TIDMGTC
RNS Number : 4439N
GETECH Group plc
30 September 2021
30 September 2021
Getech Group plc
("Getech" or the "Company" and together with its subsidiaries
the "Group")
Interim report for the six months ending 30 June 2021
Getech (AIM: GTC), a provider of geoscience data, knowledge and
software to the energy industry, is pleased to announce its
unaudited results and report for the six months to 30 June 2021
("H1 2021").
H1 2021 Highlights
Getech combines global geoscience expertise with local
geospatial technology to accelerate progress to global NetZero. The
Group does this by supporting the optimisation of existing, and
delivery of new, energy assets and mineral resources, with core
growth areas spanning hydrogen, geothermal, strategic minerals and
carbon capture utilisation and storage.
-- Strong H1 trading. Revenue up 16% year-on-year, petroleum
operations returning to cash profit. Group Orderbook fully
replenished at end July 2021 (GBP2.7 million), annualised recurring
revenue steady (GBP2.2 million). Cash at 30 June GBP6.8 million (31
Dec 2020: GBP2.2 million), plus GBP2.3 million of receivables (31
Dec 2020: GBP1.4 million).
-- Significant investment in new skills, technology and staff
are reshaping Getech around the Energy Transition. This opens
multiple transformational opportunities, funded by March 2021
fundraise (GBP5.7 million, net of costs).
-- Advanced discussions ongoing on securing first hydrogen
asset, which is ideally positioned for access to high demand
customers. This is part of an initial high-graded portfolio of 5
sites, with a combined peak capacity of 14,000 tonnes of H2 per
year. The project funnel contains hundreds of sites in the UK, and
this is now being expanded to Europe.
-- First phases of Geothermal and Strategic Minerals investment
completed. New cloud-based products to be delivered from October
through an innovative new Getech platform, designed to agglomerate
energy transition data and knowledge. Customer engagement is
positive, spanning licensed product subscriptions and service
provision.
-- Trading conditions since 30 June 2021 continue on-trend with
H1 2021, with a full tender pipeline and busy schedule of product
releases.
-- Management looks forward to what it believes will be another
transformational, busy and rewarding period for the Getech
Group.
Dr Jonathan Copus, Getech CEO commented:
"H1 2021 has been a period of fundamental change and significant
progress at Getech; gearing the Group for growth in multiple facets
of the Energy Transition. Our work in hydrogen, geothermal, carbon
capture utilisation and storage, and strategic minerals continues
to identify further significant value drivers, which our recent
fundraise enables us to translate into layers of product, service,
and asset participation opportunity.
"Individually, each of these opportunities has transformational
potential and underlying them is an energy heritage that continues
to deliver a robust orderbook and annualised recurring revenue. The
potential opening to us is growing exponentially as the pace and
tangibility of the Energy Transition accelerates, and by combining
our proprietary global geoscience data and earth system knowledge
with local decision analytic expertise, we believe Getech has a
unique role in unlocking the future of primary energy. As the pace
of our work continues to build, we look forward to updating
shareholders with a rich seam of news."
Getech, driving a data-led acceleration in the path to Global
NetZero
Climate change is a complex global challenge that requires the
successful deployment of a diverse range of innovative local
solutions. By combining global geoscience data and earth systems
knowledge with expertise in location and decision analytics, Getech
is uniquely equipped to drive a data-led acceleration in the path
to Global NetZero.
During the six months to 30 June 2021, Getech presented a
diversified corporate growth plan, focused on hydrogen, geothermal
and minerals that are essential to the energy transition. Having
raised GBP6.25 million (GBP5.7 million net) of new equity finance
in April 2021, Getech has begun a two year program of product
investment and business development, which is positioned to
optimize existing, and deliver new, energy assets and strategic
mineral resources.
In H1 2021 Getech also joined the UN Race to Zero, pledging to
be carbon neutral by 2030. Working with existing and new customers,
the Group will deliver on this pledge through the deployment of its
products and services, and by making investments in NetZero assets.
These investments have the potential to bring significant value
upside to shareholders.
How are our data, skills and technologies valuable to the future
of primary energy?
Getech's geoscience products and services have been essential
tools in the hydrocarbon industry for over a decade. They are even
more useful today for the Energy Transition because energy systems
of the future will still depend on factors such as subsurface fluid
flow - whether for the extraction of heat, the storage of hydrogen,
or the storage of CO(2) .
