REG - GETECH Group plc - Final Results
30/04/2026 07:02
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RNS Number : 4847C GETECH Group plc 30 April 2026
30 April 2026
Getech Group plc
("Getech" or the "Company")
Final Results
Getech (AIM: GTC), a world-leading locator of subsurface resources, is
pleased to announce its Final Results for the 12 months ended 31 December
2025.
Highlights
Financial highlights
· Revenue growth delivered, with 7.3% increase to £5.0 million
(2024: £4.7 million), including annualised recurring revenue (ARR) of £2.8
million (2024: £2.9 million) reflecting high customer retention, with
management's primary focus for 2026 on growing ARR to cover cost base.
· Return to positive EBITDA of £0.5 million (2024: £0.6 million
loss) reflecting improved operating performance and structural cost
efficiencies. Adjusted EBITDA was £0.6 million.
· Annualised cost base reduced by c. £1.0 million, with savings
fully realised from mid‑2025 and achieved without compromising core
technical capabilities, customer delivery or sales & marketing
performance.
· Improving cash generation and liquidity, cash at bank of £0.2
million at 31 December 2025 - following a strong period of receivables in Q1
2026, cash at bank at 31 March 2026 increased to £0.8 million.
· Order book of £3.8 million at year end (2024: £4.1 million),
reflecting strong conversion of contracted work to revenue during the year,
with £2.5 million expected to unwind into revenue in 2026, providing good
future revenue visibility.
Operational highlights
· Sustainable business strategy implemented, resetting the cost
base and concentrating resources on core markets of Oil & Gas and Mining,
with Natural Hydrogen providing additional upside.
· Sales team significantly strengthened, improving the size,
quality and visibility of the commercial pipeline.
· Globe customer relationships reinforced, with multi‑year
contract renewals announced in May 2025 and March 2026 (with 28% contract
uplift value) and customer tenures ranging from three to 15 years.
· Core data and software assets further monetised, including a
major release of Unconventionals Analyst, driving 15% growth in its customer
base.
· Selective strategic partnerships including joint venture with
Sound Energy to explore for natural hydrogen and helium in onshore Morocco, on
a capital‑light basis.
Current FY and outlook
· Trading momentum has carried into 2026, with unaudited Q1
revenues 5% ahead year‑on‑year and EBITDA expected to exceed FY2025.
· Primary focus for 2026 is sales execution and building ARR on a
path to cost‑base coverage, prioritising pipeline conversion, expansion
within existing customer relationships and continued Globe deployments.
· Controlled capital allocation, with the Group expecting to fund
planned operations organically under its base‑case outlook, while retaining
financial flexibility to manage normal working‑capital.
· Selective exposure to emerging energy sectors, including natural
hydrogen and helium, to be pursued on a proportionate and capital‑light
basis, subordinate to the Group's core cash‑generative markets.
Chris Jepps, CEO of Getech, said, "Against a backdrop of record low oil &
gas reserves replacement rates, the recent instability in the Middle East has
further highlighted the critical importance of secure global energy supplies
and the need to maintain sufficient reserves to mitigate unexpected
disruptions - driving renewed demand for high‑quality exploration. Getech's
solutions remain essential tools in meeting this challenge in pursuit of
long-term energy resilience for countries and companies alike.
Looking ahead, our revenue growth priorities are clear. First, we are focused
on increasing ARR - to build a more resilient revenue base relative to our
cost structure - with robust Globe and software renewals, targeted upsell
within our existing client base and the progression of a number of
high‑value new Globe platform subscription opportunities. Second, we
continue to pursue expert services activities that support near‑term cash
generation while reinforcing long‑term subscription relationships. Finally,
we are extending our commercial reach through partnerships that broaden market
access and enhance our offering, while remaining aligned with our
capital‑light and disciplined operating model.
With a rebalanced cost structure and improving revenue profile, Getech is in a
much stronger financial position. In 2026, we expect this to be reflected in
our trading performance through increased revenues and an increase in EBITDA."
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: 020 7908 6000
Jasper Berry / Dale Bellis (Sales)
Novella Communications
Tim Robertson / Aeliya Bilgrami Tel: 020 3151 7008
getech@novella-comms.com
Notes to editors:
About Getech
Getech provides trusted subsurface and geospatial insight to organisations
across the global natural resources sector. We help corporates, governments,
and regulators find and manage the subsurface resources essential to the
evolving energy and minerals landscape by combining unique global
earth‑science data, leading geospatial expertise and advanced analytics. Our
solutions reduce risk, accelerate opportunities and enhance project value
throughout the resource lifecycle, supporting activity across oil and gas,
critical minerals, geothermal, natural hydrogen and other emerging resource
domains.
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/)
.
Chairman's Statement
2025 represented a successful operational and financial reset of the business.
At the outset of the year, the Board backed a new sustainable business
strategy, led by new CEO Chris Jepps and his team, with the first objectives
being to reduce operating costs and re-position the business back to focusing
on our core markets: Oil & Gas, Mining and Natural Hydrogen. The result
was a 7.3% increase in sales and EBITDA of £0.5m, the first positive such
figure since 2019.
The Board's focus now is on ensuring that recent progress is sustainable and
that our momentum is underpinned by continued financial discipline. In his
CEO's statement, Chris details our comprehensive multi-year strategy to build
on the gains made last year and position the business for scalable,
diversified growth, through increasing revenues and building ARR. The core
premise being to become the world's most trusted source of subsurface and
geospatial insight for the global natural resources sector, by continuing to
invest in enhancing our solutions to deliver additional value for our clients
and meet the needs of the evolving market.
Recent geopolitical developments have reinforced the importance of secure
energy supply and the challenge of declining reserve replacement rates across
the industry. While the medium‑term outlook for oil prices remains
uncertain, these dynamics provide supportive conditions for increased
investment in exploration activity which is the strongest driver of demand for
Getech's solutions.
As a result, governments and producers are increasingly prioritising upstream
investment to improve energy resilience and reduce exposure to supply
disruptions. Oil & gas exploration and production (E&P) activity
remains an area of focus, underpinned by the increasing use of digital and
data‑driven technologies to improve subsurface decision making, where the
Group's capabilities are well aligned with customer requirements.
At the same time, the wider energy sector continues to undergo structural
change. Decarbonisation pressures, regulatory complexity and cost inflation
present ongoing challenges, particularly for long‑cycle projects. We believe
the Group's selective diversification into low‑carbon and emerging energy
areas, including natural hydrogen and geothermal, provides a balanced
portfolio that supports growth while helping to manage risk through the energy
transition.
