Member Article

Leeds' Getech reports significant decline in revenue due to "inertia in the market"

Getech, the geoscience services business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, has announced a decline in revenue due to “inertia in the market.”

They reported that revenue for the six months of £3,110,000 (six months ended 31 January 2013: £3,967,000) and that profit before tax of £233,000 (six months ended 31 January 2013: £1,398,000)

Stuart Paton, non-executive chairman of Getech Group plc, said: “We start the second half of our year with strong cash balances and a substantial pipeline of sales opportunities.

“More importantly, the feedback from meetings early in 2014 suggests that not only do clients remain interested in our major products, but they now have budget available to spend.

“The oil price has been, and is currently, above the corresponding prices last year and we do not see signs of it weakening.

“As such, we are optimistic that the trading performance in the first half represented a short term market-related issue and we remain confident about our medium and longer‑term prospects.”

This was posted in Bdaily's Members' News section by Clare Burnett .