Getech spurts ahead with record revenues
OIL services business Getech is on the look-out for acquisitions after seeing revenues and pre-tax profits spurt ahead of expectations last year, helped by a strong exploration market and firm oil price.
The Leeds business, which provides data, studies and services to the oil, gas and mining exploration sectors, said revenues increased by 24 per cent to £8m in the year ending July 31.
Pre-tax profits soared by 80 per cent to £2.24m.
Chairman Stuart Paton said: “With our continuing strong cash position and proven ability to develop the business, we continue to actively look for acquisition opportunities, particularly targeting those which will grow our core areas of expertise.
“The increase in the market capitalisation of the group has also increased the range of acquisition targets.”