Getech publishes positive update

LEEDS-based Getech has cheered investors with an upbeat trading update.

The oil services business, which specialises in the provision of exploration data and petroleum systems studies, said it would report record revenues, and a trading profit which exceeds market expectations, for the year ended July 31 2011.

In a statement, the company said: “The directors believe this reflects, in part, the general recovery in the market and, in part, the major successes which have been reported through the year. These included the execution, and completion, of a major new proprietary interpretation project, announced on September 16 2010 and the sales arising from the new agreement to market the Iraq gravity and magnetic data, announced on December 20 2010.”

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The company said investment had continued in various projects during the year.

Stuart Paton, formerly the chief executive of Dana Petroleum, joined Getech as chairman in April. The company also recruited Paul Carey as new international sales director in May.

Raymond Wolfson, the chief executive, said: “I am very pleased with our trading this year. The result will demonstrate the continuation of our recovery notwithstanding our continuing investment in future projects and additional key staff. We are particularly satisfied with our data sales in the year and I believe we are now positioned for continuing growth.”

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