GETECH Group warns trading will miss expectations next year

Shares in GETECH Group slumped over 14% early on Tuesday, after the oil services businesses warned its trading in the new year will be “substantially below” market expectations.

"In the short term there remains considerable uncertainty about the state of the market and its impact on our trading and accordingly we believe the year ahead will be trading substantially below current market expectations,” said group chairman Stuart Paton.

“In this context we will seek to mitigate the immediate effects of the lower oil price while at the same time pursuing attractive opportunities as and when they are available to grow our business in the medium to long term."

Meanwhile, the London-listed company said its pre-tax profit in the year to end of July doubled to £2m, as revenue surged 30.3% year-on-year to £8.6m, boosted by the acquisition of consultancy business ERCL in April.

The group said it will pay a total dividend of 2.2p for the year, unchanged from the previous year.

GETECH shares were down 10.80% to 38.80p at 1022 GMT on Tuesday.