Getech Group plc (GTC) Earnings Call Transcript & Summary

Good morning, and welcome to the Getech Group plc full year results investor presentation. [Operator Instructions]. Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Chris Jepps. Good morning to you.

Thanks, Alex. Good morning, everyone. Thanks for joining us today for the Getech Financial Year 2024 Annual Results and Business Outlook Presentation. So with that, I will get started. Okay. So joining me today on the call are my colleagues, Max and Simon. We're a new team here leading Getech. And as you'd expect, we have something of a new direction. So myself, I'm CEO. I was previously the COO since 2018, and a Board member since then. Max has been with the company since 2021. He's our Chief Business Development Officer. And Simon has been with the company since 2018, and he's now our Finance Director. And as a new team, we bring a real sense of continuity. We understand the business very well. We understand the wider Getech team. We all have extensive industry experience and somewhat successful careers behind us. And what we've done, and I'll describe this in more detail as I continue through the presentation, is we've embarked upon a new, what we're calling sustainable business strategy for Getech. And hopefully, you'll see that we've swiftly executed the first phase of this plan at the start of this year. And really, there are two elements to this plan. The first is very much to rebalance the fundamentals of the business. And the second is to sort of refocus the business where we make our money, i.e., on our core markets and our core expertise. So with that, I'm just going to do a quick review of our 2024 trading. So last year, we grew our revenues by 16% year-on-year compared to 2023, up to GBP 4.7 million. This was largely driven by strong contract renewals for things like Globe and our software products and our long-term services revenue. And we also saw an increased level of service project revenue as well, especially in the second half of the year. Our revenues are always underpinned by our annual recurring revenue from our subscription products. These are usually multiyear large -- a mixture of multiyear large contracts in sort of 3 to 5 years and also a number of single year annual subscription renewals. And last year, that grew to GBP 2.9 million. Our EBITDA, we did make a loss last year, but this loss was much reduced from the previous year, so that came down significantly. And at the end of the year, our cash at bank was GBP 0.9 million. And in 2024, we set about really strengthening the financial base of the company. Through the year, we completed a GBP 2 million annualized cost reduction, which had begun in the previous year, and that completed through the year in 2024. We ran a placing in August and raised a further GBP 1.7 million for working capital and to invest in our sales team and various other use of funds. And we also completed the sale of our -- part of our property, which had been on the market for quite some time in January 2024. Post period, we completed the sale and leaseback of Nicholson House, which was the remainder of our head office building in Leeds, for GBP 725,000. That enabled us to pay off the bridging loan that we had against the property, leaving the group now debt free. And also in this year, 2025, starting in January when the new team were implemented and put in place, we embarked upon and complete -- broadly completed a further GBP 1 million of annualized cost savings. So just going to look back at some of the things we were up to last year across our technical portfolio, if you like. As we'll see later, one of our key products is our Globe exploration platform. And last year, Globe delivered really robust level of contract renewal. We were able to expand its search capabilities to look for new commodities, new metals, for example. And we also enhanced its analytic functionality with new tools and the addition of new technologies such as AI and machine learning. And Globe is a large expensive product that's used by large organizations, and we have a real great cohort of super major oil and gas companies. We've had some mining companies as well that make up the customer base of this platform. And there's a few example logos shown on the slide there. And I'll come back to our customer base later. Unconventionals Analyst is sort of part of the Globe platform that delivers particular workflows around running U.S. -- or running onshore oil and gas -- onshore shale oil and gas projects, typically that you see in the U.S. and Canada. And last year, we saw a growing demand for this software, and we significantly grew our customer base of software subscriptions in the twin markets that this product serves. And it's kind of unique in Getech in that it has this sort of twin side to its sort of customer base. On the E&P side, you'll see familiar names such as ConocoPhillips, Devon, ADNOC. These are large oil and gas companies. the kind of companies that are traditionally Getech's customer base. But also, we have a large cohort of financial companies and institutions, people like Barclays Investment Bank, Quantum, Galley, Guggenheim, EIV Capital. These are all companies that work in dealmaking in oil and gas or they look to fund oil and gas projects, and they've also emerged as a very large customer segment for our Unconventionals toolkit. Through the year, we signed a number of new partnership agreements, a few examples here. Natural Hydrogen Ventures is the world's first natural hydrogen investment fund, and they provide early-stage funding for natural hydrogen exploration companies and projects. Through the partnership -- we'll work in partnership with NH Ventures to screen any prospective projects they may be looking at. We're able to introduce them as a key investor to any projects. And also, we work with them, which gives us access to more of the sort of natural hydrogen ecosystem through their client database. RED Engineering is part of the ENGIE Group. They're a company that provides through our partnership -- provides us through the partnership access to their geothermal technical expertise where we have gaps. And similarly, Expro are