Getech Grp Regulatory News (GTC)

3 Dec 2009 12:00



GETECH Group plc 

("GETECH" or the "Company")

Chairman's trading statement to the AGM

At the Annual General Meeting of the Company on 3rd December 2009, Peter Stephens, the Chairman, will say:

"In our latest accounts for the year to 31 July 2009, we were disappointed to report a loss before tax of £627,901, on turnover of £3,305,883, despite having reported a profit before tax at the half year of £187,345.

As previously indicated, the loss arose when the oil and gas company budgets for the calendar year 2009 were severely curtailed as a result of the global financial crisis and the collapse in oil prices in the second half of 2008. Since then the oil price has recovered significantly and appears to be relatively stable in the range $75-80 per barrel, a level which gives much more confidence to our oil company clients contemplating exploration expenditure. Reserve replacement remains absolutely key to any oil company.

I am pleased to report that since our July year end, the level of enquiries and sales has started to pick up. We have won a number of substantial contracts for data and interpretation services, we have pre-commitments for new studies currently underway and we anticipate that our sales of geological studies will be significantly stronger than in the second half of 2008/9. We are particularly pleased to note that activity in our new Denver office, which targets the US domestic market, has increased noticeably since August.

In summary, we remain optimistic that the business is recovering, and that with the cushion provided by the debt facility completed in September, we will be able to develop and extend our business as planned."

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