29th Oct 2013 09:12
LONDON (Alliance News) - Geoservices company Getech Group PLC Tuesday doubled its dividend after reporting a jump in full-year profits and revenues, driven by record data sales and increased sales and sponsorship of its key product.
The provider of data, studies and services to oil and gas companies and miners proposed a final dividend of 1.6 pence, up from 0.8p last year, bringing the total for the year to 2p, up from 1p.
The company, which said it actively seeking acquisitions, reported a pretax profit of GBP2.2 million for the 12 months to end-July, up from GBP1.2 million a year earlier, as revenues rose to just over GBP8 million, from GBP6.4 million.
"Demand for our gravity and magnetic data continued to be very strong and we completed a number of major licence deals for our global gravity and magnetic datasets," Getech said in a statement.
It said it had doubled the number of sponsors of its key Globe product to 10, from five, and has begun delivery of the next stage in its development after building a "substantial" client base. The next stage is a suite of "earth systems models", which the company said is attracting plenty of interest.
Globe is the company's live GIS platform, which models geographic characteristics and structures to provide a detailed picture for clients.
"With our continuing strong cash position and proven ability to develop the business, we continue to actively look for acquisition opportunities, particularly targeting those which will grow our core areas of expertise. The increase in the market capitalisation of the Group has also increased the range of acquisition targets," the company said in a statement.
Getech shares were up 8.3% at 85 pence, one of the biggest risers on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
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