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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Getech Group Plc | LSE:GTC | London | Ordinary Share | GB00B0HZVP95 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.625 | 8.25 | 9.00 | 8.625 | 8.625 | 8.625 | 51,800 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 5.07M | -2.83M | -0.0419 | -2.06 | 5.82M |
From Apr 2019 to Apr 2024
TIDMGTC
RNS Number : 1379U
GETECH Group plc
05 April 2016
5 April 2016
Getech Group plc
("Getech" or the "Group" or the "Company")
Interim Report for the six months ended 31 January 2016
New $1million Contract signed
Getech, the geoscience services business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, announces its interim results for the six months ended 31 January 2016.
Highlights
Hot Features
Premium
-- Revenue for the six months of GBP3,288,000
(six months ended 31 January 2015: GBP3,619,000)
-- Loss before tax of GBP704,000 (profit six months
ended 31 January 2015: GBP707,000)
-- Gross cash GBP2,700,000 (net cash after bank
debt GBP1,800,000)
-- Significant sales deferred rather than cancelled
-- Strong start to the second half-year with record
February sales and US$1m new contract in April
-- Significant reductions in the cost base in
early 2016
Stuart Paton, Non-Executive Chairman of Getech Group plc, said:
"Although the oil price has increased by almost 50% since its low point in January 2016, there is still considerable uncertainty as to the timing of a stronger recovery, and this continues to affect the availability of client budgets in 2016.
However, we entered the second half of our year with strong cash balances and a substantial pipeline of sales opportunities. A number of new sales, including the signature and delivery of a data licence valued at US$720k, led to a record February for sales and income. We can also announce that we have now signed a US$1million new contract, which includes parts of Globe and two regional reports, the global depth to basement study and our multi-satellite project,, most of which will be delivered in the half year to July 2016. The Directors are also optimistic that a number of other opportunities which either did not complete in the first half or have been generated recently, will complete in the second half year."
GETECH Group plc Tel: 0113 322 2200 Raymond Wolfson, Chief Executive WH Ireland Limited Tel: 0161 832 2174 Katy Mitchell
Chairman's statement
Results
Getech reports a Group loss before tax of GBP704,000 (six months ended 31 January 2015: profit of GBP707,000) after interest receivable of GBP5,000 (six months ended 31 January 2015: GBP5,000) on revenue of GBP3,288,000 (six months ended 31 January 2015: GBP3,619,000). The post-tax loss was GBP704,000 (six months ended 31 January 2015: profit of GBP691,000).
The accounts have been prepared under IFRS in issue as adopted by the European Union.
Dividend
Your Board does not propose an interim dividend. The Board intends to continue its policy of proposing a progressive dividend but will take into account prevailing market conditions.
Business review
Highlights:
-- Half year loss before tax GBP704,000
-- Gross cash at 31 January of GBP2.7m, net cash after
bank debt of GBP1.8m and net assets of GBP9.0m
-- Global oil and gas services continue to suffer a severe
downturn with no certainty as to the timing of the recovery
-- Significant sales were deferred rather than cancelled
-- Strong start to second half year with record sales in
February and a US$1m contract signed in April
-- Significant reductions in the cost base in early 2016
while maintaining capability in all business streams
During the period under review the business continued to be adversely affected by the difficult market conditions. After the significant decline in the oil price in the second half of 2014, it fell further during 2015, which resulted in a considerable tightening of exploration budgets by our oil and gas clients. As a consequence, there has been a large number of further redundancies both in the operators and the service companies that support them. Client budgets therefore continued to be affected throughout our first half year to January 2016.
ERCL Limited, which was acquired in April 2015, is subject to the same market conditions, but this subsidiary company primarily addresses a different part of the exploration cycle. The programme of integration with ERCL has continued, including a number of joint projects, and the Directors are confident that it will continue to be a major asset for the Group.
The Company remains in a strong financial position. By the end of the period the Group cash balance amounted to GBP2.7m (GBP1.8m net of GBP0.9m debt), notably after the payment of a dividend costing GBP572,000 in December 2015 and group net assets stood at GBP9.0m, supporting the underlying strength of the Company.
