GETECH cuts loss

Oil exploration data services provider GETECH Group reduced its loss in the year to July 2010 and shoudl return to profit this year. Revenue was slightly down from £3.31m to £3.25m, while the loss was reduced from £628,000 to £228,000. Net debt was £130,000 at the end of July 2010.GETECH has already won a $1.1m contract with a new national oil company client and a £230,000 data contract with another large oil company. House broker WH Ireland expects GETECH to move back into profit this year. It forecasts a £250,000 profit - up from £200,000 previously. GETECH depends on oil companies investing in exploration and spending is continuing to recover. More studies will be available for sale this year. The company is also becoming more flexible and selling more focused parts of their surveys. The focus will still be selling the big surveys but smaller oil companies will not want to spend the large amount of money for a full survey and may only be interested in a specific area. GETECH is also considering generating aeromagnetic data of its own by linking up with a flying contractor. Getech Grp