance with IAS 34 'interim financial reporting'
and therefore the interim information is not in full compliance with
international accounting standards.
This interim report does not constitute full statutory financial statements
within the meaning of section 434(5) of the Companies Act 2006 and the
financial statements are unaudited. The unaudited interim financial statements
were approved for issue by the board on 23(rd) September 2025.
The financial statements are prepared on a going concern basis under the
historical cost convention, with the exception of certain items measured at
fair value, and are presented to the nearest thousand pounds (£'000), except
as otherwise stated. They have been prepared in accordance with the accounting
policies adopted in the last annual financial statements for the year ended 31
December 2024. A copy of the audited financial statements for the period ended
31 December 2024 has been delivered to the Registrar of Companies. The
Auditor's opinion on those financial statements was unqualified.
In making the going concern assessment, the Board of Directors has considered
Group budgets and detailed cash flow forecasts for the next 12 months. The
detailed forecasting models are built from Board approved budgets. From these
budgets, revenue forecasting is regularly updated to take into consideration
new contractually committed revenues, market sentiment, our current sales
pipeline and any other influencing factors. The Directors then further apply
sensitivity testing to the revenue profiles based on the achievement of
various levels of revenue from noncontractually committed sources.
These cash flow projections and sensitivities, when considered in conjunction
with the Group's existing cash balances and its ability to adjust costs in
accordance with forecast levels of revenue, demonstrate that the Group has
sufficient working capital for the forecast period. Consequently, the
Directors are fully satisfied that it is appropriate to prepare the accounts
on a going concern basis.
Exceptional items
Exceptional costs in all periods reflect restructuring costs.
Assets held for sale
In accordance with IFRS 5, the Group classified the freehold buildings and
land as an asset held for sale. The property had previously been used in the
Group's own trade. In February 2025, a sale of the property was agreed for
£725,000 and subsequently completed. As part of the sale the Group incurred
costs of £38,000. At the year end, the property was recognised as a held for
sale asset and provided to this level, meaning that no further adjustments are
included within the Income Statement in the current reporting period.
As part of the sale, the Group entered into a new lease agreement for use of
part of the property for a period of five years. This has been incepted as a
new lease and represents a major non-cash transaction in the Group Statement
of Cash Flows.
Earnings per Share (EPS)
6 months ended 30 June 2025 6 months ended 30 June 2024 12 months ended 31 December 2024
(unaudited)
(unaudited)
(audited)
Loss attributable to the equity holder of the Group (£'000) (858) (746) (1,578)
Weighted average number of Ordinary shares in issue 152,474,375 67,474,375 95,186,704
Basic and diluted loss (pence per share) (0.56) (1.11) (1.66)
Basic EPS is calculated by dividing the profit attributable to equity holders
of the parent by the weighted average number of ordinary shares outstanding
during the period.
Diluted EPS is calculated by dividing the profit attributable to equity
holders of the parent by the weighted average number of ordinary shares
outstanding plus the weighted average number of shares that would be issued on
conversion of all the dilutive share options into ordinary shares. In the
current and comparative period, the Group has incurred losses and as such has
not presented any dilution of earnings per share in accordance with IAS 33
'Earnings per share'. However, these dilutive shares would dilute the earnings
per share should the Group become profitable.
Adjusted earnings per share
The Directors use 'Adjusted Earnings' and 'Adjusted Earnings per share' as a
Key Performance Measure, which is defined as earnings before exceptional
items. The calculated Adjusted Earnings for the period is as follows
6 months 6 months 12 months
ended 30 June ended 30 June ended 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
Loss attributable to the equity holder of the Group (£'000) (858) (746) (1,578)
Exceptional items 286 89 139
Adjusted earnings (572) (657) (1,439)
Basic adjusted earnings per share (pence per share) (0.38) (0.97) (1.51)
Share-based payments
During the period to 30 June 2025, the Group operated an approved Enterprise
Management Incentive "EMI" share scheme and an Unapproved Options scheme.
Under the share options plans, the Directors can grant options over shares in
the Company to employees, subject to approval from the Remuneration Committee.
Options are granted with a fixed exercise price and the contractual life of an
option of 5 to 10 years. Options will become exercisable on the first to third
anniversary of the date of grant. Exercise of an option is subject to
continued employment although this condition may be waived at the discretion
of the Board.
Number of share options Average exercise price
6 months ended 30 June 2025 Year ended 31 December 2024 6 months ended 30 June 2025 Year ended 31 December 2024
p p
Outstanding at start 5,598,912 2,795,260 8.00 30.00
Granted in the period * 9,000,000 6,450,000 0.25 8.00
Forfeited in the period (1,700,000) (3,550,000) 8.00 25.56
Modified in the period (3,400,000) - 8.00 -
Exercised in the period - (96,348) - 0.25
Outstanding at end 9,498,912 5,598,912 0.62 8.00
* Includes 2,150,000 share options granted as replacement awards for modified
share options.
Within the 2025 grant of options are 3,500,000 share options in favour of the
Directors of the Group.
Options granted during the period
Options granted in the period are set out below. The provisional fair value
was measured using the Black-Scholes model. All options were granted on 8 May
2025.
A option (1YR) B option (1YR) A option (2YR) B option (2YR) A option (3YR) B option (3YR)
Weighted average fair value 1.66p 0.35p 1.68p 0.39p 1.70p 0.34p
Inputs for model;
- Share price 1.9p 1.9p 1.9p 1.9p 1.9p 1.9p
- Exercise price 0.25p 3p 0.25p 5p 0.25p 10p
- Expected volatility 80.42% 80.42% 80.42% 80.42% 80.42% 80.42%
- Expected life 1 1 2 2 3 3
- Risk free rate 4.49% 4.49% 4.49% 4.49% 4.49% 4.49%
- Expected dividend yields 0% 0% 0% 0% 0% 0%
Directors and officers
Michael Covington Chairman
Chris Jepps Chief Executive Officer
Simon Brown Chief Financial Officer
Max Brouwers Chief Business Development Officer
Emma Parker Non-executive Director
Alyson Levett Non-executive Director
Company number
Registered in England and Wales, company number 02891368
Registered office
Nicholson House
Elmete Lane
Leeds LS8 2LJ
Nominated advisor and broker
Cavendish Capital Markets Limited
1 Bartholomew Close
London EC1A 7BL
Financial PR and IR
Novella Communications Ltd
South Wing, Somerset House
London WC2R 1LA
Auditor
Crowe UK LLP 3rd Floor,
St George's House, 56 Peter Street,
Manchester, M2 3NQ
Solicitors
Womble Bond Dickinson LLP
No 1 Whitehall Riverside
Leeds LS1 4BN
Principal bankers
National Westminster Bank plc
PO box 183, 8 Park Row
Leeds LS1 5HD
Registrars
MUFG
Central Square, 29 Wellington Street
Leeds LS1 4DL
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END IR PKNBNQBKDQCBRecent news on Getech
See all newsREG - GETECH Group plc - Holding(s) in Company
AnnouncementREG - GETECH Group plc - Half-year Report
AnnouncementREG - GETECH Group plc - Holding(s) in Company
AnnouncementREG - GETECH Group plc - Directorate Change
AnnouncementREG - GETECH Group plc - Trading Statement
Announcement