Getech secures pipeline of opportunities

Have your say

GETECH, the geoscience services business, today revealed that it has a “substantial pipeline” of sales opportunities.

Leeds-based Getech, which specialises in the provision of data, studies and services to the oil, gas and mining exploration sectors, has announced its interim results for the six months ended January 31 2015.

Revenue for the six months was £3.62m compared with £3.11m in the same period the year before.

The profit before tax was £707,000, which is an increase on the £233,000 recorded in the six months ended January 31 2014.

Stuart Paton, the 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. Our strategy of seeking major contracts which, individually, are material to Getech has continued to demonstrate success and we have signed two ongoing major contracts with further discussions underway. This is also a key part of our strategy to increase the level of forward committed income, the other components of which are globe sponsorship, research and development projects (Multi-satellite altimeter gravity and global depth‑to‑basement studies) and a portfolio of smaller proprietary projects.”

Getech also announced that an agreement had been reached to acquire the entire issued share capital of ERCL Limited, an upstream oil and gas consultancy.