Getech signs 12 new contracts in last month

(Sharecast News) - Getech said in an update on Thursday that it has signed 12 new contracts worth around £0.33m over the last month, marking a strong period of trading driven by increased sales activity and diversification across its core markets.

The AIM-traded group said it expected £0.3m of the revenue to be recognised in the current financial year.

It said the contracts included about £0.15m in sales from Getech's gravity and magnetic data library, £0.14m from its geoscience expert services, and £0.04m from software licence renewals.

Three of the deals were signed with new customers, while the rest expanded existing client relationships, lifting the company's total order book to £4.1m as of 30 September, up from £3.8m at the end of June.

"These contract wins come as we enter the fourth quarter, typically our strongest trading quarter, and are an indication that the recent changes we have made to our sales team - including new leadership and resources - are delivering tangible results," said chief executive Chris Jepps.

"The breadth of these contracts demonstrates the more diverse range of markets now open to Getech's products and services, with wins secured from the oil and gas, geothermal and critical minerals sectors."

Jepps added that the company's pipeline of sales opportunities "has increased in size and quality compared to this time last year," reflecting growing demand for Getech's subsurface resource location technology and services.

At 1303 GMT, shares in Getech Group were up 24.57% at 2.37p.

Reporting by Josh White for Sharecast.com.