Trading Update

RNS Number : 9675L

GETECH Group plc

09 August 2011

 



GETECH Group plc

("GETECH", "Company" or "Group")

TRADING UPDATE

GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, announces a trading update in respect of its year ended 31 July 2011.

The Company is pleased to announce that it will report a record level of revenue, and a trading profit which exceeds market expectations. The directors believe this reflects, in part, the general recovery in the market and, in part, the major successes which have been reported through the year. These included the execution, and completion, of a major new proprietary interpretation project, announced on 16 September 2010 and the sales arising from the new agreement to market the Iraq gravity and magnetic data, announced on 20 December 2010.

Investment has continued in various projects during the year. As reported previously, GETECH significantly strengthened its team. Stuart Paton (formerly CEO of Dana Petroleum) joined GETECH as Chairman in April and the Company also recruited Paul Carey as new International Sales Director from May 2011.

Raymond Wolfson, Chief Executive, commented "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."

Enquiries

GETECH Group plc Raymond Wolfson, Chief Executive		Tel:  [phone]
WH Ireland Limited Robin Gwyn Katy Mitchell		Tel:  [phone]
Walbrook PR Helen Westaway		Tel:  [phone] Mob: [phone] [e-mail]

 

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