focused on more on the drilling end of things. And they have a real track record in things like well evaluation and integrity, which isn't the sort of thing that Getech normally offers customers, but where we have a project where we need to bring in partners, this enables us to do that, particularly in newer energy spaces such as geothermal, natural hydrogen and carbon capture. As I mentioned earlier on in the trading update, last year, our services teams had one of their busiest H2, certainly for at least 5 years. And this was largely driven by a real uptick in activity in the oil and gas sector and also by the emergence of new projects in the natural hydrogen space. So we're really starting to see natural hydrogen move. And often, the first thing you see when a new sector gets some momentum behind it is people calling on our services for us to help them with projects. We signed a number of strategic exploration agreements through the year. We've talked about East Star publicly. This is to search for copper in the Kazakhstan area. Sound Energy is an AIM-listed company, and we're working on a joint exploration project with them to look for natural hydrogen in Morocco. And we also signed a strategic agreement with Kingfisher around hydrogen -- natural hydrogen in North America. And we have a fourth natural hydrogen project with an undisclosed partner, and that's also progressing well at this time. And we're hopeful we can announce more news on all of these as we go forward. We'll have a bit of a deep dive into our natural hydrogen strategy later on in this presentation, and we'll come on to more detail on those later. And of course, through the year, we also continued to innovate and enhance and add to our IP. And Getech's IP has been built up over a really long time, over 30 years, and it continues to be enhanced. Key areas of our IP are obviously our Globe platform and our Earth system model, which is our model of climate back through geologic time. We also have a huge, probably the world's largest commercially available database of gravity and magnetic data, and we continue to add to that and enhance that where we can. I've already mentioned our Unconventionals tools. These have come along, particularly in leaps and bounds through 2024. And also, we've further evolved our natural hydrogen location workflows, and that's emerging as a key part of our IP. So that's a look back to last year. Just looking forward, as we've joined as a new team in January, what we've been implementing is kind of a new strategic positioning. This is really just the start of us resetting the business, and there are three main strands to this. We're looking to really redouble our focus on our core markets, and these are the markets where we make our money. And primarily, this is oil and gas, and we have a number of secondary markets such as mining and geothermal. So we want to really focus our attention where we make money so that we can really drive our revenues. That said, we also -- we see value in some of these longer-term exploration projects. We've -- the company has made statements before about having a sort of portfolio approach to doing this. We'd like to keep that potential upside within the business, but we're really only interested in selecting the very highest quality opportunities and only having a portfolio size that we feel we can manage. So we're currently sort of looking at having 2 to 3 projects which, as you've seen from the previous slide, is pretty much where we're at right now. So we're maintaining work on those projects. And as we'll see later, we feel there's real strategic -- potential strategic value to be gained from those. And again, maintaining the development of our IP. We've seen over the years a lot of interest in our data and our content from a number of external organizations, explorers, but also tech companies, and that's something we're mindful has real strategic value for the business. And with this sort of slight refocusing, what we're trying to do is focus on what we do best. And this means using our combination of geoscience, geophysics, our Globe products, our other products, our geospatial knowledge, our machine learning expertise to locate energy resources within those key markets. And as you can see, hopefully, doing so across fewer market sectors, being more streamlined and having a more focused team. However, we realized that right at the start, we really had to stabilize our financial position. And this is the key thing we set out to do. So the exec team as we have it, myself, Max and Simon, we've really set about to rebalance the company's finances. So as I said before, in 2024, we completed the GBP 2 million annualized cost reduction. This was largely related to closing down our green hydrogen activities by the H2 Green company. But we could see that to really get to our goal of being EBITDA positive and cash generative, further work was needed. And there are two sides to this coin, right? So we've got costs, first of all, of course. So, within weeks of starting together as a team, we started a further cost reduction program. Our goal was to maintain our ability to deliver on our core capabilities and products, but we did feel our cost base was too high. So we had a line-by-line review of everything in the business, and we were really trying to focus on overhead, which had maybe grown a bit too much and taking out overhead doesn't impact on our ability to deliver on our core solutions that earn us money. But also any inefficiencies in the business, did we have suppliers that were -- we could replace for slightly cheaper ones were we spending marketing dollar on events that didn't have a good ROI, for example. We also had to look at our staff, unfortunately, looking for where maybe we were underutilized or where we had some slight duplication of roles. And the outcome was over a fairly painful couple of months, we introduced voluntary redundancy and then a compulsory redundancy unfortunately process to help further reduce our cost base by another GBP 1 million of annualized cost. And just to give some idea of the scale of that, that was around 20% of our cost base and just under 20% of our workforce. So as I