The potential for the Natural Hydrogen sector is strengthening, reflected in
increased exploration activity for this low carbon energy source. Getech's
gravity and magnetic data and geoscience expertise are well suited to
identifying potential hydrogen systems. These highly specialised capabilities
have helped the Group build a strong presence in this nascent market by
securing several significant services contracts as well as driving
partnerships for expanding our offering.
With market conditions increasingly favourable, and following a successful
year of restoring the business to profitability, the focus is on sustaining
this momentum into 2026. Recent contract renewals during the year have
demonstrated the Group's ability to enhance contract value where customers are
deriving increased benefit from Globe and related analytics, reinforcing the
confidence in the platform's long‑term commercial relevance. A core
objective remains to grow ARR to sustainably cover the Group's cost base. A
strong sales pipeline supports this ambition, and in the current year the
Group expects to deliver higher revenues and - supported by our leaner cost
base - an increase in EBITDA compared to 2025.
On behalf of the Board, I would like to reiterate that the achievements in
2025 would not have been possible without the efforts of the whole Getech team
and I am grateful for the commitment and endeavour from everyone involved.
Michael Covington
Chairman
CEO's Statement
Introduction
I am pleased to be reporting this year's Final Results after my first year as
CEO of Getech. Over the past year, increased clarity and alignment across the
organisation have positively influenced how we operate and are reflected in
the progress and results delivered. This is an exciting time to be heading the
business - 2025 proved to be a successful year for Getech, during which we
delivered the first phase of our sustainable business strategy: rebalancing
the Group's cost-base, refocusing on our core Oil & Gas and Mining
markets, and progressing selective capital-light Natural Hydrogen projects.
Trading
In 2025 we made significant progress towards our long-term strategic aims,
including completing the sale and leaseback of our Nicholson House office
property and achieving EBITDA positive for the first time since 2019.
Despite reducing the size of the team by c. 20% in H1 2025 - a c. £1.0m
annualised reduction - we were able to increase our revenues by 7.3% to £5.0m
(2024: £4.7m). Growth was driven by strong gravity and magnetic (G&M)
data sales and underpinned by continued strength in subscription renewals.
The uplift in our G&M sales was particularly pleasing - representing an
85% year‑on‑year increase in these data sales - and the result of the work
we have done to strengthen our sales team while also potentially being
indicative of a market returning to exploration investment.
ARR from our subscription products remained broadly stable at £2.8m (2024:
£2.9m), reflecting robust customer retention and renewal rates, with
movements during the year driven primarily by contract timing and foreign
exchange effects. Importantly, this provides a solid platform from which we
are targeting renewed ARR growth in 2026, with our sales team progressing a
number of high value new client subscription opportunities while targeting
uplift from existing contracts - such as the recently announced Globe renewal
by a major state-backed Asian offshore oil and gas producer that had a 28%
contract value uplift, illustrative of the ARR growth potential within the
existing customer base.
The Group ended the year with an order book of £3.8 million (2024: £4.1
million), reflecting the successful conversion of multi‑year contracts into
revenue through the year. While the year‑end cash balance reflected normal
working‑capital timing, the underlying cash profile of the business
continued to improve, supported by a lower cost base and strong cash
collection. In January 2026 alone, the Group collected £1.6 million from
customers, comprising £1.2 million of year‑end receivables and £0.4
million of January invoicing, reinforcing management's confidence in the
business's ability to generate cash, maintain financial flexibility and
operate on a more predictable, self‑funding basis.
We continued to leverage our extensive geoscience and geospatial expertise for
clients across corporates, governments and regulators. Our Globe platform -
which customers use to analyse where subsurface resources could be found -
delivered robust contract renewals, with the platform's search capabilities
being expanded with new analytics and the support of Artificial Intelligence
(AI) and Machine Learning techniques. Elsewhere within our product stack, we
again grew our Unconventionals Analyst customer base - increasing customer
numbers by 15% - despite strong M&A activity across the North American
shale sector, reflecting a growing demand for this shale oil and gas software.
In parallel to developing our portfolio of Natural Hydrogen exploration joint
ventures, during 2025 we continued to expand our Natural Hydrogen and Helium
service activities, building on a portfolio of projects for new and existing
customers that now spans six continents. With this established global
presence, the Group is well positioned to further strengthen its role as a
leading solutions provider in this rapidly evolving sector, while continuing
to ensure that management time and capital allocation to Natural Hydrogen
remains proportionate and subordinate to our core cash‑generating
activities.
The market
Against a backdrop of record low oil & gas reserves replacement rates, in
Q1 conflict in the Middle East triggered a sharp shock to global energy
markets, driving significant increases in oil and gas prices and further
highlighting the strategic importance of secure and predictable supply. While
the longer‑term outlook remains uncertain, customers are increasingly
factoring geopolitical risk and supply resilience into forward planning. As a
result, we are seeing growing emphasis on oil & gas exploration activity
and data‑led subsurface decision‑making as companies plan future budgets
and seek to improve reserve replacement, in order to address a structural
imbalance between exploration investment and long-term production needs.
Mining markets experienced a challenging year overall, with margin pressure
persisting across parts of the sector. However, stronger pricing for copper
and gold, together with a partial recovery in lithium prices earlier in the
year, provide some support for increased exploration activity. Meanwhile, the
rare earth elements market has continued to tighten on the back of
geopolitical supply risks and ongoing efforts to diversify production and
refining away from China. Demand for high‑quality subsurface data and
geoscience insight remains closely linked to capital discipline, with
customers prioritising technologies that help reduce discovery risk.
Natural hydrogen is also attracting strategic interest, with exploration
activity expanding across several regions. While commercial viability remains
unproven, emerging technical approaches such as stimulated or engineered
production suggest a credible development pathway over time with the technical
challenge being not dissimilar to shale oil and gas - an area where the Group
has significant experience and knowledge. Market forecasts indicate meaningful
long‑term upside, positioning natural hydrogen as a high‑potential,
early‑stage opportunity.
Growth across Energy Transition and Decarbonisation markets remained measured.
Although geothermal and other low‑carbon technologies have gained prominence
within national energy security and decarbonisation strategies, project
delivery has continued to be constrained by permitting delays, cost inflation
and uneven policy execution. Nevertheless, geothermal's role in district
heating, industrial heat and baseload power continues to strengthen,
particularly in Europe, where municipalities and utilities are seeking
long‑term price stability and locally resilient energy sources.
