13th Aug 2014 09:02
LONDON (Alliance News) - Getech Group PLC Wednesday expressed confidence in a "substantially improved" performance in its new financial year, on the back of a strong second half of the recently completed year and the signing of contracts worth over USD5 million.
Getech provides data, services and interpreted products for the petroleum and minerals market.
The company expects to post a pretax profit of GBP1.0 million for the year to end-July, down from GBP2.2 million in the previous year, on revenue of GBP6.6 million, down from GBP8.0 million.
Getech said that the first part of the year had seen lower spending across the whole oil and gas exploration sector, However, it had ended the year strongly, as it expected.
Getech cited strength in its US gravity data operations, strong demand for its consultancy service, and the completion of its first three years of its Globe platform. The Globe platform, a geographic information system, is expected to produce further sales with a "significant number of commitments" in the second half.
The company said it believes that the introduction of a regional format for the Globe platform will make it more attractive to a wider range of clients.
"The tight exploration market during the period since early 2013 made trading for many exploration service companies very difficult," said Chief Executive Raymond Wolfson in a statement. "While we were similarly affected, we have seen a significant upturn in recent weeks and consider that, under the challenging business environment, we have delivered a strong set of results."
Shares in Getech were trading up 16% at 53.25 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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