Getech to beat expectations

Oil exploration company Getech said it will beat market expectations for its 3013 results following the announcement of a number of major contracts.

The Leeds-based group, which map out areas around the world where oil might be found, has recently won five more Globe sponsors and has made two substantial sales of its global gravity and magnetic datasets.

Getech’s chief executive, Raymond Wolfson, said: “The first part of our financial year has been extremely successful, with the strong uptake of Globe and continuing strong data sales including two major sales of our global gravity and magnetic data products.

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“We are seeing a strong synergy between the sales of Globe and sales of other products and services, and we anticipate that this will continue.

“We now have forward income, mainly but not solely from Globe, and a prospective sales pipeline that taken together give us confidence that our performance for the year as a whole will exceed expectations.”

Analyst Eric Burns at WH Ireland said: “Getech has this morning announced that it expects results for the year to July to be ahead of market expectations. This should come as no great surprise: recent newsflow has been excellent with a number of new sponsors signed for the Globe programme and two million dollars of data sales announced earlier this month.”

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