Restructuring plan buoys Getech

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Oil exploration data company Getech has been buoyed by its restructuring plan as the Leeds-based reported adjusted profit after tax £900,000 for the 17 months ended December 31, 2017.

Revenue for the same period was £10.9m and Getech said it had seen a 32 per cent reduction in cash costs.

Getech provides geoscience and geospatial products and services that companies and governments use to de-risk their exploration programmes and improve their management of natural resources.

Under the leadership of a new CEO and senior management team, the Leeds-based firm has repositioned its operational and financial strategy.

The firm says it is placing our data, software and information products at the heart of the business.

Getech added that it is targeting high-margin, repeat revenue growth. The firm said it is reshaping its services to more clearly leverage products and its geoscience-geospatial skills.

Getech said: “Our customers’ attitude to capital spending is currently balanced between spot oil prices, which have rallied strongly since July, and longer-dated crude prices, which continue to trade in a relatively narrow $55 to $60 per barrel range. Alongside this, industry costs have fallen dramatically - making the environment for oil & gas investment much more attractive today than it was 12 months ago.

“The downturn has also challenged our customers to rethink the way that they access, manage and analyse data.

“By strengthening Getech’s offering as an essential data, software and information provider, we are positioning the Group for growth in this exciting new operational landscape.”