Rising electricity demand, driven by AI and advanced computing workloads, is
reshaping global energy priorities and increasing focus on reliable,
non‑intermittent power. This structural shift is sharpening attention on
energy security and grid stability, supporting the medium‑term investment
case for scalable baseload solutions, including geothermal.
Finally, advances in artificial intelligence are having a growing impact
across the sector. At Getech, we view AI as an opportunity to enhance customer
insight, strengthen our product offering and deliver operational efficiencies,
as validated in recent enhancements to Globe and bespoke customer
interpretation projects. We believe the Group is well positioned to benefit
from AI adoption while remaining resilient to competitive disruption via the
defensive 'moats' built over multiple decades such as our proprietary global
data assets, deeply embedded customer workflows and long‑standing
credibility and trust within regulated natural resource markets.
An evolving business strategy
Management considers that the best strategic positioning for the business is
to re-focus on what we do best, our key differentiators and the markets that
offer the best commercial opportunities. For Getech, this means leading with
oil & gas where our combination of geoscience, geophysics, Globe,
geospatial and AI/machine learning have built a solid foundation - while
diversifying into low carbon sectors that best play into this unique blend of
capabilities, such as critical minerals, natural hydrogen and geothermal.
In 2025 we delivered on the first part of this strategy by stabilising our
financial position to ensure that we were operating within our means, and we
were delighted to return to being EBITDA positive - the first time the Group
has met this KPI since 2019 - a trend we aim to continue and improve upon as
we move forward. The cost reduction programme reduced the Group's annualised
cost base by c. £1 million (fully realised since mid-year 2025), while at the
same time protecting our ability to deliver our core capabilities and
products. In tandem, we focused our business on fewer market sectors,
restructured our sales team to drive revenue growth and introduced new sales
management processes - with these positive changes reflected in revenue
growth.
Getech enters 2026 with a refreshed long‑term vision: to become the world's
most trusted source of subsurface and geospatial insight for the global
natural resources sector. This vision is supported by a mission centred on
combining unique geoscience data, leading geospatial capabilities and advanced
analytics and AI to help customers reduce risk, accelerate opportunity and
enhance project value across the evolving energy system.
Execution of the strategy is structured around several key pillars, including
being sustainably cash generative; growing ARR beyond the cost base; enhancing
product and service offerings; and diversifying within oil & gas beyond
exploration and new ventures. Ultimately our objective is to develop
organisational scale, and the next phase of this strategy supports this by
building momentum through accelerating ARR growth, advancing large revenue
opportunities and launching new offerings by intensifying adoption of
disruptive technologies such as AI and machine learning.
Developing our IP through continued innovation remains a central plank in our
strategy to ensure our technology can be applied to new sectors while
remaining relevant and essential to our core sectors. In the coming year, our
product and services portfolio will evolve through enhancements to core
products such as Globe and Unconventionals Analyst, alongside the development
of new data, information and service offerings to help Getech grow revenues
and ARR from existing clients, while also attracting new customers.
Alongside this, we will continue to pursue selective diversification across
natural hydrogen, geothermal and critical minerals, with capital allocation
tightly prioritised toward projects that are near‑term cash generative,
capital‑light or offer clear pathways to substantial returns. I look forward
to advancing this by working closely with Max Brouwers, our Chief Business
Development Officer. Max's geoscience background and more than 25 years of
leadership experience in international energy remains crucial in progressing
our portfolio of high potential growth natural hydrogen projects.
Outlook
After several years of primarily experiencing sector headwinds, changes to the
global geopolitical situation are starting to create market conditions from
which Getech is well positioned to benefit. Production from mature fields
continues to decline, with governments and major energy companies facing
mounting pressure to improve reserve replacement rates - currently at an
all-time low - and strengthen energy security. The recent instability in the
Middle East has only underscored this imperative and is helping drive renewed
demand for high quality exploration.
Getech's solutions remain essential tools in meeting this challenge. Indeed,
Globe and our global gravity and magnetic data holdings are key assets,
representing unique, highly valuable and strategic intellectual property (IP)
that offer the robust subsurface intelligence needed to support much needed
global exploration in pursuit of long-term energy resilience for countries and
companies alike. We are focused on several key areas for future revenue
growth:
1. Our sales pipeline contains multiple large opportunities for our
flagship technology asset, Globe, any of which could transform revenues and
materially add to ARR - our core focus. While Globe deployments involve
significant client investment decisions, these opportunities are characterised
by strategic relationships, strong renewal potential and the ability to
deliver long‑duration, high‑value recurring revenue once implemented. In
addition, potential to further grow ARR exists within our Globe super-major
and NOC clients - as we have seen from the recently announced uplifted Globe
renewal by a major state-backed Asian offshore oil and gas producer.
2. We are also focused on driving ARR growth through increased
adoption of our software products. Unconventionals Analyst achieved 15% client
growth in FY2025, reflecting strong demand for data‑driven decision support
across unconventional energy projects, with significant further market
potential.
3. The global Geographic Information System (GIS) market is valued at
c. $10 billion and predicted to grow year-on-year by c. 15%. We are well
placed to leverage this market by growing services revenues via Exprodat - our
Group company that specialises in GIS. In 2025, we identified opportunities to
develop new offerings and grow revenues, which we have already started to
bring to market.
4. Our recent project activities in the Natural Hydrogen sector have
positioned us well in this emerging sector. The Group is starting to deliver
material levels of service revenue from the sector while also helping mature
our project initiation activities which are being pursued on a capital-light
basis with the Group's core cash generative markets taking priority.
As we enter the next phase of our strategy, I am excited at the prospect of
leading a more focused and streamlined Getech - one that has a clear plan for
long-term success and growth. I believe that our 2026 strategy provides a
disciplined, coherent pathway for the Group to further strengthen its
financial footing, innovate and enhance its core offerings, expand its
customer base and accelerate diversification into high‑growth resource
sectors. Our strategy balances near‑term commercial deliverables with
long‑term capability building, ensuring the company is well positioned to
deliver sustainable value as the energy landscape continues to evolve.
Finally, I would like to thank all our staff for their hard work and
commitment, and our shareholders for their continued support, and I look
forward to leading the Group through the next stage of its development.
Chris Jepps
Chief Executive Officer
Operational Review
Introduction
2025 marked a year of strong operational progress for Getech as we executed
the first phase of our strategy to become the world's most trusted source of
subsurface and geospatial insight for the global natural resources sector.
