Trading Update

RNS Number : 8007A

GETECH Group plc

09 June 2016

 

Getech Group plc

("Getech" or the "Company")

Trading update

Getech, the geoscience services business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, provides a trading update with regard to the year to July 2016.

As previously reported, the Company delivered a loss before tax of £704,000 in the first half of the year, but had an extremely successful third quarter from February to April 2016. However, the market has continued to remain very depressed and a number of potential sales for the fourth quarter have now either been deferred or cancelled. As a result, the Directors confirm that the Company is trading below current market expectations. Nevertheless, the Company expects to generate a profit before tax for the year ended July 2016.

Stuart Paton, Non-Executive Chairman of Getech Group plc, said "We were pleased to have made such an exceptional start to the second half of the financial year, but the market has remained very depressed and clients in general continue to delay expenditure. However, interest in our products remains strong, and this is reflected in the heavy schedule of planned client meetings over the next few months.

The oil price has shown signs of strengthening but this is unlikely to have an immediate impact on purchasing behaviour. However, if it shows signs that the price rises are sustainable, we anticipate that the demand for our products will convert from a wish to buy to actual purchases when budgets are available."

Enquiries:

Getech Group plc Raymond Wolfson, Chief Executive	Tel:  [phone]
WH Ireland Limited Katy Mitchell	Tel:  [phone]

 

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