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Market Cap: £3.13m

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Getech Group Wins USD600,000 Data Contract

Mon, 30th Jun 2014 10:01

LONDON (Alliance News) - Getech Group PLC said Monday it has won a new data contract with a total value of USD600,000.

The geoscience business said that the contract for delivery has been signed from its recently upgraded US gravity dataset at a price of USD600,000. The data are for immediate delivery, said the company, with all of the income to be recognised in the current financial year.

Getch's US gravity data business, including the earlier version of the dataset, was acquired from Lisle Gravity Inc in December 2008.

"Typical sales from our US gravity dataset tend to be for specific areas of interest to our clients. However, this is the second major sale we have reported out of the dataset. To put it in context, these two sales alone have virtually matched the full acquisition price that we paid for this business," said Raymond Wolfson, Chief Executive of Getech Group.

Shares the Getech were trading 7.30% higher at 47.75 pence per share Monday morning.

By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance