3rd Jan 2019 10:21
LONDON (Alliance News) - Geospatial services provider GETECH Group PLC said on Thursday it has sold a suite of geology, gravity and magnetic data and knowledge products to an unnamed oil and gas company.
The sale will generate USD3.2 million in gross income, the majority of which will be recognised in 2018. As a result, GETECH expects revenue for the year to be at least 10% higher than the GBP7.2 million in 2017.
The disposal also adds to recurring revenue for 2019 through a new subscription to GETECH's Globe product, which creates a digital model of certain areas.
"Falling oil prices and exchange rate volatility combined in the fourth quarter of 2018 to create a challenging commercial environment. Against this backdrop the sales cycle lengthened but we were able to work with our customers to match our innovative products and services to their most pressing commercial needs. The multi-product sale detailed above is an example of the success of this collaborative approach and dialogue with our customers continues," said Chief Executive Officer Jonathan Copus.
Shares in GETECH Group were up 4.8% at 30.90 pence on Thursday.
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