Oil exploration data services provider GETECH Group says that its recovery is continuing with a “satisfactory” interim profit.
GETECH returned to profit in the second half of the year to July 2010. Trading in the six months to January 2011 has maintained the recovery of the past two half-years with revenues back to pre-downturn levels.
The recovery is being helped by the increasing library of data studies. The second phase of the Equatorial Atlantic study, which covers both the West African and South American sides of the Atlantic, has sold well. Revenues have begun to be generated from the Iraqi data marketing agreement signed in December.
The strength of the oil price should underpin demand for GETECH’s data and services. WH Ireland was forecasting a profit of £250,000 for the year to July 2011.
At 16.5p a share, up 0.38p, GETECH is valued at £4.82m.
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