say, costs were one side of the coin. We're also mindful that we really want to push revenue. So in tandem and as part of the -- our use of funds from our fundraise last year, we set about introducing a plan to really drive revenue growth. And what we've done there is introduce some new staff and expand the team, but also introduce new ways that we're managing and incentivizing the team. So right at the back end of last year, we expanded our sales team out of our Houston office to help push our onshore technology further in that key market. And towards the back end of last year, we engaged with Paul Carey, who is a Getech alumni from a few years back and a former Sales Director and Board member on a contractual basis. And I'm pleased to say we've been able to bring him in full time this year. And Paul is deeply experienced in Globe and our gravity magnetic data. He was instrumental in selling Globe to the original cohort of customers who funded the initial build phases, very well connected in our industry sectors. And he's joined us, I'm pleased to say, as our Sales Director very recently, full time. And we feel with those changes to our sales management and also our sales team will really help us drive our revenue growth and help us meet our numbers. So for those of you that might be new to Getech, just a little overview on what we do and how we do it and where we do it. So essentially, we help people locate subsurface resources that are vital for energy systems or energy projects. We see in the news that demand for energy continues to increase. Last year was no exception. Demand for energy greatly increased through 2024, and that demand was largely met by natural gas or the large percentages of it were met by natural gas and renewables. So we've talked in the past about the markets we work in, oil and gas, mining, critical minerals, natural hydrogen, geothermal, carbon and energy storage. These are all areas that we're still active in. I'd like to highlight kind of our focus going forward is going to be on the ones in green here largely. Oil and gas is going to be key to meeting the global energy demand for at least the next few decades according to most studies as the transition eventually sort of ramps up. Obviously, it is a transition, not a switchover. So there's a long-term transition from oil and gas over to cleaner energies. Five years ago, it was looking like that transition might be a bit faster. And of course, global politics have changed since then. And we've seen an increased focus on security of supply, and that's given oil and gas areas a bit of a shot in the arm. And as I said, last year, we saw a growth in our services from oil and gas, largely driven through growth in oil and gas project activity. And we expect that trend to continue while there are still some concerns around security of supply for oil and gas and energy generation. Critical minerals continues to be important. Obviously, as we push more widely for electrification, that's going to require a lot of metals, such as copper for cabling and cobalt, lithium and nickel for batteries. And we see that the mining sector will continue to be important for us, given that they're chasing lots of things that are stored underground, and we have good ways to help companies find that. Natural hydrogen has the potential to be absolutely transformational for global energy. We're at a very early stage in this industry. As we sort of start to see that market move, we feel there's a really good market opportunity there for Getech. And given the kind of data we have and the expertise we have, we're very well suited to help companies find the geologic systems that produce these hydrogen reservoirs naturally. Geothermal can be used to generate heat and power. Geothermal is a ubiquitous resource. We have done a lot of work on various geothermal projects. It's a sector that's kind of unproven in a way commercially. We were hoping that it would get a bit more government support in terms of funding than it has done. And then carbon energy and storage, looking for long-term geologic storage for carbon dioxide, for example, something a lot of the super majors are looking at. That tends to be a more site-specific, more localized problem. And we feel that that's probably something best left to other organizations. So our key focus is going to be on the green ones. We're going to turn down the dimmer switch a little bit on our sort of marketing and positioning to our customers from -- certainly from -- on the storage side. But obviously, we'll continue to do work across the energy sector as it comes in. But focusing more on key markets allows us to prioritize our effort and maximize our outcomes from the resources that we have. And we do these projects through our digital exploration platform, which many of you will know is Globe. Globe is a digital twin of Earth's history. It goes back about 400 million years. That's the crucial window for finding oil and gas and many minerals and indeed natural hydrogen. And this system has sort of 40-odd thousand layers of geoscience data and a whole suite of analytic and sort of data access tools that comes with it to help users leverage that fantastic database. And the product is underpinned by Getech's huge commercial database of gravity and magnetics data, which again can be key to these projects and obviously complemented by other of our modules such as our stand-alone software like Unconventionals Analyst that I mentioned earlier and also a huge team of geoscience and geophysical and GIS experts to help deliver additional value from this data set. And obviously, we're constantly innovating and advancing our platform. We find -- we really believe that building up the IP of Globe gives us a key leverage to strategic value. And some of the areas that we've been advancing Globe are shown on the screen here, rerunning our Paleoclimate model, so our past climate models. We're doing that in conjunction with university. We're taking Globe back further through geologic time to look for older rocks and older resources, which is helpful for certain types of resource such as older oil and gas source rocks or older minerals. The addition of new technologies