Oil rally boosts Getech

30th Mar 2011 07:46

Oil exploration data services provider Getech returned to profit in the year to 31 January as big companies seeking to cash in on higher oil prices loosened their purse strings.Pre-tax profits totalled £294,000, against a deficit of £392,000 the previous year on revenues that more than doubled to £2.65m. The company suffered when oil prices crashed following the 2008/09 economic crisis."GETECH's result for the full year to July 2011 is, as usual, dependent on the crystallisation of a number of deals and the pattern of demand in the remaining few months of the year," said chairman Peter Stephens. "However, we have already seen that the market has demonstrably recovered and the directors believe that this will be reflected in the continuing recovery of our business."Getech, whose clients include big names such as BP and Shell, said it was benefiting from oil prices remaining above $90 a barrel for an extended period.House broker WH Ireland Securities said that the high oil price was encouraging big firms to lift exploration budgets."We do not expect this process to reverse any time soon and we are encouraged that GETECH will be able to leverage this backdrop through an intensified focus on sales including the recent appointment of a highly experienced specialist salesman," it said.