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  • BY: Andrew Hore |
  • POSTED: 05/06/2009 |

GETECH Group has been hit by continued delays in orders for its geological data and studies and full year figures will be substantially below expectations.

The company blames restraints on oil companiesí exploration budgets for a lack of funds to purchase the data. It appears that the companies are still interested in the data and will buy it when their budgets allow. The continued recovery in the oil price should help.

GETECH has a strong balance sheet but it is likely to reduce its cost base to mitigate the effect of lower than forecast revenues.

House broker WH Ireland had expected profits to fall from £900,000 to £540,000 in the year to July 2009, so they will be much worse than that.

Shares in GETECH slumped 4.5p to 19p each, which values the company at £5.56m.

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