such as AI and machine learning, we're always tweaking our plate tectonics models. This is the models of how the plates move around through time. And on our gravity and magnetic side, something we've constantly added to over the years is our gravity data and where we can enhance that is by using data that becomes available from new satellites that are launched and measuring the sea surface, the height to the sea surface, and that really helps us improve our gravity data. So that's what we do. Who do we do it for? We've got a fantastic client list of sort of household name oil and gas companies, so Exxon, Chevron, Conoco, BP, Eni. Eni are one of the most successful oil exploration companies and have been for some time, and they've been a Getech customer all through that period. We also have a long tail of midsized and small-sized oil and gas clients that many folks wouldn't have heard of. And we listed a lot of good mining companies in our customer base as well, such as BHP and some smaller ones like Teck, East Star, South32. So we really help big energy to reduce their exploration risk and uncertainty and help accelerate their subsurface projects. Putting boots on the ground or putting drill bits in the ground or diggers in the ground, that's expensive stuff. But we kind of have this expression, which I'll credit to my colleague, Bill Heins. Thinking is cheap and what these clients want to do is they want to do more thinking so that they can better plan where they're going to make their activities. And ultimately, they're trying to get to the point where they're making better decisions before they start doing the expensive stuff. And that means reducing their risk and uncertainty. And that -- all those things together is what Getech helps deliver. A little workflow along the bottom there. This is a very simplified way to think about what we do, but we essentially take a whole bunch of raw data, including our own gravity and magnetics, seismic and wells and satellite imagery where we can get our hands on it and process that up with large amounts of computing. We're able to compile it into products like Globe, and then we can use our AI and other analytics such as some geospatial analytics, machine learning analytics to create useful outputs that then our teams of experts, for example, geoscientists or our GIS guys can use maps to deliver that to our end customers for them to make their decisions on. One thing I'm really excited about in Getech is the strategic value in the company. Globe is a fantastic product. Gravity and magnetic data is a fantastic database. But how do we leverage that and really drive value for shareholders? Just going to highlight a few things here that I think really represent untapped potential in Getech, and these are sort of areas potentially that we're actively looking to work on or potentially thinking about working on. So first of all, growth of our ARR. As we saw earlier from the trading update, our ARR last year crept up a bit to GBP 2.9 million, and that's driven through increasing numbers of subscriptions, obviously putting up pricing a bit where we can and adding new logos and upselling to existing customers. But really, our ambition for our ARR is to get our ARR up to where our cost base is. Obviously, we've got a bit of a way to go to do that. But we feel we can really do that by adding new Globe customers, both from sort of super major clients, but also from national oil companies, which we feel are a bit underrepresented in our client base. Secondly, I'd like to highlight there's a different type of sector, the tech sector. It's not tied to a particular vertical like oil and gas or mining. Personally, I believe the GIS sector, which is a very separate sector within tech, potentially represents a great revenue opportunity. And as we focused sort of relentlessly in recent years on our sort of geoscience side of things, maybe we've neglected this a little bit. This is a multibillion-dollar market that grows at more than 15% or sort of 10% to 20% per year depending on which study you look at. And within the company, we have a really strong and internationally recognized GIS brand. And once we get through some of the fixing the fundamentals, I think there's a real potential here to refocus on this market and see what we can squeeze out of it and potentially grow our GIS brand back to the size that it had been back in the day. So, as I've mentioned before, we have really unique IP within the company. This has been built through over 30 years of collating data, harmonizing data, interpreting data. It's very difficult stuff to recreate from scratch if you wanted to. I would probably go as far as to say it's not impossible. The work done in the early years by the people that built Getech was absolutely incredible the way they went around the world, gathering up data from dusty draws and digitizing it, putting it on to big tapes and carrying around the world and bring it all together and harmonizing it, absolutely incredible work that would be very hard to do now even with the Internet. So that's a key part of our IP. We add to that with our next-generation products such as our Multi-Sat gravity. And of course, we keep working our Globe product and our Globe platform so that we make sure that the road map meets the needs of the various sectors we work in, such as the oil and gas guys and the mining guys. And then finally, and perhaps most excitingly, we talked about this in the past, but our push for sort of joint venture exploration agreements around natural hydrogen is something we see as a potentially huge strategic value driver for Getech. So this is a real nascent market. It's just starting to get moving. We feel that has huge upside potential for the company. And we've talked in the past about having a portfolio of projects. Previously, maybe the target was sort of 5 to 10. I think the current team feels that 2 to 3 is probably about the right area, and that's the level we're at now. And I'd like to hand over to my colleague, Max now to provide a bit more detail on this natural hydrogen product origination business model and some of the activities that Getech is doing in this space. Max, over to you.

