Getech looks back to the future
WITH oil prices continuing to hit record levels, Yorkshire-based Getech, which specialises in mapping areas targeted for oil exploration by industry giants such as Shell, BP and ExxonMobil, is looking ahead to strong growth.
The company, which was the first Leeds University spin-out firm to float on the Alternative Investment Market, has the world's largest commercial library of gravity and magnetic exploration data.
Non-executive chairman Peter Stephens said that the Leeds-based firm, which is now considering buying back shares, had continued the good growth reported in the second half of its last financial year.
“Trading in the first three months of our year is ahead of last year and we look forward to the rest of the year with confidence.Overall, interest and activity in all areas of our business remain strong, and we are of the opinion that we will have a further good year in 2007-8.”
Despite reporting a small loss in the first half of its last trading year, it recovered to produce pre-tax profits of £805,399 on turnover of £3,56m in the year to July 31.
The group's annual general meeting coincided with the official opening of its new headquarters at Kitson House, Elmete Hall in Leeds.
And whilst its business is focused on the future, the company marked the city's industrial history by inviting descendents of Victorian locomotive engineer James Kitson, who built Elmete Hall in 1865.
Shareholders, directors and staff of Getech were joined by Bridget Ashley-Miller and Anthea Boylston descendents of the Kitson family.
James Kitson's son, also called James, ran Airedale Foundry which became a limited liability company in 1886 with a capital of £250,000. By the time of his death in 1911 it employed 4,000 workers.
Professor Derek Fairhead, the founder of Getech, told guests at the official opening that Sir James Kitson had a motto: 'be bold, be enterprising' which is close to Getech's business philosophy.
The building was opened by Linda Pollard, pro-Chancellor and chair of council, University of Leeds.