Geologic processes that deposit critical electrification
minerals, such as sediment-hosted copper, zinc and lithium, also
follow similar principals to those that control hydrocarbon
accumulations. This means they can be explored for in the same
way.
Earth structure and reservoir presence, capacity, and quality
therefore remain fundamental determinants of economic success, and
Getech's products tell the Earth evolutionary story and provide the
visualization and analytic framework that show companies,
governments, and investors where to deploy capital.
As Getech applies these products, skills and technologies to
hydrogen, geothermal and strategic minerals, the Group is also
using its software development skills to build a scalable product
delivery platform that is designed to agglomerate in-house and
third-party energy transition data and knowledge to generate
license-based annualised recurring revenue.
Our first deployments on this platform are now nearing
completion and these include Phase 1 of Getech's Heat Seeker(TM)
geothermal solution and the Group's sedimentary copper module of
its Strategic Metals product. The platform also provides a path by
which Getech can convert gravity and magnetic data sales into an
annual subscription product.
Pervasive throughout these activities are Getech's leading
expertise in the provision of geospatial technology. In the context
of the Energy Transition, geospatial skills take on a new and vital
relevance - NetZero energy solutions requiring the identification
of a local anchor heat and/or electricity customer to underpin
development.
By utilizing workflows and location analytics from Getech's
proprietary geospatial software products, the Group is growing its
presence in data-driven, above-ground commercial decision making.
Getech's edge in this valuable market is its ability to locate and
value assets fast, which opens product, service and asset
participation opportunities.
Hydrogen update
In January 2021, Getech announced a geospatial business
partnership with H2 Green - a hydrogen hub development company,
focused on the decarbonization of commercial transport.
By applying location analytics, Getech and H2 Green secured an
exclusive Memorandum of Understanding ("MoU") to explore the
establishment of green hydrogen production, storage and refuelling
hubs across 21 sites, owned by SGN Commercial Services. In March
2021, Getech exercised a call option and purchased H2 Green.
Since April, Getech and H2 Green have signed a series of
strategic MoUs - focused on rail decarbonization (Eversholt),
engineering partnerships (TP Group), and refuelling technology
(Element 2). Getech has also expanded the H2 Green team, adding an
economist, a commercial manager, and a geospatial electricity
network expert.
These new hires have accelerated the process of asset
identification, and the team is generating a suite of development,
asset appraisal, and decision analytic IP, which is cementing H2
Green's reputation as fast, insightful, and commercially creative
locator and valuer of asset opportunities.
These steps are advancing commercial discussions across a broad
range of opportunities.
-- Advanced discussions ongoing on securing H2 Green's first hydrogen asset.
-- This project can be developed as a major green hydrogen
production, storage, and distribution hub.
-- Ideally positioned for access to demand customers.
-- First hydrogen production is expected 18 months after FEED and regulatory approval.
-- Getech is working a high-graded portfolio of 5 sites, with a
peak capacity of 14,000 tonnes of hydrogen per year.
-- The project funnel contains hundreds of sites in the UK, and
this is now being expanded to Europe.
H2 Green's vision is to build hydrogen hubs that are
intelligently connect to the grid, maximising production from lost
(or curtailed) renewable power capacity. Such hubs will act as both
the generator of zero carbon fuel and a 'virtual powerplant' to
respond to network supply and demand imbalances. By drawing on the
wider software development resources of the Getech Group, the H2
Green team is working to productise this vision.
Board reshaped for Energy Transition growth
During H1 2021 Getech has also reshaped its Board - aligning
Non-Executive skills to the Group's NetZero strategy. Year-to-date
Getech has welcomed Richard Bennett (Chairman - bringing clean-tech
and business scale up expertise), Michael Covington (Audit
Committee Chair - bringing zero carbon asset portfolio management
and financing expertise), and Emma Parker (ESG Subcommittee Chair -
bringing expertise in mining, ESG and micro-finance).
After many years of excellent service, Getech thanks Peter
Stephens, Allison Fielding and Chris Flavell, each of whom have
retired this year from Getech's Board.
Outlook
H1 2021 trading was strong with revenue up 16% year-on-year and
the Group maintaining EBITDA neutrality against an expanded program
of investment. As Getech moves through a two-year program of
investment, the Group will remain focused on core capital
discipline, whilst working entrepreneurially to build diversified
sources of revenue.
