Interim loss for Getech
AIM-listed oil exploration mapping specialist Getech today posted a half year loss as a result of reduced budgets among major oil companies.
The Leeds-based firm, which provides data, studies and interpretation services to the oil and mining exploration sectors, saw revenues slide for the six months to January 31 to £1.17m, compared to £2.4m over the same period the previous year.
Getech reported a pre-tax loss of £392,000, compared to a £187,000 profit over the corresponding period.
The company is not proposing to pay an interim dividend.
Getech’s chairman, Peter Stephens, said: “Although during this period we suffered from continued restrictions in major oil company budgets that had been set for the calendar year, we are happy to be able to report a considerable reduction in the loss compared with the prior half year.
“We plan to have six new geological studies available for sale in the second half of this financial year for which specific interest has been received.
“In addition the company currently holds a larger forward order book for proprietary work than has been typical in previous years; accordingly we remain confident about our medium and long term prospects.”
Getech sustained its cash levels giving a balance of £1m at the end of the period.
