Strong oil prices fuel Getech profits
GETECH Group, the oil exploration data company, today revealed half-year profits have risen by 290% as sales for its products are driven by continued high oil prices.
The Leeds-based business, which was a spin out from the University of Leeds, said pre-tax profits in the six months to January 31 rose to £1.4m from £358,000 last time on revenue that rose 24% to £3.97m.
Getech said its cash levels are strong at £5.58m and has proposed an interim dividend of 0.4p.
Chairman Stuart Paton said: “The first half year has been particularly successful and we look forward to demonstrating continued strong growth on an annual basis. Getech’s results for the full year to July 2013 will, as usual, depend on finalising a number of deals and the precise demand in the remaining months of the year.”
The company has successfully secured major contracts for its global gravity and magnetic datasets and now has 10 sponsors for its Globe data library which provides a significant level of committed income into the middle of 2014.
“This gives us, for the first time, a greater degree of certainty on our forward-looking financial performance. We hence remain confident about our medium and long-term prospects,” added Mr Paton.
“We believe that the forecast continuing strong oil prices will underpin future demand for our products. We also anticipate that the strong support for our core Globe programme will lead to sales of ancillary products to these sponsors and provide a catalyst for further companies to commit to this initial period of Globe.” he said.
