Getech strikes it rich as strong oil prices to bolster demand for its products

The Leeds-based group, which maps out areas around the world where oil might be found, said it expected strong oil prices to underpin demand for its pro- ducts.

In the six months ended January 31, 2013, Getech achieved revenue of £3.97m, representing growth of 24 per cent, when compared with the same period the year before.

Profit before tax was £1.4m, compared with £358,000 in the same period the year before.

An interim dividend is proposed of 0.4p per share

Getech has been stepping up the marketing of its Globe programme, which provides firms with an overview of the whole planet and its geological structures.

Stuart Paton, the non-executive chairman of GETECH Group, said: “The first half year has been particularly successful and we look forward to demonstrating continued strong growth on an annual basis.

“Getech’s results for the full year to July 2013 will, as usual, depend on finalising a number of deals and the precise demand in the remaining months of the year. However, the securing of 10 Globe sponsors provides a significant level of committed income for the period to mid 2014.

“This gives us, for the first time, a greater degree of certainty on our forward-looking financial performance. We remain confident about our medium and long-term prospects.”

The company said it had “significant levels” of forward committed income.

Getech traces its roots back to the University of Leeds’ Department of Earth Sciences, now part of the School of Earth and Environment, where founder Derek Fairhead collected gravity data for Africa in 1986.

It opened an office in Houston, Texas in 1996, and a limited company was formed in 2000 when Getech spun out of the university.

It floated on the Alternative Investment Market in 2005, raising £3m.

The group sells complex magnetic and geophysical data to help oil and gas companies.