Great. Thanks, Chris. As you say, natural hydrogen is really an exciting emerging and clean subsurface energy source. And we're actually seeing that it is drawing the attention of major petroleum and mining companies. Big players like Rio Tinto, Fortescue and BP and Breakthrough Energy Ventures from Bill Gates are all investing heavily in natural hydrogen exploration. And I must say the early results from these activities are promising and showed the huge potential. Soil sampling and other new data show that natural hydrogen is widely distributed across the globe and the U.S. geological survey has also estimated there are millions of megatons of natural hydrogen in accumulations across the world. And even if we could harness only a small percentage of that, we could supply all global projected energy needs for hundreds of years to come. So natural hydrogen is not only abundant and it's clean, even more so, it has the potential to be produced at a very low cost, estimated to be less than $1 per kilo. And the great thing is that Getech is really well positioned to explore for natural hydrogen for three reasons. First of all, it's already highlighted, our database of gravity and magnetics is unrivaled in the industry. And gravity and magnetics is really well suited to identify the potential sources for natural hydrogen. In addition, our Globe knowledge platform, which already has been used for decades to find reservoirs and seals in oil and gas is exactly the same type of information which we can use for exploring for reservoir and seals for natural hydrogen traps. And thirdly, we're building up a very strong track record. We've been helping a variety of companies across multiple continents to build up a pretty successful workflow in order to locate the most favorable kind of locations for natural hydrogen accumulations. So we provide this as a service to our customers, but also given that we have that very strong combination of data, technology and our workflow, we use it very selectively to also originate our own exploration opportunities and we are working for these opportunities after we've identified them with local partners, those local partners bring a combination of in-country expertise. They know how to open the doors. They have the right kind of connections, if you like, but also their operators. So they would know if we were to move to next stages of executing activities, how to undertake that. Our plan is with these that after acreage is secured together with our partner that we then try to see how we can monetize it. Again, a broad set of options possible there, but what we try to do is to monetize it without requiring significant capital from Getech. Currently, we're active in three areas. Morocco is a place where we're seeing attractive potential, and we're working there together with Sound Energy. We're exploring together with a partner in North America as well as in the Middle East. And you may want to think this is an emerging industry, how confident are you that you actually can monetize those positions. Let's move to the next slide. I would like to share at a high level two examples with you. First of all, is a company called Serpentine. They secured some 100 leases in the U.S. and fairly quickly after securing those leases, they were able to sell their position to Top End Energy for around $7 million to $8 million. And Serpentine used its geological skill and capabilities to highlight the potential here. And without drilling, so without any capital investment, we're able to flip the position and again, generate significant value. The other example worth looking at is a company Hyterra, also a natural hydrogen start-up. And they recently saw that Fortescue coming in. So for around 40% of its equity position, Fortescue paid $14 million. And again, that Hyterra built a position of equity for natural hydrogen positions without any wells drilled at that time, just an indication that there is strong potential and again, generated significant value for its shareholders. These are two examples which validate the strategy which we're pursuing for natural hydrogen equity positions. With that, Chris, back to you.