Management is focused on delivering a busy schedule of business
development, product releases and customer engagement. The Group is
committed to its NetZero pledge to achieve carbon neutrality by
2030 and Getech is proud to be invited by our partners to showcase
our H2 Green hydrogen business at COP 26.
Trading since 30 June 2021 has remained on a positive trend and
our outlook for H2 2021 is as strong as we have had at the Company,
with multiple value generative events anticipated supported by our
improving core business.
Operating review
Getech's core value proposition combines our Geoscience and
Geospatial expertise to provide unique insight for the Group's
energy sector customers.
In an energy market that is transitioning to deliver a
decarbonised and decentralised primary energy system, the
application of Getech's combination of skills and technologies
opens a wide front of commercial opportunity to the Group. In H1
2021 equity funding has enabled Getech to accelerate plans to
diversify into the Hydrogen, Geothermal and Strategic Minerals
sectors, whilst continuing to develop solutions for Getech's
petroleum markets.
Getech is a trusted technology partner to a wide range of global
Petroleum companies. One of the foundations of the Group's
offerings to these customers is its flagship earth modelling
product, Globe. Globe is a comprehensive knowledge-base that
documents Earth's geologic history over the last 400 million years
and enables its customer base of super-major and large independent
oil and gas companies to gain unique insight into the processes
responsible for the distribution of resources today. By providing
consistent reliable information, Globe cuts through nature's
complexity to support rational economic decisions. In H1 2021
Getech completed the Globe 2021 release, which delivered its
customers essential new content, analytic tools and usability
features, against a back-drop of continuing high rates of customer
re-subscription.
Furthermore, in H1 2021 Getech saw signs of a post-Covid rebound
of sales of our market-leading Gravity & Magnetic (G&M)
data and related services, as the Group's customers tentatively
increased their levels of project-based work. In parallel, Getech
began work evolving its G&M data delivery models to create new
ways for customers to access the Company's market-leading global
G&M data library. This includes a new web-based data delivery
platform that provides a simplified customer experience and enables
more efficient customer project delivery. By enabling more
cost-effective access to Getech's G&M data holdings through a
subscription model, the Company targets greater predictability to
its data revenues, delivered from an expanded customer base in the
Petroleum and Mining sectors, as well as in emerging sectors such
as CCUS and Geothermal.
Elsewhere in Getech's petroleum business the GIS Software team
completed releases that delivered significant enhancements to the
software's data integration, exploration prospectivity analysis and
onshore shale gas/oil well pad & lateral planning capabilities.
These enhancements are being used to test the transferability of
these products into Net Zero applications.
Recent enhancements to Getech's Unconventionals Analyst software
have also enabled the Group to add new customers in the Investment
Banking sector - where users are leveraging the software to rapidly
evaluate multiple future development scenarios on behalf of their
investor clients. Getech continued to successfully deliver a wide
variety of petroleum GIS services contracts, including projects for
new customers and securing new projects in adjacent/hydrogen-linked
sectors such as Carbon Capture Utilisation and Storage.
In the Hydrogen sector Getech's subsidiary H2 Green has
developed a deep pipeline of opportunities that are moving through
the Company's asset development stage-gate process to provide
Getech's Board with a robust suite of investment opportunities. The
balanced approach of providing production hubs of scale to service
the regional demand, whilst removing transportation costs by
optimising site locations against fleet movements, stems from the
advanced geospatial analytics within the Group companies. This
data-led approach has driven more opportunities into H2 Green's
portfolio, as local authorities and large customers approach us to
develop their hydrogen economy.
Globe has been an essential tool in the hydrocarbon industry for
over a decade, but it is even more useful for the Energy
Transition. This is because documenting Earth's history is a vital
component of any exploration, no matter what the resource.
Alongside Getech's work in petroleum, through H1 2021 the Group
began expanding its products and services to create new offerings
for the Mining sector, leveraging both our G&M expertise and
Globe to provide customers new solutions for de-risking Copper and
Lithium exploration - both essential strategic minerals for the
Energy Transition.
Much of Getech's geoscience data and associated interpretation
by Getech experts has direct application to the Mining sector -
enabling exploration geoscientists to locate potential mineral
deposits more efficiently - and the Group anticipates that it will
be able to open significant new data product revenue opportunities
by integrating this data into Getech's new web-based data delivery
platform.
