Getech Group PLC (AIM:GTC) shares started Monday on the front foot, gaining around 15%, after its post-close trading update for the 12 months ended 31 December 2022 highlighted double-digit revenue growth.
Coming in at £5mln, the revenue figure for the year exceeded market expectations, the company said in a statement.
Getech also reported a record order book of £4.6mln, a 39% increase from the previous year.
It said it has continued to benefit from high petroleum customer retention rates and chief executive Dr Jonathan Copus said the company's "alignment with carbon storage solutions" has allowed it to "futureproof its role in a sector that is expected to remain a significant near-term engine of revenue".
The company noted additionally that the war in Ukraine has led to renewed focus on energy security and underlined the role of oil and gas as transitional sources of primary energy.
The company described its cash position as “strong” with £4.3mln in the bank at the end of 2022 and said it currently has no plans to raise capital from shareholders.
It continues to progress efforts to sell its Kitson House property, which is currently under offer, though noted that the transaction has been impacted and delayed by the ongoing volatility in the commercial lending market.
In London, Getech shares were up 2.05p or 14.91%, changing hands at 15.8p, which values the small-cap stock at £10.16mln.