Getech enjoys $3.2m revenue boost amid 'challenging' trading

Getech Group on Thursday confirmed it will generate gross income of $3.2m from a newly-agreed multi-product sale to an unnamed "leading oil and gas company".

The geoscience and geospatial products and services provider said the majority of the proceeds from the sale of an integrated suite of geology, gravity and magnetic data and knowledge products will be recognised in the full-year ended 31 December, pushing revenue 10% higher than the £7.2m achieved the year before.

The sale also adds recurring revenue to 2019 via a new customer subscription to Getech’s Globe product.

Jonathan Copus, chief executive of Getech, said: "Falling oil prices and exchange rate volatility combined in the fourth quarter of 2018 to create a challenging commercial environment. Against this backdrop the sales cycle lengthened but we were able to work with our customers to match our innovative products and services to their most pressing commercial needs."

Copus added that the multi-product sale was an example of the success of this collaborative approach and dialogue with the AIM traded company’s customers and that the programme of sales campaigns that were launched in the second half of 2018 would now be extended into 2019.

Getech Group’s shares were down 4.84% at 29.50p at 0858 GMT.