GETECH capitalises on oil demand

STRONG oil prices have helped petroleum and mining data firm GETECH to grow revenue and profits.

The company said exploration and production companies were increasing their spending in response to the growing price of oil.

Leeds-based GETECH saw revenue for the first half of its trading year grow 20% to £3.19m while pre-tax profits increased 22% to £358,000.

Stuart Paton, chairman of GETECH Group, said: “With the strong demand for our data along with the benefits from the investment in our global programmes interpretative data project, we remain positive about our medium and long-term prospects.

“We continue to devote significant effort to research projects and looking at new areas of business that we are confident will lead to revenue growth in the future.”

Cash on the balance sheet grew to £1.87m as the company continued to pay off a loan negotiated in 2009.

The board proposed to pay an interim dividend of 0.2p per share.