Getech Group PLC on Monday said it was heading ‘in the right direction’, after narrowing losses in the first half thanks to improved revenue.

For the six months ended June 30, the Leeds, England-based geo-energy and green hydrogen location company narrowed pretax loss to £821,000 from £2.9 million a year prior.

This improvement was in part down to an increase in revenue, which rose 16% to £2.2 million from £1.9 million.

Basic and diluted loss per share narrowed to 1.11 pence per share from 4.10p per share.

Looking ahead, Getech Group said that a recent placing and retail offer had raised gross proceeds of £1.7 million, and that this new capital has ‘both bolstered the balance sheet and provides growth capital to expand sales and business development teams.’

‘The business is evolving in the right direction. Last year we reset the structure and focus of the company while also substantially reducing our overheads. This year, following our recent fundraise, the business is well placed to increase its customer base of exploration companies seeking new discoveries of assets needed for the energy transition. To that end, we have an expanding pipeline of potential projects, and we are focused on converting them,’ said Chair Michael Covington.

Shares in Getech Group were trading 3.7% lower at 2.60p each in London on Monday afternoon.

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