For the Geothermal market Getech accelerated development of
'Heat Seeker' - a novel solution for locating geothermal resource
sites within reach of readily available customer markets for heat
or power. Heat Seeker is built on a foundation of outputs from
Globe, Getech's G&M data holdings and the Group's geospatial
analytics. In addition, during H1 2021 Getech delivered bespoke
geoscience services projects for both deep and shallow
market-leading geothermal operators.
Finally, Getech's group-wide Innovation team, continued with its
remit to research and develop cross-discipline opportunities for
new markets, capabilities, partnerships, products, and services. In
H1 2021 the Company's innovation work focussed on assessing
opportunities in the hydrogen, geothermal and mining domains;
applying machine learning to Globe and G&M products to create
new insight; further investigating the concepts of IoT and Digital
Twins to feed geospatial projects; and developing solutions to
enable organisations to analyse their CO(2) emission sources and
assess alternative greener energy supply as part of their energy
transition requirements.
Financial review
Revenue and sales
H1 2021 revenue totalled GBP2.4m (H1 2020: GBP2.1m),
representing a 16% increase. A high renewal rate for Products and
Services helped annualised recurring revenue to increase from
GBP2.1m at 31 December 2020 to GBP2.2m at 30 June 2021.
Getech is still experiencing a more protracted contracts and
procurement process with many customers. This was evidenced by some
delays in contract award towards the end of H1, which resulted in a
drop in order book value to GBP2.1m at the end of June. However,
with a number of these opportunities being awarded in July, at 31
July 2021 Getech's orderbook was valued at GBP2.7m (31 December
2020: GBP2.7m).
Cost management
In April 2020 Getech took significant cost saving measures.
There were some temporary cost saving measures, such as limited use
of the UK Government Job Retention Scheme, which ends in September
2021, and temporary salary reductions that ranged from 20% for
Getech's board to 8% for most other staff. These temporary cost
savings continued through to June 2021.
The Group has also undertaken some permanent cost savings, which
included restructuring of the core petroleum team in 2020 and more
recently in February 2021, sub-letting of the London office.
Management continue to be committed to carefully managing costs
within the business, whilst simultaneously planning careful
investment in the business for diversified growth.
During H1 2021 Getech acquired H2 Green. Since the acquisition,
Getech has strengthened the capacity of the H2 Green team, adding
an economist, a GIS analyst and commercial manager. During the
initial phases of spending, these are expensed administrative
costs.
H1 costs also include expenditure on diversification projects in
the Geothermal and Strategic minerals sectors, where our technical
teams are developing new products and services using our petroleum
skills, products and data as a basis, see operating review for more
information.
12 months
6 months 6 months ended 31
ended 30 ended 30 December
June 2021 June 2020 2020
(unaudited) (unaudited) (audited)
Variance
from
prior
6 months GBP'000 GBP'000 GBP'000
---------------------------------- --------- ------------- ------------- -----------
Cost of sales 992 824 1,681
Development costs capitalised 417 553 902
Administrative costs 2,032 1,801 3,551
Payment of lease liabilities 6 40 136
Depreciation charges (82) (106) (214)
Amortisation of intangible assets (501) (466) (960)
Exchange adjustments (89) (28) 6
Cost base 6% 2,775 2,618 5,102
---------------------------------- --------- ------------- ------------- -----------
Profitability
Getech's H1 gross profit margin of 59% was largely flat against
H1 2020 (60%).
Following an equity fundraise, Getech expanded and accelerated
its program of investment in Geothermal, Strategic Minerals and
Hydrogen. The Group also generated significant year-on-year revenue
growth, which enabled Getech to deliver a neutral EBITDA[ ]
position; H1 2021 GBP0.0m vs H1 2020 GBP0.1m profit. Underlying the
expanded multi-sector investments is a cash profitable Petroleum
sector for H1.
A large proportion of these additional growth and
diversification investment costs are included in administrative
expenses. Getech's post tax loss was GBP0.5m (H1 2020: GBP0.4m
loss).
Operating cash flow
Getech's operating cash flows reflect the Group's strategy of
diversification and include expenditure relating to these
activities. In H1 2021 the Group saw operating cash outflows of
GBP0.1m, before working capital adjustments (H1 2020: GBP0.05m cash
inflow).
Net working capital movement in the period resulted in out-flows
of a GBP0.4m (H1 2020: GBP0.1m outflow) and relates to timing of
trading activities during the period. The increased working capital
movement in receivables and payables reflects increased trading
activity around the period end in comparison to the prior year.
