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GETECH Group plc (GTC)

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Thursday 03 January, 2019

GETECH Group plc

Substantial sale of data and products

RNS Number : 0158M
GETECH Group plc
03 January 2019
 

Getech Group plc

("Getech" or the "Company")

 

Substantial sale of data and products

  

 

The Getech Group (AIM; GTC), a provider of geoscience and geospatial products and services to companies and governments who use them to de-risk exploration programmes and improve their management of natural resources, is pleased to announce the sale of an integrated suite of geology, gravity and magnetic data and knowledge products.

The total multi-product sale, made to a leading global oil and gas company, will generate gross income of US$3.2 million; the majority of which will be recognised in the financial year ending 31 December 2018. On this basis, we expect FY 2018 revenue to exceed that delivered in FY 2017 by at least 10% (January to December 2017: £7.2 million). The sale also adds recurring revenue to 2019 via a new customer subscription to our Globe product.

 

Getech's Chief Executive Office, Jonathan Copus, commented:

 

"Falling oil prices and exchange rate volatility combined in the fourth quarter of 2018 to create a challenging commercial environment. Against this backdrop the sales cycle lengthened but we were able to work with our customers to match our innovative products and services to their most pressing commercial needs. The multi-product sale detailed above is an example of the success of this collaborative approach and dialogue with our customers continues; the programme of sales campaigns that we launched in H2 2018 now extending into H1 2019."

 

 

For further information, please contact:

 

Getech Group plc

Jonathan Copus, Chief Executive

 


Tel:  0113 322 2200

WH Ireland Limited

Katy Mitchell


Tel:  0161 832 2174

 

 

 

 

Notes to Editors: 

The Getech Group provides the expertise, support and knowledge that companies and governments need to better discover, develop and manage natural resources. Our data-rich products, geospatial solutions and government advisory services help our customers to achieve their business goals of risk-management, cost control, operational excellence, regulatory compliance and environmental responsibility. 

For more information, please visit our website at www.getech.com


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