Getech swings to loss

Getech swung to a full-year loss and scrapped its final dividend as the fall in crude prices hurt the oil data analysis specialist.The group reported a loss before tax of £627,901 in the 12 month ended 31 July compared with a profit of £900,000. Revenue was down 20% at £3.31m.In view of the trading in the second half of the year the group said it is not proposing a final dividend (2008: 0.7p), giving a total dividend of 0.6p for the year (2008: 1.3p).'The low and volatile oil prices at the end of 2008 combined with the global economic crisis saw the major international oil companies react by cutting and/or freezing their budgets for 2009 resulting in poor trading for Getech in the second half of our financial year leading to the reported loss,' said non-executive chairman Peter Stephens.'I am pleased to say that since the end of the financial year interest levels from our clients justify our confidence for the current year and the future.' Getech Grp