Investment and capital expenditure
Capitalised development costs are lower than in H1 2020 (GBP0.4m
vs GBP0.55m) this reflects cost savings made in our petroleum
business in H2 2020 that have carried through to H1 2021.
Acquisition costs of GBP0.05m are the cash consideration
relating to the acquisition of H2 Green on 30 March 2021. Total
consideration is expected to be GBP1m and will be paid in a
combination of cash and shares subject to a series of milestones
and earn-out targets.
Financing activities
On 31 March 2021, Getech shareholders approved a share placing
to raise GBP6.25m to fund Getech's programme of diversified growth.
Net of costs, total cash raised was GBP5.7m.
In April 2021 Getech ended its loan capital repayment holiday
and continued to pay down its loan.
Liquidity
During H1 2021 there was overall net cash inflow of GBP4.6m (H1
2020: GBP0.7m outflow), the resulting period-end cash balance was
GBP6.8m (31 December 2020: GBP2.2m).
Cash in-flow of GBP4.6m includes: GBP5.7m net inflow from equity
raise, a GBP0.7m six-month investment program in diversification
projects, GBP0.2m inflow relating to Petroleum sector operations
(net of capitalised development costs), GBP0.4m outflow due to
timing differences from working capital movement, GBP0.2m outflow
including acquisition costs, taxation, loan capital repayment and
interest.
Dividends
The Board, as part of the recent equity fundraise, has set a
clear investment path that is focused on growth through NetZero
diversification. Getech's Board has therefore decided that it was
not appropriate to pay a dividend at this time.
Richard Bennett Dr Jonathan Copus Chris Jepps Andrew Darbyshire
Chairman Chief Executive Chief Operating Chief Financial
Officer Officer Officer
For more information please contact:
Getech Group plc Tel: 0113 322 2200
Jonathan Copus, Chief Executive
Cenkos Securities plc Tel: 0207 397 8900
Neil McDonald / Pete Lynch (Corporate
Finance)
Michael Johnson / Julian Morse (Sales)
Tel: 020 3781 8331
Camarco
Georgia Edmonds / James Crothers / Ollie
Head
Consolidated statement of comprehensive income
for the six months ended 30 June 2021
6 months 12 months
ended 6 months ended 31
30 June ended 30 December
2021 June 2020 2020
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
------------------------------------ ---- ------------- ------------- -----------
Revenue 2,421 2,085 3,563
Cost of sales (992) (824) (1,681)
------------------------------------ ---- ------------- ------------- -----------
Gross profit 1,429 1,261 1,882
Administrative expenses (2,032) (1,801) (3,541)
Operating loss before exceptional
administrative expenses (603) (540) (1,659)
Exceptional administrative expenses - - (115)
------------------------------------ ---- ------------- ------------- -----------
Operating loss (603) (540) (1,774)
Finance income 3 1 1
Finance expenses (34) (22) (45)
------------------------------------ ---- ------------- ------------- -----------
Loss before tax (634) (561) (1,818)
Tax credit 102 114 174
------------------------------------ ---- ------------- ------------- -----------
Loss of the period (532) (447) (1,644)
Other comprehensive income
Currency retranslation differences
on foreign operations 88 (6) (57)
------------------------------------ ---- ------------- ------------- -----------
Total comprehensive loss (444) (453) (1,701)
------------------------------------ ---- ------------- ------------- -----------
Earnings per share 4
Basic earnings per share (1.01)p (1.19)p (4.38)p
Diluted earnings per share (1.01)p (1.19)p (4.38)p
------------------------------------ ---- ------------- ------------- -----------
Consolidated statement of financial position
as at 30 June 2021
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------- --- ------------- ------------- -----------
Non-current assets
Goodwill 1,293 296 296
Intangible assets 3,557 3,671 3,509
Property, plant and equipment 2,483 2,814 2,716
Deferred tax assets 404 346 364
--------------------------------------- ------------- ------------- -----------
7,737 7,127 6,885
-------------------------------------- ------------- ------------- -----------
Current assets
Trade and other receivables 2,264 2,043 1,353
Tax receivables 448 290 278
Cash and cash equivalents 6,769 2,819 2,192
--------------------------------------- ------------- ------------- -----------
9,481 5,152 3,823
-------------------------------------- ------------- ------------- -----------
Total assets 17,218 12,279 10,708
--------------------------------------- ------------- ------------- -----------
Current liabilities
Short-term borrowings 113 20 85
Trade and other payables 1,949 1,654 1,366
--------------------------------------- ------------- ------------- -----------
2,062 1,674 1,451
-------------------------------------- ------------- ------------- -----------
Net current assets 7,419 3,478 2,372
--------------------------------------- ------------- ------------- -----------
