Member Article

Leeds-based Getech set to end the year on a £6.6 million high

Leeds-based Getech Group plc, the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, has announced they expect strong results after a difficult year.

Unaudited preliminary results for the financial year to 31 July 2014 are expected to show revenue of £6.6 million, profit before tax of £1 million, profit after tax of £1.4 million and an estimated EPS of 4.6p.

The firm admitted that the first part of the financial year witnessed lower spending across the whole oil and gas exploration sector.

However, as anticipated in the trading update on 10 June 2014, the Company had a strong end to its financial year and subsequently signed several new Globe, data and study contracts with an aggregate value in excess of $5 million.

As at 31 July 2014, the Company held cash reserves of £3.4 million which, along with committed income for the next period of Globe and other projects, provides a strong balance sheet for expanding current operations, developing new business streams related to our current activities and to consider strategic acquisition targets.

The Company recently retained specialist advice with regard to the UK Science and Technology Research and Development Tax Credits and expects to receive significant retrospective tax credits for the previous two financial periods.

The provisional figures above include the impact of the anticipated tax credits. The company also believes that it will be eligible for R&D Tax Credits at similar levels for the year 2013/14 and future financial years.

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