Building on its core of long-standing petroleum sector and mining expertise,
the Group continued its diversification into natural hydrogen, helium and
geothermal. The year was characterised by new software releases, the expansion
of strategic partnerships and the initiation of a new international
exploration venture.
Our teams delivered improvements in customer engagement, protected annually
recurring revenue (ARR) through product enhancements and unlocked new
opportunities in emerging energy markets - particularly natural hydrogen -
where Getech is building a recognised position as a market leader.
At the same time, we continued to invest in advanced computational modelling,
artificial intelligence (AI) and machine learning to further enhance our
ability to locate subsurface resources efficiently, sustainably and at scale.
These developments position the Group strongly for further growth in 2026 and
beyond.
Globe platform
Globe is Getech's flagship product, a platform designed to enhance resource
exploration by providing a 'digital twin' of Earth history. Developed over the
last c. 15 years, Globe uniquely models Earth's evolution over the past 400
million years, combining extensive data with a user-friendly software
interface. Its integrated geological, climatic and oceanographic data offer
valuable insights for locating natural resources in the subsurface, including
petroleum, carbon storage, geothermal, natural hydrogen and critical mineral
assets, such as copper and rare earth elements. Through proprietary
computational modelling and AI‑led machine learning techniques, Globe
integrates geoscience and Earth‑observation data to identify favourable
subsurface exploration opportunities.
The releases in 2025 saw step-changes in the capability and accessibility of
the Globe platform. The latest Globe update delivered two major enhancements:
· Full data rotation capabilities, enabling users to rotate
geological, geophysical and tectonic datasets through geological time within
the platform. This significantly improves the accuracy and interpretability of
paleogeographic reconstructions and strengthens exploration play de-risking.
· Expanded web-based access, allowing subscribers to access Globe
content and run analyses online without needing to install desktop software.
This extension enhances Globe's reach across multi-disciplinary exploration
teams, particularly those working in remote or distributed environments.
The continued enhancements to Globe underline Getech's commitment to
maintaining the platform as a "digital twin" of Earth history that is
essential for subsurface resource exploration. Globe continues to be supported
by a client-base of major energy companies, with tenures ranging from three to
fifteen years, and evidenced by multi-year contract renewals as announced in
May 2025 and March 2026 (including a 28% contract value uplift).
Country-scale data packages - first launched in 2024 - were further expanded
during the year. The platform now supports even faster integration of national
datasets into screening workflows, particularly for customers evaluating bid
rounds or frontier basins.
Alongside Globe, Getech offers a portfolio of complementary platform add-on
products designed to increase the value delivered to its customers. This suite
of products supports organisations by delivering specific exploration
workflows that deliver organisational consistency and operational efficiency.
Exploration Analyst is used by energy and mining companies to help identify
new locations of petroleum, minerals, carbon storage and geothermal
resources. While there were no releases of Exploration Analyst in 2025 a
major new version is due for release in H1 2026. This release introduces
several new tools designed to significantly streamline acreage evaluation and
support rapid, data‑rich screening workflows. These enhancements strengthen
Exploration Analyst's role as a core workflow engine for petroleum, minerals
and energy transition exploration teams.
Unconventionals Analyst is used by petroleum operators and financial
institutions to manage onshore shale oil and gas projects and investments.
Getech delivered a major release in 2025, which represented a significant
upgrade for shale oil and gas project modelling. The new version delivers
enhanced well inventory and reserves modelling workflows, supporting more
accurate forecasting and investment planning. The update was well received by
its customers - operators and financial institutions - who use the platform to
optimise shale resource strategy, evaluate acreage opportunities and monitor
asset performance, evidenced by a 15% growth in its customer-base.
Data Assistant is used by energy resource organisations to integrate
geoscience data with Esri's market-leading GIS technology. Development
progressed significantly during the year, with a new release is planned for
2026. The upcoming version will further enhance geoscience-to-GIS data
integration, improve automation of multi‑dataset ingestion workflows and
continue strengthening interoperability with ArcGIS Pro. Data Assistant
remains an important component of Getech's software ecosystem, supporting
efficient, error‑free data handling for exploration and
resource‑development teams.
Getech continues to enhance these products to meet evolving customer needs, in
order to deliver ever increasing value to subscribers and further build the
Group's ARR. Product development and innovation are prioritised to support
Globe‑led enterprise deployments and scalable ARR growth, ensuring that
investment in new functionality is tightly aligned with commercial opportunity
and customer adoption.
Gravity and magnetic data
Gravity and magnetic (G&M) data are indispensable in natural resource
exploration because they allow cost‑effective, large‑scale imaging of
subsurface density and magnetic contrasts, revealing basin architecture,
faults, intrusions, and crustal processes that control the formation and
accumulation of oil, gas, minerals, geothermal fluids, and natural
hydrogen/helium.
Getech has the world's largest commercially available database of G&M
data, assembled over more than three decades of global data collection,
digitisation and harmonisation to create a unique global dataset not available
anywhere else. This database has been Getech's longest standing revenue source
which it monetises through a combination of spot-sales and data subscriptions,
while also providing an incredible foundation to G&M interpretation
projects which drive additional revenue streams.
Annual revenue from G&M data sales increased by 85% in 2025 compared with
2024, which can be attributed to the changes management made to the sales team
during the year as well as the early stages of a global shift back to
exploration by natural resource companies, and the associated increase in
exploration budgets. Customers for our G&M data come from across multiple
sectors, including petroleum, mining, geothermal and low carbon gases such as
natural hydrogen and helium.
Expert services
Getech offers expert services that support customers in locating subsurface
resources and applying geospatial technology. This proposition builds on the
data, products and staff expertise already within the Group. In 2025, the
Group maintained its revenue from expert services projects, with consultancy
projects delivered across all our key sectors, welcoming both new clients as
well as repeat purchases, confirming that Getech provides competitive and
relevant service offerings.
Getech has a number of multi-year service contracts with energy companies
across the globe, whereby the Group provides GIS expertise as a fully embedded
solution. This ensures the client benefits from a geospatial service that is
fully tailored to their processes and workflow, while providing the Group with
strong future revenue visibility.
As well as long-term service agreements, Getech undertakes short-term
project-based engagements with some customers. These projects are important to
Getech - not only as they help build relationships, but also as they enable
Getech to address and solve new business challenges with innovative
approaches.
In 2025, Getech launched a new Onshore Targeting Service with its partner
STRYDE. The exploration service is designed to help companies reduce upfront
risk and costs by rapidly identifying high-potential zones using integrated
geoscience, AI and machine learning, and opens opportunity by bringing Getech
closer to the seismic-enabled workflows that are essential in many subsurface
projects The service allows customers to narrow their exploration focus
dramatically earlier in the process, leading to reduced capital spending on
seismic or drilling in early-stage programmes.
