7th Jun 2021 10:16
(Alliance News) - Getech Group PLC on Monday posted annual revenue significantly down on the prior year but successfully reduced its losses, after an extensive cost savings programme introduced due to Covid-related disruption.
The Leeds-based geoscience and geospatial products firm said actions implemented from May 1, 2020 reduced monthly costs by around 26%, after revenue declined as customers cut back project work.
Revenue for the year to December 31 was GBP3.6 million, down 41% from GBP6.1 million the year previously. Recurring revenue saw an 8.7% decrease to GBP2.1 million from GBP2.3 million, while Getech's orderbook saw a 13% decline to GBP2.7 million.
Despite the fall in demand, pretax losses narrowed to GBP1.8 million from GBP3.1 million the year prior.
Shares in Getech were down 5.7% at 25.00 pence in London on Monday morning.
"In 2020 the Covid-19 pandemic cast a shadow over the global economy," commented Chief Operating Officer Chris Jepps.
"In the face of unparalleled business disruption, Getech's orderbook, recurring revenue and customer relationships have all proved to be robust.
"Looking forward, Getech is also focused on the delivery of diversified transformational growth, with particular focus on the mining, hydrogen and geothermal sectors."
Getech reiterated plans to grow business in its green hydrogen, carbon capture, strategic minerals and geothermal sectors. It highlighted potential plans to make acquisitions within geothermal and strategic minerals sectors to fuel growth.
Getech's annual general meeting will be held on June 30.
By Will Paige; [email protected]
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