Getech maps out its growth plans as the firm’s order book goes up by 48pc to £3.1m
THE LEEDS-BASED oil mapping firm Getech Group is looking at opportunities to accelerate its growth plans through organic expansion and acquisition.
Getech supplies the expertise and knowledge that companies and Governments require to discover, develop and manage natural resources.
The company, which has offices in Leeds, London and the US, has announced its final results for the 12 months ended December 31 2019.
Last year, revenue was £6.1 million, compared with £8.0 million the previous year. Getech said its order book had increased by 48 per cent to £3.1 million at 31 December 2019.
The company said the Covid-19 pandemic had led to unprecedented restrictions on social and business activity. Also unprecedented was the pace at which the pandemic has reshaped the global business environment, the company added.
In a statement it added: “Year-to-date, we are cautiously encouraged by the renewal rate across our software products and we have won service extensions that deliver monthly revenue to year-end.
“We are also negotiating various licence renewals to our globe knowledge product.
“These discussions would normally conclude in June and July.
“Globe contracts are an important part of our order book, and they set the shape and scale of our H2 2020 investment.
“As we plan this investment, we are confident that Getech’s financial strength, our flexibility and the transferable nature of our skills and technologies give us the toolkit to successfully navigate what are exceptional commercial conditions.
“We also see an opportunity to accelerate our diversification and growth plans – both through organic expansion and acquisition.”