Another noteworthy achievement was the Group's selection by GeoKiln, a
technology company pioneering stimulated geologic hydrogen production -
broadly similar in concept to shale oil and gas production. During the
project, Getech contributed geoscience expertise, screening and subsurface
modelling to accelerate GeoKiln's development of naturally occurring hydrogen
systems technologies. Innovative projects like these position Getech strongly
in the emerging natural hydrogen sector.
Getech's expert services are expected to remain a solid revenue stream, as the
world continues to explore and develop natural resources, which require the
highly specialized geoscience and geospatial expertise that the Group offers.
Key partnerships
Partnerships continued to be a key strategic pillar for the Group, having the
potential to generate stronger, more comprehensive market offerings and
providing access to a broader pool of revenue opportunities. In 2025, new
collaborations expanded the Group's reach into seismic acquisition, natural
hydrogen and helium exploration, while reinforcing its presence in global
subsurface resource development.
STRYDE, a global leader in lightweight, high‑density seismic acquisition
systems, entered into a strategic partnership with Getech in 2025. STRYDE's
cost‑efficient, highly portable nodal seismic technology is strongly
complementary to Getech's geoscience analytics, enabling the combined offering
to deliver rapid, data‑rich subsurface characterisation at significantly
lower operational cost than traditional seismic approaches. Together, the
partnership enhances early‑stage de‑risking for oil and gas, as well as
other resource exploration sectors, enabling clients to move from regional
screening to high‑confidence prospect identification more efficiently.
Getech and Sound Energy formed a joint venture to explore for natural hydrogen
and helium across onshore Morocco. The venture follows a successful
national-scale screening study delivered by Getech and marks a major step
forward in evaluating Morocco's emerging hydrogen systems. The JV will
leverage Getech's geoscience platform, data and modelling capabilities,
combined with Sound Energy's operational presence.
These partnerships provide strong synergistic value to the Group through
expanded innovation and commercial opportunities.
Outlook
As global priorities continue to focus on reserves replacement and security of
supply, Getech enters 2026 with a strengthened operational platform built
around its core capabilities in subsurface data, software and geoscience
services. The Group has a clear technology roadmap, an improved commercial
pipeline and a leaner cost base, positioning it well to support customers as
exploration activity and associated budgets increasingly return to the fore.
Ongoing investment in advanced computational modelling, AI and machine
learning underpin targeted enhancements across Getech's core product
portfolio, particularly Globe and its related data and analytics offerings.
These developments are focused on improving the speed, accuracy and
scalability with which customers can screen, evaluate and de‑risk
exploration opportunities, supporting both recurring revenue growth and deeper
customer engagement within existing workflows.
Building on its established foundations in geoscience data, software and
analytics, the Group also continues to develop new offerings that address
critical global needs, including the location of rare earth element deposits
and the use of Earth magnetic data to support navigation applications. Such
ongoing innovation helps underpin the Group's long‑term relevance and
sustainable revenue growth.
In parallel, the Group continues to benefit from an expanding network of
partnerships that extend its commercial reach and enhance its technical
offering, particularly at the early stages of the exploration cycle. These
collaborations are designed to complement Getech's proprietary data and
software assets, enable more efficient project delivery and broaden access to
revenue opportunities, while remaining capital‑light and aligned with the
Group's disciplined operating model.
While Getech remains selectively engaged in emerging markets such as natural
hydrogen and geothermal, operational focus and capital allocation remain
firmly anchored on the Group's established Oil & Gas and Mining markets,
where demand for high‑quality subsurface intelligence is most closely linked
to near‑term exploration investment and cash generation.
With a more focused operating structure, a clearer commercial strategy and
growing customer traction across its core offerings, the Group is well
positioned to deliver sustainable, disciplined growth through 2026 and beyond.
Max Brouwers
Chief Business Development Off
Financial Review
Introduction
2025 marked a year of consolidation and renewed operational discipline for
Getech, during which we successfully removed c. £1m in annualised costs while
simultaneously increasing revenue on the prior year. This strengthened
financial foundation enabled us to stabilise the business and invest with
greater confidence in our core capabilities. Together, these actions have
positioned Getech for more resilient, sustainable growth as we deepen our role
as a trusted source of subsurface and geospatial insight for the global
natural resources sector.
Revenue
In 2025, Group revenue rose from £4.662 million to £5.004 million, an
increase of c. 7.3%. The growth in revenue was largely driven by gravity and
magnetic data spot sales, which increased 85%. This was underpinned by robust
subscriptions revenues (up 1% year-on-year) and delivery of expert services
revenues across all sectors (down 18% year-on-year, albeit compared with a
very strong performance in 2024) which continued to provide a valuable
contribution across the Group's core markets.
On an annualised basis, recurring revenues (ARR) remained broadly flat at
£2.8 million compared to prior year. However, it is important to note that
with 40% of ARR revenues denominated in USD, the adverse movement in the
USD/GBP exchange rate since December 2024 has reduced reported ARR revenue by
approximately 2.5%. This robust level of ARR provides a stable platform from
which we are targeting renewed ARR growth in 2026, with our sales team
progressing a number of high value product subscription opportunities.
Revenue by type 2025 2024 Variance
£'000
£'000
%
Recurring subscriptions 2,793 2,762 1.1
Expert services 1,038 1,267 (18.1)
Spot sales 1,173 633 85.3
Total revenue 5,004 4,662 7.3
The 2024 comparative segmental revenue figures have been reclassified to align
with the current year presentation and include minor presentational
adjustments. There has been no impact on total revenue previously reported.
Revenue by operating segment 2025 2024 Variance
£'000
£'000
%
Geospatial 1,555 1,489 4.4
Geoscience 3,204 3,013 6.3
Hydrogen 245 160 53.1
Total revenue 5,004 4,662 7.3
Revenue is presented both by type and by operating segment to provide
complementary views of performance and to align segmental disclosure with the
Group's cash‑generating units used for impairment assessment.
Order book and pipeline
The Group's order book represents contracted revenue that has been secured but
not yet recognised, providing visibility over future cash inflows and revenue
delivery. Order book typically converts to revenue over a period of one to
five years, with the majority weighted toward the near term.
