Shares in Getech Group PLC (AIM:GTC), the specialist in subsurface resource location, rose 25% following the announcement of eight new contracts worth £1.8 million.
These deals involved subscriptions to its Globe platform, geoscience data, and consulting services. The company expects to recognise £0.6 million in revenue in 2023, contributing to a projected turnover of £4.0 million for the year.
The balance of £1.2 million will enhance Getech's order book, now totalling £4.6 million.
Despite some client-caused project delays, Getech said it enters 2024 with a robust project pipeline and a growing focus on a subscription model.
Key contracts include a renewal with an Asian energy company and a first-time software subscription with a US energy firm.
At 8.21 am, the shares were changing hands for 6.55p, up 1.5p.