Getech (LON:GTC), the AIM listed oil services business that specialises in exploration data and petroleum systems studies, is set to report a record level of revenue for the year to July, together with a trading profit ahead of market expectations.
The company said the performance was partly down to a general recovery in the market as well as major successes which have been reported through the year. These included the execution, and completion, of a major new proprietary interpretation project, announced in September 2010 and the sales arising from the new agreement to market the Iraq gravity and magnetic data, announced last December.
GETECH said it has continued to make investments throughout the year as well as strengthen its senior team. Stuart Paton, former CEO of Dana Petroleum, joined the company as chairman in April and it also recruited Paul Carey as new international sales director from May 2011.
Raymond Wolfson, GETECH’s chief executive, said: “I am very pleased with our trading this year. The result will demonstrate the continuation of our recovery notwithstanding our continuing investment in future projects and additional key staff. We are particularly satisfied with our data sales in the year and I believe we are now positioned for continuing growth.”
Filed Under: Oil Equipment Services & Distribution,