At 31 December 2025, the Group order book stood at £3.8 million (2024: £4.1
million). The year‑on‑year reduction primarily reflects the successful
conversion of contracted work into revenue during the year, rather than any
weakening in commercial momentum. Of the year‑end order book, £2.5 million
is expected to unwind into revenue during 2026, providing a strong level of
baseline revenue visibility for the year ahead.
In parallel with disciplined management of the order book, the Group maintains
an active and well‑defined sales pipeline, comprising prospective
opportunities at various stages of development. The pipeline includes both
recurring subscription opportunities and project‑based work across the
Group's core markets, notably oil and gas and mining.
During 2025, management introduced enhanced sales governance and pipeline
management processes, including more rigorous qualification criteria,
consistent staging and probability weighting, and regular review at senior
management level. These changes have improved the quality and reliability of
the pipeline, strengthened forecasting accuracy and increased confidence in
conversion rates.
While the pipeline does not represent contracted revenue, it continues to
provide encouraging evidence of growing customer engagement and opportunity
generation, particularly as exploration activity and associated budgets show
signs of recovery. Combined with the existing order book, the pipeline
supports management's expectation of sustained revenue delivery through 2026,
underpinned by a more predictable and controlled sales execution framework.
Cost base
During 2025, the Group's cost base was reduced to £4.8 million from £5.9
million in 2024, with these reductions being structural rather than temporary
in nature.
The cost base reconciliation below shows how our cost base aligns with the
financial statements. The monthly run rate at the end of FY25 compared to the
run rate prior to the cost saving initiative represented an annualised saving
of c. £1m.
Variance % 2025 2024
£'000 £'000
Cost of sales 2,289 3,016
Development costs capitalised 522 763
Administrative costs 2,841 3,024
Depreciation and amortisation charges (807) (817)
Share-based payments (74) (52)
Total cost base excluding exceptional items -20% 4,771 5,934
Cost base is measured as, cost of sales, administrative costs and development
costs, excluding depreciation, amortisation and exceptional items.
EBITDA
EBITDA refers to Earnings Before Interest, Tax, Amortisation, Depreciation and
Exceptional Items. EBITDA is used by management as a measure of the Group's
underlying operational performance and reflects core trading and cost
discipline, without influence from balance‑sheet or financing transactions.
As a result of increased revenues and the successful implementation of a
significant structural cost‑reduction programme, the Group delivered a
positive EBITDA of £0.5 million in 2025 (2024: £0.6 million loss). Following
the decisive actions taken to align the cost base with revenue capacity, the
business is now positioned to deliver positive EBITDA in both the first half
and the full year of 2026.
Adjusted EBITDA, calculated by excluding share‑based payment charges, was
£0.6 million (2024: £0.5 million loss).
The positive EBITDA performance achieved in 2025 reflects sustainable
improvements in the Group's cost structure and operating leverage, providing a
robust platform from which to grow profitability as revenues scale.
Operating cash flows
Getech's cash flow from operations, before working capital movements, improved
significantly by £0.4 million to a £0.1 million outflow (2024: £0.5 million
outflow).
The successful implementation of the 2025 cost‑reduction programme delivered
c.£1 million in annualised savings. With the current trajectory, Getech
expects to achieve a positive operating cash‑flow by the end of the first
half of 2026 and maintain this position through the full year.
Financial position & liquidity
The Group ended 2025 with a strengthened operational and financial foundation
following the successful delivery of the first phase of its sustainable
business strategy. The reduction in the cost base, improved operating
performance and enhanced visibility of near‑term revenues have materially
reduced the Group's cash requirements and increased financial resilience.
Cash at 31 December 2025 was £0.2 million, reflecting the timing of customer
receipts around the year end rather than underlying trading performance. At
the balance sheet date, the Group had £1.5 million of receivables
outstanding, c. 90% of which was collected by end Q1 2026, including a payment
of approximately £0.4 million which had been delayed from Q4 due to the US
government shutdown, strengthening liquidity and providing good visibility
over near‑term cash inflows.
During the final quarter of the year, the Group utilised a short‑term
unsecured bank facility to manage working capital timing, primarily to fund
annual licence payments to key suppliers. The use of short‑term facilities
forms part of the Group's routine treasury management and reflects the timing
characteristics of project‑based revenues rather than a requirement for
ongoing external funding.
The £1.0 million annualised reduction in the cost base delivered during 2025
has lowered the Group's cash break‑even point and improved operating
leverage, supporting more predictable cash generation as revenues are
delivered. The return to positive EBITDA, together with the Group's recurring
revenue base and contracted order book, provides increased confidence in the
sustainability of the Group's financial position.
Working capital management remains a focus for the Board and management,
reflecting the timing of invoicing, delivery and customer payment profiles.
Cash flow forecasting, receivables monitoring and contract execution are
reviewed regularly to ensure liquidity remains aligned with operational plans.
Based on current trading, cash flow forecasts and available mitigating
actions, the Board considers that the Group entered 2026 with adequate
liquidity and improved visibility over revenues and cash inflows, providing a
stable financial platform consistent with the Group's going concern assessment
and sufficient to support the execution of the next phase of the strategy.
Going concern
Getech's business activities and the factors likely to affect its future
development, performance and position are set out in the Operational Review.
The Group's financial position, cash flows and liquidity are described in the
financial statements.
After reviewing the Group's forecasts and projections, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, being a period of at least
twelve months from the date of approval of these financial statements. The
Group therefore continues to adopt the going concern basis in preparing its
financial statements. The key information supporting this assessment is
summarised below.
In making the going concern assessment, the Board has considered Group budgets
and detailed cash‑flow forecasts to July 2027. These forecasts are built
from Board‑approved budgets, with revenue projections updated regularly to
reflect new contractually committed revenues, market sentiment, the current
sales pipeline and other relevant factors.
The Directors have also applied sensitivity analysis to assess the impact of
lower levels of revenue from non‑contractually committed sources. Management
prepared a severe, yet plausible, downside scenario in which, outside of
committed revenue and an historically validated renewal rate for existing
contracts, a reduction of approximately £1 million across recurring and
services revenue was modelled. Under this less probable and highly adverse
scenario, the Group has identified mitigating actions available to management
to offset the impact.
Financial performance in 2026 is expected to deliver at least modest growth on
2025. Trading in the early part of the year is ahead of the prior period,
reflecting long‑range revenue visibility through the Group's recurring
revenue model and continued strong demand from existing clients. Historical
performance provides further support for the robustness of these expectations.
The Board considers current trading to be supportive of at least moderate
upside and regards the downside scenario as very unlikely.
