Getech back in the black

OIL services company Getech has returned to profit and increased its turnover by 63% to £5.3m over the last year.

The Leeds-based business posted a pre-tax profit of £669,702 for the full year to the end of July 2011, a much improved performance on the £228,497 loss it made the previous year.

The company has moved into a positive net cash position which, after outstanding debt, rose by £784,170 to £654,851.

Major successes included the rights to market the Iraqi gravity and magnetic data, and a $1.1m proprietary contract.

Stuart Paton, non-executive chairman of Getech, said: “With the increased strength of our balance sheet by July 2011, the increased extent of our data library and the ongoing integrated study work, I believe that we have now built a strong foundation for the coming years.”

The company said it has made a “solid start” to 2011/2012, adding that in the first half of the year there will be a continuation of the strong trend in gravity and magnetic data sales and it will begin to see the benefits from investment in its geological initiatives.

Mr Paton added:  “We have already reported two significant data sales after July this year and anticipate that there will be further positive developments during the year”.

The company is to resume its dividend, paying 0.2p for the year.

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