Getech faces volatile times in oil market
For the financial year ended July 31 2016, the group reported a profit before tax of £671,000, compared with £1.99m the previous year.
In a statement, Leeds-based Getech said: “The continuing low oil price throughout the 2016 financial year resulted in challenging conditions for the group.
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Hide Ad“Getech was initially affected by the reduction in exploration expenditure in late 2013. The sustained low oil price since the middle of 2014 led to ongoing low levels of capital expenditure across the whole exploration and production (E&P) sector, with exploration expenditure particularly hard hit.”
Getech said it responded by strengthening its operations through innovation and by implementing cost control measures.