GETECH set to beat expectations after strong year
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,
but do you know where to look?
Get the most concise synopsis of everything that's been proven to work in value investing. If you like your stocks cheap you've found a treasure trove distilled to under 70 pages.
- How to find ultimate Bargain Stocks with Ben Graham
- How to spot Turnarounds and avoid Value Traps
- From Graham to Greenblatt via Piotroski & Lakonishok
- How to value stocks and set a margin of safety
Disclaimer:
As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.
GETECH Group plc (GETECH) is a United Kingdom-based company engaged in the provision of gravity and magnetic data, services and geological studies to the petroleum and mining industries to assist in their exploration activities. The Company is able to provide integrated solutions across a broad range of disciplines including, amongst others, potential field geophysics, structural geology, plate tectonics, palaeolandscape analysis and geochemistry. The Company's subsidiary company Geophysical Exploration Technology Inc. (collectively Getech) is the provision of gravity and magnetic data, services and geological studies to the petroleum and mining industries to assist in their exploration activities. more »
