By Ian Walker
GETECH Group shares rose as much as 43% after the company said that it has won eight new contracts worth 1.8 million pounds ($2.3 million), a third of which will be booked as revenue for 2023.
Shares at 1407 GMT were up 1.50 pence, or 29%, at 6.75 pence, having peaked at 7.49 pence earlier in the session.
The London-listed provider of data and software to the energy industry said Wednesday that it expects revenue for the year ended Dec. 31 to be GBP4.0 million, including GBP600,000 from the new contracts.
It added that the rest of the money will be added to its order book, which now stands at GBP4.6 million.
However, the company said that a number of contracts that were expected to have been booked last year will now be pushed into this year meaning it starts 2024 with a strong pipeline.
GETECH said that its annual recurring revenue has increased to GBP2.8 million from GBP2.4 million in 2022 after moving existing customers, and signing up all new customers, to its subscription model, which has a minimum three-year term.
“Entering 2024 with our substantially reduced cost base, increased order book and growing ARR means the business is undoubtedly better placed following a year of transition in 2023,” acting Chief Executive Richard Bennett said.
Write to Ian Walker at ian.walker@wsj.com
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