Member Article

'Challenging' business conditions for Leeds' Getech as oil price drop hits results

Leeds-based Getech, the geoscience business providing services to the oil, gas and mining exploration sectors, has been heavy hit by the drop in oil prices, with pretax profit cut in half, from £2.2 million in 2013, to £1 million.

The group’s reported revenue for the year hit £6.6 million 18% lower than prior year (2013: £8 million)

Stuart Paton, non-executive chairman of GETECH Group plc, said: “Following challenging business conditions through much of 2013, the Company had a strong final quarter and delivered a solid set of results for the full year.

“We have seen a very good start to this financial year, including the Company’s largest ever contract.

“The recent drop in oil price will likely impact on E&P companies’ exploration spend.

“However, the strong start to the year, forward committed income, increasing interest from national oil companies and the strength of our data sales in the US (where exploration spend remains high), give us confidence in the performance of the business going forward.”

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