News

Scramble for new oil finds lifts Getech

31 March 2008 10:43:00

Increased demand for its oil data services from companies exploring for oil and gas helped Aim-listed Getech swing strongly in to the black in the first half.

Profits came in at £603,000, compared with a loss of £21,000, in the six months to end January. Revenues soared from £826,000 to £2.23m.

Getech, which specialises in gravity and magnetic data, added it won a further order for Russian Arctic Shelf Aeromagnetic, worth £900,000 and delivered in December, while three major petroleum systems studies will be completed in the current financial year with substantial pre-commitment orders from major oil companies.

"The outcome for the full financial year remains dependent on a number of significant contracts coming to fruition," chairman Peter Stephens said, adding "The background of the strong oil price, the imperative to discover new reserves and the pattern of purchases of Getech's new and existing datasets and studies, leads it to view the coming months and years with confidence."

There is an interim dividend 0.6p, up 50%.

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