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.
The Directors anticipate that the Company will return trading figures for the year to 31 July 2015 which show a very significant year on year improvement. The current estimate, which is subject to review and audit, is profit before tax of £2.0m (2014: £1.0m) on income of £8.5m (2014: £6.6m), representing a 100% increase in profit before tax and a 29% increase in income. This result would be slightly below current market expectations.
The Directors regard this as a strong performance given the current market conditions, which include the rapid fall and volatility in the oil price, and an extended period of retrenchment and redundancies throughout the oil and gas market globally.