This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness
23rd January 2026
Alphabetically arranged
Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Operational progress from these companies should start to show in earnings growth.
GTC Firmer Foundations
REAT Less Muck more Brass
GETECH 2.3p £3.5m (GTC.L)
Financial Calendar:
Year End December, reported 6 May 2025, Interims to June reported 24 September 2025
Top Three Shareholders:
Octopus Investments 16.4%, First Equity 10.6%, Millington Family 8.3%
Key Investment Points:
Positive EBITDA, Building Diverse Pipeline, Barriers to entry
Established in 1994 as a spin-off from the University of Leeds, Getech supply geoscience expertise and at the core of the service is an evaluable library of data built up over 30 years which is a high barrier to entry. A new management team started in January 2025 and immediately sought to strengthen the financials with the £725,000 sales and lease back of an office property.
The recent trading update on 20 January for the FY December 2025 reports the first positive EBITDA since 2019. On a 6% increase in revenue to £5m and with margins of 63%, the EBITDA became a positive £0.5m compared to a £0.6m loss. The annual recurring revenue (ARR) declined to £2.8m from £2.9m but 2026 has started strongly. The business was reset reducing the cost base by 20%, while the global sales team has been reorganised and expanded.
In October, sales of products and services worth together c£333k were reported and three of the contract wins were with new customers. There are diverse revenue streams with one of the contract wins, c£150k relates to sales of Getech's world leading gravity and magnetic data library, c£141k to Getech's geoscience expert services and c£42k to renewals of Getech software licenses.
The clients are mainly corporate, government and regulators in a wide range of energy sectors, including petroleum, metals & mining, natural hydrogen, geothermal and carbon storage. These are essential, established and high-growth markets and benefit from using Getech’s data and services. According to a joint industry outlook prepared by the International Energy Forum (IEF) and S&P Global Commodity Insights, $4.3tn of new oil & gas upstream investment will be needed from 2025 to 2030 to meet rising demand and offset supply declines. The natural hydrogen market is projected to grow from an estimated $3.6bn in 2024 to $9.0bn in 2033, at a CAGR of 10.6%, (Emergen Research).
The sales teams are primarily focusing on traditional markets of Oil & Gas and Mining which is mainly for exploration activities whilst also seeking selective natural Hydrogen projects. The platform offers innovative project workflows that produce valuable and novel insight for exploration decisions. In the geothermal industry the Company’s geophysical data library proves essential for locating and modelling zones for the identification of potential hydrogen source rocks for further exploration. The team expect to improve the size and quality of the business pipeline as new clients utilise the platform under multi-year contracts. The Company’s orderbook stood at £3.8m in December 2025, compared to £4.1m in December 2024 although the wider activity sales pipeline being built will increase the visibility of future revenues.
Interims to June were reported in September 2025 showing an EBITDA loss of £196k compared to a £290k loss in September 2024 and all borrowings were repaid leaving cash of £0.4m. According to Alpha Terminal, forecasts in the market anticipate a loss before tax of £0.3m for the December 2025 Y/E and a pre-tax profit of £100k for 2026. We calculate the shares are valued at 6.2 x 2025 EV/EBITDA which drops to 2.3x in 2026.
Hybridan Comment: The heavy lifting to a positive EBITDA is achieved and does not seem reflected in the valuation. As the sales pipeline grows the shares should start making progress.
REACT Group 53.5p £12.60m (REAT.L)
Last Reported in Friday Takeaway, 31 October 2025 at 54p
Financial Calendar:
Year End September, reported 29 January 2025, Interims March, reported 27 May 2025
Three Main Shareholders:
Octopus Investments 19.36%, Dowgate Wealth 12.48%, Harwood Capital LLP 10.94%,
Key Investment Points:
Transforming by Acquisitions, Steady Momentum, Partnership Programme
According to the trading update on 28 October 2025, full year figures to September are due to be reported in January 2026, from this acquisitive specialist clearing services provider.
REACT is a specialist cleaning & decontamination business working with several large Tier 1 and blue-chip organisations, mainly in the healthcare, judiciary, rail, road and social housing sectors. The specialist cleaning can be anything from void clearances to deep cleaning and decontamination, fly-tipping removal to removing gum and graffiti from properties. The organic growth momentum is improving and is being accelerated by the eleven-month contribution from the acquisition of 24hr Aquaflow Services. This commercial drainage and plumbing services business was acquired for up to £7.4m with cash paid of £4m and supported by a £1.1m placing at 81p. It is expected to be immediately earnings enhancing and create cross selling opportunities.
This is a resilient financial model, as it is underpinned by a steady balanced mix of high-margin, time-sensitive services and recurring maintenance contracts. The partner programme adds contractors to the services network at low cost and is being expanded. The net debt increased to £5.3m from £4.8m in March which included £2.9m drawn from a £3.5m term loan used to fund the acquisition. The enlarged group’s stronger Q4 trading increased the working capital requirement which can be funded from cashflow. This is due to the operating cashflow being strongly positive due to the repeat and recurring revenue which is more than 85% of total revenue.
The October 2025 trading statement upgraded the expectations for FY September 2025 to an EBITDA of £3m compared to £2.1m last year. The PBT forecast according to Alpha Terminal is £2m and an EPS of 6.7p, growing to an EPS of 9.3p for FY 2026. This gives a prospective P/E of 7.7x dropping to 5.6x for FY September 2026.
Hybridan Comment: The complementary and transformative drain clearing acquisition alongside the steady repeatable cleaning business should eventually earn a higher rating.
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