Trading Statement

Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce the following trading update for the six months to 30th June 2025.

The start of 2025 marked a new period for the business. On 22nd January, Chris Jepps, previously Chief Operating Officer, was appointed Interim Chief Executive Officer. The immediate focus has been 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 reducing headcount but without comprising the Group's ability to deliver for clients. In parallel, the Company set out a new, sustainable, business strategy, which re-focuses the Group on its traditional markets of Oil and Gas and Mining - where Getech has long-term relationships with many of the largest companies operating in these sectors - while continuing to progress high-quality, selective opportunities in Natural Hydrogen.

In H1, trading conditions remained challenging, nevertheless the Group expects to achieve revenues of £2.09 million (H1 2024: £2.15m) and due to efficiencies achieved, adjusted EBITDA is expected to have improved to a loss of £0.1m (H1 2024: £0.3m loss) despite an impact of £0.1 million in reduced revenues due to factors outside of our control (such as adverse movements in foreign exchange), placing the Company on track to be EBITDA positive for the year.

In tandem with repositioning Company's strategy and re-setting the cost-base to improve profitability, the management team is focused on placing the Group on a path to increasing revenues. To achieve this objective, the sales team has been expanded in the US and the UK with two new appointments in 2025, including a new Sales Director. This key hire, previously engaged as an external consultant, is now a central part of the Sales team and responsible for implementing a new structure and approach to identifying and securing new business opportunities expedited by his existing knowledge of the Company.

The Group's largest market - the oil and gas sector - has recently benefitted from the change in US administration and the increase in global energy security concerns. However, uncertainty around trade tariffs, risk of global recession and decreasing oil prices have also presented some headwinds. Taken together and entering the traditionally stronger second half of the year, the Group continues to believe it has a sufficient pipeline of expected renewals and new business opportunities to meet the target of delivering mid-to-high single digit organic revenue growth and being EBITDA positive for 2025.

For a greater insight into the first six months of 2025, click on the following link to read a quickfire Q&A with Getech CEO Chris Jepps: https://getech.com/getech-investors/