The Group continues to monitor receivables closely, with no material delays in
customer payments observed. A significant proportion of recurring revenue is
billed annually in advance, providing further visibility over cash inflows.
Simon Brown
Chief Financial Officer
Group Statement of Comprehensive Income
for the year ended 31 December 2025
Notes 2025 2024
£'000 £'000
Revenue 4 5,004 4,662
Cost of sales excluding amortisation (1,659) (2,257)
Gross profit excluding amortisation 3,345 2,405
Amortisation charged to cost of sales 15 (743) (759)
Gross profit 2,602 1,646
Other operating income 138 -
Administrative expenses excluding depreciation (2,968) (2,966)
EBITDA * 515 (561)
Depreciation (charged to administrative expenses) 16 (64) (58)
Amortisation (charged to cost of sales) 15 (743) (759)
Exceptional items 5 (303) (139)
Operating loss 7 (595) (1,517)
Investment revenues 11 1 3
Finance costs 12 (22) (65)
Loss before taxation (616) (1,579)
Income tax income/(expense) 13 (25) 1
Loss for the year (641) (1,578)
Other comprehensive income:
Items that may be reclassified to profit or loss
Currency translation differences:
- Translation gain/(loss) arising in the year (47) 131
Total other comprehensive income for the year (47) 131
Total comprehensive income for the year (688) (1,447)
Earnings per share
Basic (pence per share) 14 (0.42) (1.66)
Diluted (pence per share) (0.42) (1.66)
* EBITDA refers to Earnings Before Interest, Tax, Amortisation, Depreciation
and Exceptional Items.
Loss for the financial year is all attributable to the owners of the parent
company.
Group Statement of Financial Position
as at 31 December 2025
Notes 2025 2024
£'000 £'000
Non-current assets
Goodwill 15 296 296
Intangible assets 15 3,708 3,604
Property, plant and equipment 16 189 37
Investments 17 248 248
Deferred tax asset 30 75 51
4,516 4,236
Current assets
Trade and other receivables 21 2,061 1,455
Current tax recoverable 110 123
Cash and cash equivalents 177 898
Assets held for sale 23 - 687
2,348 3,163
Current liabilities
Trade and other payables 28 2,655 2,613
Current tax liabilities 18 1
Borrowings 24 138 413
Lease liabilities 29 37 14
Provisions 31 10 -
Deferred revenue 32 1 -
2,859 3,041
Net current (liabilities)/assets (511) 122
Non-current liabilities
Trade and other payables 28 133 -
Lease Liabilities 29 121 -
254 -
Net assets 3,751 4,358
Equity
Called up share capital 35 382 382
Share premium account 36 9,831 9,831
Merger reserve 2,601 2,601
Share-based payment reserve 127 53
Currency translation reserve 270 317
Retained earnings (9,460) (8,826)
Total equity 3,751 4,358
The financial statements were approved by the board of directors and
authorised for issue on 29(th) April 2026 and are signed on its behalf by:
..............................................
Chris Jepps
Chief Executive Officer
Company registration number 02891368 (England and Wales)
Group Statement of Changes in Equity
for the year ended 31 December 2025
Share capital Share premium account Merger reserve Share-based payment reserve Currency translation reserve Retained earnings Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 169 8,685 2,601 158 186 (7,405) 4,394
Year ended 31 December 2024:
Loss - - - - - (1,578) (1,578)
Other comprehensive income: currency translation differences - - - - 131 - 131
Total comprehensive income - - - - 131 (1,578) (1,447)
Transactions with owners:
Issue of share capital 35 213 1,146 - - - - 1,359
Share-based payment charge - - - 52 - - 52
Transfer of exercised and lapsed share-based payments - - - (157) - 157 -
Balance at 31 December 2024 382 9,831 2,601 53 317 (8,826) 4,358
Year ended 31 December 2025:
Loss - - - - - (642) (642)
Other comprehensive income: currency translation differences - - - - (47) - (47)
Total comprehensive income - - - - (47) (642) (689)
Transactions with owners:
Share-based payment charge - - - 74 - - 74
Transfer of exercised and lapsed share-based payments 30 - - - - - 8 8
Balance at 31 December 2025 382 9,831 2,601 127 270 (9,460) 3,751
Group Statement of Cash Flows
for the year ended 31 December 2025
2025 2024
Notes £'000 £'000 £'000 £'000
Loss for the year before taxation (617) (1,579)
Adjustments for:
Finance costs 12 22 65
Investment income 11 (1) (3)
Gain on disposal of property, plant and equipment 4 -
R&D expenditure credit income (139) -
Amortisation of intangible assets 15 743 759
Depreciation of property, plant and equipment 16 64 58
Impairment of held-for-sale properties 23 - 139
Equity settled share-based payment expense 34 74 52
Increase in provisions 10 -
Cash flow from operations before working capital movement 160 (509)
Movements in working capital:
Decrease in contract assets 4 19 231
Increase in trade and other receivables (623) (213)
(Decrease)/Increase in contract liabilities 4 (301) 552
Increase/(Decrease) in trade and other payables 472 (551)
Cash absorbed by operations (273) (490)
Income taxes refunded 134 11
Net cash outflow from operating activities (139) (479)
Investing activities
Capitalisation of internally developed intangible assets 15 (522) (763)
Purchase of intangible assets 15 (342) -
Purchase of property, plant and equipment 16 (23) (8)
Proceeds from disposal of property, plant and equipment - 1
Proceeds from disposal of held-for-sale property 689 650
Interest received 1 3
Net cash used in investing activities (197) (117)
Financing activities
Proceeds from issue of shares 35 - 1,700
Share issue costs 35 - (342)
Proceeds from new bank loans 150 390
Repayment of bank loans (425) (566)
Payment of lease liabilities (55) (23)
Interest paid (22) (65)
Net cash generated from/(used in) financing activities (352) 1,094
Net increase/(decrease) in cash and cash equivalents (688) 498
Cash and cash equivalents at beginning of year 898 385
Effect of foreign exchange rates (33) 15
Cash and cash equivalents at end of year 177 898
Company Statement of Financial Position
as at 31 December 2025
2025 2024
Notes £'000 £'000 £'000 £'000
Non-current assets
Intangible assets 42 3,207 3,232
Property, plant and equipment 43 186 36
Property, plant and equipment held for sale 46 - 687
Investments 44 2,008 2,008
5,401 5,963
Current assets
Trade and other receivables 45 1,761 1,154
Cash and cash equivalents 95 474
1,856 1,628
Current liabilities 47 (8,160) (7,910)
Net current liabilities (6,304) (6,282)
Total assets less current liabilities (903) (319)
Non-current liabilities 47 (254) -
Provisions for liabilities (10) -
Net liabilities (1,167) (319)
Equity
Called up share capital 54 382 382
Share premium account 9,831 9,831
Other reserves 321 247
Retained earnings (11,701) (10,779)
Total equity (1,167) (319)
The notes from page 96 form part of these parent financial statements.
