Leeds-based Getech grows baseline of recurring revenue

Oil mapping firm Getech Group said it had grown its baseline of recurring revenue over the last half year.
Getech has provide a trading update for the City.Getech has provide a trading update for the City.
Getech has provide a trading update for the City.

Leeds-based Getech has published its interim report for the six months ending June 30 2019.

The company achieved half year revenue of £2.5 million with an additional £1.6 million of new forward sales. The revenue was £0.4 million lower than the first half of the previous year, due to a restructuring of is geoscience services division.

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In a statement, Getech said: "Global economic uncertainty and geopolitical tensions continue to drive crude price volatility, and Getech's oil and gas customers remain careful in the release of their investment budgets. We therefore take pride in the fact that against what remains a challenging commercial backdrop, we have grown the group's baseline of recurring revenue, broadened our customer base and expanded our geographic reach."

It added: "Our focus remains on delivering a strong sales performance to December 31 2019. This means working closely with our customers to ensure that investment in Getech products and services is prioritised above other investment opportunities. To this end, as we work to align our offerings with planned exploration activities, H2 (the second half) is busy with face-to-face customer meetings in many regions of the world."

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