Non-current liabilities
Long-term borrowings 699 815 750
Trade and other payables 747 381 282
Deferred tax liabilities 200 109 176
--------------------------------------- ------------- ------------- -----------
1,646 1,305 1,208
-------------------------------------- ------------- ------------- -----------
Total liabilities 3,708 2,979 2,659
--------------------------------------- ------------- ------------- -----------
Net assets 13,510 9,300 8,049
--------------------------------------- ------------- ------------- -----------
Equity
Share capital 167 94 94
Share premium 8,685 3,053 3,053
Merger reserve 2,601 2,407 2,407
Share based payment (SBP) reserve 257 276 251
Currency translation reserve 62 25 (26)
Retained earnings 1,738 3,445 2,270
--------------------------------------- ------------- ------------- -----------
Total equity 13,510 9,300 8,049
--------------------------------------- ------------- ------------- -----------
Consolidated statement of cash flows
for the six months ended 30 June 2021
6 months ended 30 June 2021 6 months ended 30 June 2020 12 months ended 31 December 2020
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------- --------------------------- --------------------------- --------------------------------
Cash from operating
activities
Loss before tax (634) (561) (1,818)
Finance income (3) (1) (1)
Finance costs 34 22 45
Depreciation charge 82 106 214
Amortisation of intangible
assets 501 466 960
Expected credit loss
provisions (70) - 70
Fair value gains and
losses (86) - (11)
Provision for RDEC income (46) (40) -
Share-based payment charge 6 34 31
Foreign exchange
adjustments 89 28 (6)
Cash inflow/(outflow) from
operating activities (127) 54 (516)
-------------------------- --------------------------- --------------------------- --------------------------------
Movement in working
capital:
(Increase)/decrease in
trade and other
receivables (880) (49) 600
Increase/(decrease) in
trade and other payables 455 (41) (352)
-------------------------- --------------------------- --------------------------- --------------------------------
Cash generated/(used in)
operating activities (552) (36) (268)
Tax (paid)/received (37) (1) 83
-------------------------- --------------------------- --------------------------- --------------------------------
Net cash generated/(used
in) operating activities (589) (37) (185)
Cash flows from investing
activities
Purchase of property,
plant and equipment (4) (31) (24)
Development costs
capitalised (417) (553) (902)
Acquisition costs net of
cash received (54) - -
Interest received 3 1 1
-------------------------- --------------------------- --------------------------- --------------------------------
Net cash used in investing
activities (472) (583) (925)
-------------------------- --------------------------- --------------------------- --------------------------------
Cash flows from financing
activities
Repayment of loan (23) (19) (20)
Repayment of lease
liabilities (6) (40) (136)
Share issue 6,250 - -
Share issue costs (546) - -
Interest paid (34) (22) (45)
-------------------------- --------------------------- --------------------------- --------------------------------
Net cash raised/(used) in
financing activities 5,641 (81) (201)
-------------------------- --------------------------- --------------------------- --------------------------------
Net increase/(decrease) in
cash and cash equivalents 4,580 (701) (1,311)
Cash and cash equivalents
at the beginning of the
period 2,192 3,554 3,554
Foreign exchange
adjustments to cash and
cash equivalents at the
beginning of the period (3) (34) (51)
-------------------------- --------------------------- --------------------------- --------------------------------
Cash and cash equivalents
at the end of the period 6,769 2,819 2,192
-------------------------- --------------------------- --------------------------- --------------------------------
Consolidated statement of changes in equity
for the six months ended 30 June 2021
Currency
Share Share Merger translation Retained Total
capital premium reserve SBP reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- -------- ----------- ------------ --------- --------
1 January 2021 94 3,053 2,407 251 (26) 2,270 8,049
Loss for the year - - - - - (532) (532)
Other comprehensive
income - - - - 88 - 88
------------------------- -------- -------- -------- ----------- ------------ --------- --------
Total comprehensive
income - - - - 88 (532) (444)
Transactions with
owners
Share-based payment
charge - - - 6 - - 6
Issue of share capital 73 5,632 194 - - - 5,899
------------------------- -------- -------- -------- ----------- ------------ --------- --------
30 June 2021 (unaudited) 167 8,685 2,601 257 62 1,738 13,510
------------------------- -------- -------- -------- ----------- ------------ --------- --------
For the six months ended 30 June 2020
Currency
Share Share Merger translation Retained Total
