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By Anthony O. Goriainoff
Shares in GETECH Group fell after it said its first-half pretax loss widened after booking higher costs and lower revenue due to a fall in oil-and-gas sales volumes, and that its traditionally stronger second half was supported by a good order pipeline but tempered by delays to spending decisions.
Shares at 0802 GMT were down 2 pence, or 22%, at 7.25 pence.
The London-listed provider of data and software to the energy industry said pretax loss was 2.9 million pounds ($3.5 million) compared with a pretax loss of GBP1.2 million the year before.
Revenue fell to GBP1.9 million from GBP2.7 million.
The company said it has implemented a cost-reduction program in staff and expenses, which will result in savings of around GBP2 million going into 2024, and that this specifically included removing the board and management overheads from the H2 Green division. It added that reducing office costs and selling Kitson House remained a priority.
“The business is naturally well placed to seize opportunities within the rapidly-evolving energy and climate tech landscape and support the decarbonization of industry. In the upcoming year, we will double-down on growing and diversifying our revenue streams,” it said.
Write to Anthony O. Goriainoff at [email protected]
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