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  • BY: Andrew Hore |
  • POSTED: 09/04/2013 |

A strong interim performance by geological information and services provider GETECH Group has led to house broker WH Ireland upgrading its full year profit forecast. 

WH Ireland has increased its 2012-13 profit forecast from 1.7m to 1.8m. GETECH has already secured the majority of the forecast full year revenues of 7.25m.

In the six months to January 2013, revenues improved from 3.19m to 3.97m thanks to large data sales and a contribution from Globe subscriptions, which provide longer-term visibility. Even so, a repeat of the high margin sales is not expected in the second half. Pre-tax profit jumped from 358,000 to 1.4m.

At 67.5p a share, up 3p, GETECH is valued at 19.8m. Net cash was 5.32m at the end of January 2013. A full year dividend of 1.4p a share is forecast.

The shares are trading on 15 times 2012-13 prospective earnings, falling to 14 for 2013-14.

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