Oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, Getech said it doubled profits in the year ended 31 July 2015.
The Leeds-based company said profits were up from £1m to £1.99m. Revenue was also up at the firm, rising 32 per cent from £6.59m to £8.6m.
The results are positive news for Getech as the oil and gas sector continues to go through difficult times with prices plunging due to a worldwide glut of oversupply.
Reduction in exploration expenditure Getech had observed in 2013-14 has been followed by a very significant drop in the oil price in the last year. Getech says the oil price drop led to significant reductions in capital expenditure across the whole exploration and production sector.
Getech said against this backdrop they had performed well.
Raymond Wolfson, chief executive officer at Getech, said: “While the previous two years have been very difficult for the oil and gas market in general, we enter the new year with increased net assets and with increased cash. This gives us a firm foundation from which we can continue to execute a long-term growth strategy.”
One of the operational highlights of the year for Getech was securing its largest ever contract with Sonangol for $5m.