Getech looks forward to strong results

OIL services business Getech is anticipating its end of year results will exceed current market expectations, both in revenue and profits.

The Leeds-based business, which specialises in the provision of exploration data and geological exploration studies to oil companies, today reported a trading update ahead of its result for the year ended July 31 2013.

Chief executive, Raymond Wolfson, said: “The combination of strong data sales and commitments to Globe has continued to underpin the performance of the company.

“Our comprehensive Earth Systems Models, which build on the core of the Globe product, are attracting increasing interest and we are very pleased that demand for our proprietary services continues to strengthen.”

The business, which was a spin out from the University of Leeds, revealed earlier this year that half-year profits had risen by 290% as sales for its products were driven by continued high oil prices. It also secured a near $1m sale of data to a major oil company.