Leeds’ Getech doubles profits during tough year for oil and gas market

Leeds-based Getech, the geoscience business providing services to the oil, gas and mining exploration sectors, has seen significant growth in its financial results ending 31 July 2015.

During the twelve months ending in July, the business has reported a pre-tax profit of almost £2m, which is a substantial increase from last year’s total of just over £1m.

Getech also saw revenue rise to £8.6m, a 32% increase from 2014’s total of £6.6m.

In addition, the post-tax profit was £1.8m (2014: £1,575,228) giving earnings per share of 5.77p (2014: 5.21p).

The business managed to experience this growth period during a severe year for the global oil and gas market due to several key highlights.

During this period, Getech secured its largest ever contract win, worth $5m. The contract was awarded by the Angolan National Oil Company, Sonangol, which has responsibility for overseeing and managing the oil and gas exploration and production in the Republic of Angola.

In addition, earlier this year Getech also acquired ERCL Limited, an upstream oil and gas consultancy, for £1,750,000 in cash. As a result, Getech can now offer a significantly broader coverage of client workflows.

Raymond Wolfson, chief executive officer, said: “While the previous two years have been very difficult for the oil and gas market in general, we enter the new year with increased net assets and with increased cash. This gives us a firm foundation from which we can continue to execute a long-term growth strategy.”