High oil prices may be an enduring pain for motorists but they are proving a boon to Getech, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations.
"Continued high oil prices have led to companies expanding their international exploration efforts, and hence to the increased requirements for our products," revealed Getech's non-executive 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," Paton claimed.
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The group saw profit before tax surge to £1.25m in the year ended July 31st from £0.67m the year before, on turnover that rose to £6.44m from £5.33m.
Diluted earnings per share rose to 2.97p from last year's 1.84p, and just over a third of those earnings will be paid out in the form of dividends, with the 0.8p final dividend supplementing the 0.2p interim dividend paid earlier this year.
"We are pleased to report that we have made a solid start to 2012-13. As reported, we have already signed up four further sponsors for Globe since the period end. One of these sponsors has committed to a €1m call-off contract for a range of services including the core Globe products," Paton revealed.
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