Brilliant. Thanks, Max. So yes, we feel these couple of examples give us a real kind of North Star and kind of validate our business model in this natural hydrogen JV area. Okay. So looking ahead, I feel there's -- we're feeling pretty confident that there's a good business outlook for Getech. We're in the first year of our new sustainable business strategy. We've got a new leadership team. We've moved very swiftly to remove further costs from the business. People have heard this before, but there's a real path to EBITDA positive and cash generation by the end of this year. We've dialed down the forecasts a bit. And really, the reason for doing that is we want to make sure that our forecasts are achievable. So we're looking at mid- to high single-digit organic revenue growth for this year. And our unaudited revenues to the end of Q1 this year were 8% ahead of 2024. So very much in line with that mid- to high single-digit revenue growth figure. We're confident that we can get out and sell more. We've expanded our sales team on the back of our use of funds. And we've also got new leadership in our sales team, new incentivization for the team and new ways of managing that team and driving the team forward. So that's a little bit of a back-to-basic strategy, if you like, perhaps not that exciting, but I also think essential and fundamental that we do that. On the other side, there is still great and exciting potential for high-value growth within Getech. Inside our sales pipeline, there are several large multiyear Globe platform opportunities that we're working on. And these aren't included in our mid- to high single-digit organic growth forecasts because they're very large, but they're very binary, and we're working with customers that are in far-flung parts of the world where perhaps it's a little hard to do business. However, we are working in areas where we've done business with these people before. So we have some confidence that they'll come in, but we didn't want to base our forecast around these coming in. If they did come in, some of these multiyear deals could materially transform our revenues this year and materially add to our ARR. Max has just walked you through the exciting opportunity in our natural hydrogen joint venture exploration projects. These continue to progress well. We're working our 2, 3 projects through. And we're excited to see recent examples within the industry that have validated this business model as we've just seen. And that, again, has the potential to create significant value. We feel our IP represents huge value strategically. Globe has been built since the last 15 years. Our gravity and magnetic data has been built over 30 years, and our software products have been built over nearly 20 years now. This is a huge amount of IP, which would really be very difficult to replicate from scratch for anyone. And again, we feel that has significant value for the company that just isn't reflected in the share price. So with that, I'd like to say thanks for your attention. Hopefully, that's a useful and informative update, a bit of a look back on 2024 and a bit of an introduction to the new team, the things we've done already and the path ahead that we're setting ourselves for growing Getech and realizing value for our shareholders. So with that, I'd like to say thanks.

That's great, Chris, Max, Simon. Thank you very much indeed for your presentation. [Operator Instructions] Chris, Simon Max, as you can see, we have received a number of questions throughout today's presentation. If I may now hand back to you and kindly ask you to read out the questions where appropriate to do so, and I'll pick up from you at the end.

Sure. I'm just going to go from the top. Where are the additional cost savings found? So hopefully, we answered that through the presentation. But just as a reminder, we had a good look at overhead. We took out some inefficiencies and some duplication. And we also did look at our technical team and look at where there was underutilization. And I would say probably roughly the balance was about 60% to overhead and about 40% to technical, which was a difficult and unfortunate thing to go through, but that's roughly where we found the figures. And as I said, the philosophy behind the cuts was to make sure that we could still continue to deliver on our key and important products and services for our customers to build our revenues. Okay. Next question. The share price is woeful. Which, yes, as a significant shareholder, I completely agree with. Is the plan to position as a data product company valued on a multiple of revenue or remain with oil and gas services valued on multiple of earnings? So the plan at the moment is to stabilize the foundation of the business and to work on our strategic value. We've been very busy the last sort of 2 to 3 months trying to fix the fundamentals. We've been doing an investor roadshow this week. And the way I think of it is we spent 3 months doing what needed to be done, and now we look forward to being able to work on what we'd like to do. So the answer to that in terms of a strategic medium-term, say, value proposition for investors, we're still working through. But certainly, the plan is to have a successful and revenue-earning foundation business and then to progress some of these high-value strategic opportunities to really maximize shareholder value in a more transformative way. What percentage of '24 revenue was leveraged to the oil and gas sector? I can't remember the exact percentage. I don't have it in front of me. But generally speaking, mostly, we earn about 60% to 70% of our revenues from oil and gas. And last year was very similar. Next question. The oil price has declined since the tariff drama began. Has this had any impact on your business model? I think it -- well, the simple answer is no, it hasn't, but 1 month is a fairly short time window. As we were writing the annual report statements, all hell was breaking loose on the tariffs. So it was a bit of a movable feast at that time. The -- I think we were looking at what was going on, and I think we came to the conclusion it was a little bit early to say. And as we've seen in this last week, sort of reactions to the various tariff dramas maybe isn't the way to go. And I suspect our customers are sitting back and thinking the same thing. They're just going to see how it plays out. And as we saw yesterday with the announcement of the U.S.