GETECH Group plc Licence Renewals and New Customer Wins (2329W)
22 April 2021 - 4:00PM
UK Regulatory
TIDMGTC
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.GBP375,000. 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.GBP350,000. 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.GBP537,000 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 Tel: 0113 322 2200
Jonathan Copus, Chief Executive
Cenkos Securities plc Tel: 0207 397 8900
Neil McDonald / Pete Lynch / Pearl Kellie
(Corporate Finance)
Michael Johnson / Julian Morse (Sales)
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
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
MSCFLFEASSILFIL
(END) Dow Jones Newswires
April 22, 2021 02:00 ET (06:00 GMT)
Getech (LSE:GTC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Getech (LSE:GTC)
Historical Stock Chart
From Apr 2023 to Apr 2024