Getech returns to profit

MINING exploration data company Getech returned to profit in the first half of the year after doubling its revenue.

The Leeds-based business reported a pre-tax profit of £294,000 for the six months ended January 31, compared to a loss of £392,000 in the same period the previous year. Revenue over the half more than doubled to £2.65m.

Getech said it had been boosted by strong oil prices, which had stabilised the oil markets it serves, and an increase in exploration budgets.

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It won a new data marketing licence signed with Iraq over the half and said an equatorial Atlantic study it undertook was now completed and was selling well.

Chairman Peter Stephens said the company would not be paying an interim dividend. He added: “Getech’s result for the full year to July 2011 is, as usual, dependent on the crystallisation of a number of deals and the pattern of demand in the remaining few months of the year.

“However, we have already seen that the market has demonstrably recovered and the directors believe that this will be reflected in the continuing recovery of our business.

“We remain confident about our medium and long term prospects.”

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