As permitted by section 408 of the Companies Act 2006, the company has not
presented its own income statement and related notes. The company's loss for
the year was £930,009 (2024 - £2,684,784 loss).
The financial statements were approved by the board of directors and
authorised for issue on 29th April 2026 and are signed on its behalf by:
Chris Jepps
Chief Executive Officer
Company registration number 02891368 (England and Wales)
Company Statement of Changes in Equity
for the year ended 31 December 2025
Share capital Share premium account Merger reserve Share-based payment reserve Retained earnings Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 169 8,685 194 158 (8251) 955
Year ended 31 December 2024:
Loss and total comprehensive income - - - - (2,685) (2,685)
Transactions with owners:
Issue of share capital 54 213 1,146 - - - 1,359
Share-based payment charge - - - 52 - 52
Transfer of exercised and lapsed share-based payments - - - (157) 157 -
382 9,831 194 53 (10,779) (319)
Balance at 31 December 2024
Year ended 31 December 2025:
Loss and total comprehensive income - - - - (930) (930)
Transactions with owners:
Share-based payment charge 34 - - - 74 - 74
Credit to equity for deferred tax on share-based payments 51 - - - - 8 8
382 9,831 194 127 (11,701) (1,167)
Balance at 31 December 2025
Notes to the Company Financial Statements
for the year ended 31 December 2025
Basis of preparation
The financial statements have been prepared in accordance with Financial
Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in
accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional
currency of the company. Monetary amounts in these financial statements are
rounded to the nearest £'000.
The Company applies accounting policies, key judgements, and key estimates on
a consistent basis as the Group, except for disclosure exemptions set out
below. To the extent that an accounting policy is relevant to both Group and
Parent Company financial statements, please refer to the Group financial
statements for disclosure of the relevant accounting policy.
As permitted by FRS 101, the Company has taken advantage of the following
disclosure exemptions from the requirements of IFRS:
· inclusion of an explicit and unreserved statement of compliance
with IFRS;
· presentation of a statement of cash flows and related notes;
· disclosure of the objectives, policies and processes for managing
capital;
· disclosure of key management personnel compensation; disclosure
of the categories of financial instrument and the nature and extent of risks
arising on these financial instruments;
· the effect of financial instruments on the statement of
comprehensive income;
· comparative period reconciliations for the number of shares
outstanding and the carrying amounts of property, plant and equipment,
intangible assets, investment property and biological assets;
· a reconciliation of the number and weighted average exercise
prices of share options, how the fair value of share-based payments was
determined and their effect on profit or loss and the financial position;
· comparative narrative information;
· for financial instruments, investment property and biological
assets measured at fair value and within the scope of IFRS 13, the valuation
techniques and inputs used to measure fair value, the effect of fair value
measurements with significant unobservable inputs on the result for the period
and the impact of credit risk on the fair value; and
· related party disclosures for transactions with the parent or
wholly owned members of the Group.
Going concern
In assessing the Group's ability to continue as a going concern, the Directors
have reviewed the Group's budgets and detailed cash‑flow forecasts through
to July 2027, together with an assessment of the principal risks that could
impact performance. The forecasts are based on the Board‑approved FY2026
budget and have been updated for actual trading in late 2025, including the
strong Q4 sales performance and the collection of £1.4m of year‑end
receivables in Q1 2026.
The Directors have considered both the base‑case budget and a severe but
plausible downside scenario. The base case reflects committed revenues that
represent 43% of the FY2026 revenue budget, together with conservative
assumptions regarding renewals and pipeline conversion. The downside scenario
models a reduction of approximately £1 million in non‑contracted revenues,
removes several high‑uncertainty opportunities, and stresses the timing of
customer receipts. Even under this scenario, the Group maintains a positive
cash balance throughout the period and with mitigating actions available to
management if required.
The Directors have also taken into account the Group's strengthened operating
position following the £1m annualised cost‑reduction programme delivered in
2025, the return to positive EBITDA, and the continued availability of
short‑term working‑capital facilities. Year‑end cash of £0.2m was
temporarily affected by the delayed receipt of a £0.4m US government payment
(related to the US Federal shutdown), which was received shortly after the
year end, strengthening liquidity entering 2026.
At the balance sheet date, the Group reported net current liabilities, which
primarily reflect deferred income arising from customer contracts billed in
advance, as detailed below, rather than underlying liquidity pressure.
No material delays in customer payments have been observed, and the Group
benefits from strong revenue visibility, with a high proportion of
subscription revenue billed annually in advance. Order book at 31 December
2025 was £3.8m, with £2.5m contractually due to unwind into revenue during
2026.
Having reviewed the base case and downside scenarios, the Group's liquidity
position and the mitigating actions available, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. Accordingly, the financial statements
continue to be prepared on a going concern basis.
Earnings per share
2025 2024
Number Number
Number of shares
Weighted average number of ordinary shares for basic earnings per share 152,474,375 95,186,704
Effect of dilutive potential ordinary shares:
- Weighted average number of outstanding share options 7,899,779 -
Weighted average number of ordinary shares for diluted earnings per share 160,374,154 95,186,704
Earnings
2025 2024
£'000 £'000
Continuing operations
Loss for the period from continued operations (642) (1,578)
2025 2024
Pence per share Pence per share
Basic and diluted earnings per share
From continuing operations (0.42) (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 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. In the
current and comparative year, 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 year is as follows:
2025 2024
£'000 £'000
Loss for the period from continued operations (642) (1,578)
Adjusted for:
Exceptional items (303) (139)
Adjusted earnings (339) (1,439)
Basic adjusted earnings per share (pence/share) (0.22) (1.51)
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out
below in aggregate for each of the categories specified in IAS 24 Related
Party Disclosures.
2025 2024
£'000 £'000
Short-term employee benefits 824 920
Post-employment benefits 84 29
Share-based payments 62 26
970 975
Other information
The Company has taken advantage of the exemption available in FRS 101 whereby
it has not disclosed transactions between the Company and any wholly-owned
subsidiary undertaking of the Company, which would otherwise be required by
IAS 24 'Related Party Disclosures'.
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