A 21 per cent increase in revenue at oil services group Getech saw sales reach a record level in the year to July 31st, helping the firm to hike its total dividend five-fold.
Getech, which specialises in the provision of exploration data and petroleum systems studies and evaluations, reported full-year revenue of £6.44m, up from £5.33m previously.
The group said that the exploration market in the oil and gas sector was strong throughout the period, well supported by the continuing firm oil price.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Pre-tax profit surged 86% from £0.67m to £1.25m. Meanwhile, net cash after outstanding debt rose by £1.95m to £2.61m.
"We believe that the relative stability of the oil price at historically high levels will continue to provide a sound market environment for exploration giving a very positive outlook for our business," the statement said. The group said that high prices are likely to lead to further increased spending from exploration companies.
The company has proposed a final dividend per share for the year of 0.8p, up from 0.2p previously, bringing its total payout per share to 1.0p per share (2011: 0.2p).
"I am extremely pleased to present such a strong set of results for the company, which builds on the good results from last year. Continued high oil prices have led to companies expanding their international exploration efforts, and hence to the increased requirements for our products," said Chairman Stuart Paton.
"In particular, the development of Globe, which utilises our key skills in integration of data, has been embraced by industry. The roll out of Globe, with nine sponsors now signed up to the programme, is transformational for the company both in terms of revenue growth and visibility of future income," he said.
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