-U.K. trade deal on sort of against that initial sort of shock tactic, actually order can come eventually. So gut feel, I think it's too early to say. Oil price was up a bit yesterday. I think before the tariffs begun, the oil price was around -- the Brent oil price was around $70. And I think this morning, it was around $63. It did go below $60. There's been a bit ups and downs, but it's not crashing or anything. And hopefully, it will continue to. If it does go down a lot, that will be challenging for some of our customers, but they already have their spending plans in place. That's probably not something we -- I don't think based on past experience that we'd see washing through maybe until next year. So we're expecting -- most forecasts are expecting an oil price window sort of $60-ish, $55 to $65 for the midterm, and we think that will be and we don't have a crystal ball. Can I elaborate on the large opportunities in the pipeline for Globe? And with the cost reduction, are you investing in tech to streamline operations? I'm not going to elaborate too much on the large opportunities in the pipeline for Globe, so I don't want any of our competitors to listen in. But I would say, in terms of our Globe pipeline, we have a number of super major clients that aren't on our list. We're talking to some of them. And we're also talking to a number of national oil companies as well, which is a bit of an untapped customer base for Globe. And actually, national oil companies, they are responsible for looking after about 50% of the world's oil production. So that's a very big marketplace, and we feel there's potentially lots of opportunity there, and it's certainly being borne fruit by some of the discussions we've been having. With our cost reductions, are we investing in tech to streamline operations? Everyone is using AI more and more. There's a limit to what we can do with AI to magically make stuff happen with geology. Geology is a complex set of rules, which isn't easy to code up. But yes, we're -- it's certainly something we are looking at. Another question. With the new management team in place, is there a new strategy for sales and account management for both new potential customers or existing customers? Yes, hopefully, as I covered through the presentation, we have new sales leadership. We have new sales management processes. We're looking at new ways of using our CRMs and all those kind of things. And also that includes account management for new customers. So yes is the simple answer. Final question, what alternatives are there -- what alternatives to Getech are there for oil and gas companies? I guess that's about competition. There are quite a lot of service providers in the oil and gas space, some of them very large companies like Halliburton, Schlumberger and some of them are much smaller, all the way down to small consultancies and one-man band. Some products we have, there's competition out there for them. Other products, less so. Our global gravity and magnetics data is pretty unique. Globe is pretty unique. There are some similar products out there. But what we find is our customers have -- it isn't that they have one or the other like Excel and Lotus 1-2-3, if that even still exists. But they might have Getech and, say, the Halliburton equivalent, so because they're built in different ways and they give a slightly different view from a sort of geologic technical perspective. Have you decided on a price that you would accept for the company today if a larger player bid for you? Simple answer to that is no, we're not really focusing on that. And even if we had, I probably wouldn't be able to tell you. So it's certainly nowhere near the price we're at now. We really feel the current share price and market cap is -- we're hugely undervalued. I think most commentators would agree with that. Our market cap is actually lower than our ARR. So -- but we understand why there's a bit of a lack of confidence in Getech performance these last few years. But we've got a new management team now, and we're hoping to build up that confidence by resetting the business and achieving what we say we're going to achieve. And hopefully, this is just the start of that journey and very much watch this space as we go forward.

That's great. Chris, if I may just jump back in there, and thank you for addressing all those questions from investors today. And of course, the company can review all the questions submitted today and will publish those responses on the Investor Meet Company platform. But Chris, before we redirect investors to provide you with their feedback, which I know is particularly important to the company, could I please just ask you for a few closing comments?

Yes. Thanks. Getech has definitely been through a bit of a difficult time in recent years. And we feel with the work we've taken to date, we've been very decisive, acted very quickly to try and put the fundamentals in place to go forward. We have some very exciting strategic value opportunities within the business, which we continue to work on as well. The focus has been for now getting the fundamentals right, rebalancing the business. It's been quite a painful process, frankly, both for the management team, not that anyone would feel too sympathetic, but also for the staff as well. So I'd like to thank the staff for sort of bearing with us as well. And thanks to all the supportive shareholders that we've had out there and that the team has been meeting with this week as well. And to everyone for joining us today for your interest. Really appreciate it.

Chris, Max, Simon, thank you once again for updating investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback in order that the Board can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of Getech Group plc, we'd like to thank you for attending today's presentation, and good afternoon to you all.