capital premium reserve SBP reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- -------- ----------- ------------ --------- --------
1 January 2020 94 3,053 2,407 242 31 3,892 9,719
Loss for the year - - - - - (447) (447)
Other comprehensive
income - - - - (6) - (6)
------------------------- -------- -------- -------- ----------- ------------ --------- --------
Total comprehensive
income - - - - (6) (447) (453)
Transactions with
owners
Share-based payment
charge - - - 34 - - 34
------------------------- -------- -------- -------- ----------- ------------ --------- --------
30 June 2020 (unaudited) 94 3,053 2,407 276 25 3,445 9,300
------------------------- -------- -------- -------- ----------- ------------ --------- --------
For the year ended 31 December 2020
Currency
Share Share Merger translation Retained Total
capital premium reserve SBP reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- -------- -------- ----------- ------------ --------- --------
1 January 2020 94 3,053 2,407 242 31 3,892 9,719
Loss for the year - - - - - (1,644) (1,644)
Other comprehensive
income - - - - (57) - (57)
--------------------- -------- -------- -------- ----------- ------------ --------- --------
Total comprehensive
income - - - - (57) (1,644) (1,701)
Transactions with
owners
Share-based payment
charge - - - 31 - - 31
Transfer of reserves - - - (22) - 22 -
--------------------- -------- -------- -------- ----------- ------------ --------- --------
31 December 2020
(audited) 94 3,053 2,407 251 (26) 2,270 8,049
--------------------- -------- -------- -------- ----------- ------------ --------- --------
Notes to the interim report
for the six months ended 30 June 2021
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 Kitson House, Elmete Lane, Leeds LS8 2LJ.
The principal activity of the Group is to provide data,
knowledge, software and analytical products and services to help
governments and investors locate and manage new energy and mineral
resources and to optimise their development.
Basis of preparation
The interim results are for the six months ended 30 June 2021.
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 29 September 2021.
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 (GBP'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
2020. The interim results include the provisional business
combination accounting for the acquisition of the ordinary shares
of H2 Green Limited, which the directors will finalise in the
financial statements for the year ending 31 December 2021. A copy
of the audited financial statements for the period ended 31
December 2020 has been delivered to the Registrar of Companies. The
Auditor's opinion on those financial statements was unqualified,
did not draw attention to any matters by way of an emphasis of
matter paragraph, and it contained no statement under section
498(2) or section 498(3) of the Companies Act 2006.
In making the going concern assessment, the Board has considered
the Group budgets and detailed cash flow forecasts for at least the
next 12 months. The Board has considered the sensitivity of these
forecasts with regards to different assumptions about future income
and costs. These cash flow projections, when considered in
conjunction with the Group's existing cash balances demonstrate
that the Group has sufficient working capital for the foreseeable
future. Consequently, the Directors are fully satisfied that the
Group is a going concern.
Earnings per share
Basic Earnings Per Share is calculated by dividing the profit
attributable to equity holders of the Group by the weighted average
number of the Ordinary Shares in issue in the period.
12 months
6 months 6 months ended 31
ended 30 ended 30 December
June 2021 June 2020 2020
(unaudited) (unaudited) (audited)
---------------------------------------- ------------- ------------- --------------
Loss attributable to the equity holders
of the Group GBP(531,000) GBP(447,000) GBP(1,644,000)
Weighted average number of Ordinary
Shares in issue 52,400,161 37,563,615 37,563,615
Dilution from share options 294,318 570,218 588,000
Basic earnings per share (1.01)p (1.19)p (4.38)p
Diluted earnings per share (1.01)p (1.19)p (4.38)p
---------------------------------------- ------------- ------------- --------------
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 year. 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.
The effects of the share options that could potentially dilute
basic earnings per share in the future were not included in the
calculation of diluted earnings per share because they are
anti-dilutive for the periods presented.
For more information, please visit our website at
www.getech.com
[ ] Earnings before interest, tax, depreciation and
amortisation, share based payment charge and foreign exchange
gain/loss
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END
IR LLMFTMTTTBRB
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