Getch says results will beat expectations

The Leeds-based firm said in a trading update today: “On the basis of the generally strong performance of all parts of the business, Getech now expects that its results for the year to 31 July 2012 will exceed current expectations.”

Raymond Wolfson, chief executive, said: “We are extremely pleased with the strong contributions from all parts of the business in the current year. The successful launch of the multi-year Global Programmes and the continuing strong performance with data sales have combined to generate a result that will exceed the current expectations for the year.”

The group said recently it was seeing increasing interest in its Global Programmes interpretative data project. The project, which will take three years to complete, will explain how the geology and geography of an oil basin changes.

Mr Wolfson said: “I am also pleased to be able to confirm that at the year-end we will report improved forward visibility of income and stronger cash balances. I believe that these, combined with the strong client interest in our products and capabilities, will provide the foundations for continued success in the following years.”

Getech traces its roots back to the University of Leeds’ Department of Earth Sciences, now part of the School of Earth and Environment, when founder Derek Fairhead collected gravity data for Africa in 1986.