Interest growing in Getech’s Global data

The Leeds-based company, which sells complex geological and geophysical data to oil companies, reported a 22 per cent rise in pre-tax profits to £358,000 in the six months to January 31.

Getech’s chief executive Raymond Wolfson said the group is seeing increasing interest in its Global Programmes interpretative data project.

The project, which will take three years to complete, will explain how the geology and a geography of an oil basin changes.

“We’re very happy with where we’re going,” said Mr Wolfson. “Forward income is increasing which is always helpful. We’ve seen a lot of interest in the Global Programmes data and we believe it will generate spin-off work related to the programmes.”

The data covers the entire globe but the east coast of South America, particularly Brazil, and the west coast of Africa are particularly attracting attention.

The group’s shares rose 2p to 23.5p.

The data project signed its first sponsorship agreement in December and its second in February. Getech expects to sign up a number of new sponsors this year.

Eric Burns, analyst at house broker WH Ireland, said: “These projects have two main benefits to Getech: not only do they provide good revenue visibility as sponsors are committed to a three-year package but they also generate much stronger links with Getech.

“One of the spin-offs is demand for Getech’s consultancy services. This was robust in the first half, driven in part by the increasing awareness of the Global Programmes and the ongoing presence at major international conferences.”