Outlook
Although the oil price has increased by almost 50% since its low point in January 2016, there is still considerable uncertainty as to the timing of a stronger recovery, and this continues to affect the availability of client budgets in 2016.
However, the Company entered the second half of its year with strong cash balances and a substantial pipeline of sales opportunities. A number of new sales, including the signature and delivery of a data licence valued at US$720,000, led to a record February for sales and income. We can also announce that we have now signed a new US$1m contract, which includes parts of Globe, two regional reports, the global depth to basement study and our multi-satellite project, most of which will be delivered in the half year to July 2016. The Directors are also optimistic that a number of other opportunities, which either did not complete in the first half or have been generated recently, will complete in the second half year.
In light of the challenging market conditions, the Company has significantly lowered its cost base through a range of measures, including cutting marketing costs and reducing staff costs through reduced working hours and voluntary and compulsory job losses. As a result, our month-on-month cost base will be down more than 20% from its peak in the period under review. However, the Directors believe they have been able to manage this in a way that has enabled the Company to retain the breadth of skills and experience necessary to allow all our current business streams to pick up again once the market recovers.
The Directors remain fully aware of the need to be vigilant about the impact of the current market conditions on the business, and plans continue to recognise a worst case position where the oil and gas market does not begin to recover until 2017. However, the Directors believe the Company's strong position means that the current market can still be seen as an opportunity. They continue to seek complementary acquisitions which have minimal impact on cash and risk, but which will present significant upside once the market recovers.
We remain confident about our medium and longer term prospects.
Dr Stuart Paton
Non-executive Chairman
5 April 2016
Consolidated statement of comprehensive income
For the six months ended 31 January 2016
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2016 2015 2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
--------------------------------------------------------------------------------- ------- ---------- -------
Revenue 3,288 3,619 8,639
Cost of sales (2,015) (1,111) (3,002)
--------------------------------------------------------------------------------- ------- ---------- -------
Gross profit 1,273 2,508 5,637
Administrative costs (1,970) (1,805) (3,650)
--------------------------------------------------------------------------------- ------- ---------- -------
Operating (loss)/profit (697) 703 1,987
Finance income 5 5 13
Finance costs (12) (1) (8)
--------------------------------------------------------------------------------- ------- ---------- -------
(Loss)/profit before tax (704) 707 1,992
Income tax expense - (16) (179)
--------------------------------------------------------------------------------- ------- ---------- -------
(Loss)/profit for the period attributable to owners of the Parent (704) 691 1,813
Other comprehensive income
Currency translation differences on translation of foreign operations 43 95 20
--------------------------------------------------------------------------------- ------- ---------- -------
Total comprehensive income for the period attributable to owners of the Parent (661) 786 1,833
--------------------------------------------------------------------------------- ------- ---------- -------
Earnings per share 5 (2.14)p 2.28p 5.77p
------- ---------- -------
(MORE TO FOLLOW) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
Basic earnings per share --------------------------------------------------------------------------------- ------- ---------- ------- Diluted earnings per share (2.10)p 2.21p 5.61p --------------------------------------------------------------------------------- ------- ---------- -------
Consolidated statement of financial position
As at 31 January 2016
Company registration number 2891368
31 January 31 January 31 July
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ---------- -------
Assets
Non-current assets
Property, plant and equipment 2,750 2,861 2,853
Goodwill 3,131 - 3,131
Intangible assets 2,334 1,109 2,046
Deferred tax assets 161 332 159
----------------------------- ------ ---------- -------
8,376 4,302 8,189
------------------------------------- ---------- -------
Current assets
Inventories 457 199 292
Trade and other receivables 2,660 4,333 4,235
Current tax assets 168 100 118
Cash and cash equivalents 2,703 4,733 4,727
----------------------------- ------ ---------- -------
5,988 9,365 9,372
------------------------------------- ---------- -------
Total assets 14,364 13,667 17,561
----------------------------- ------ ---------- -------
Liabilities
Current liabilities
Borrowings 266 - 266
Trade and other payables 2,916 5,214 4,628
Current tax liabilities 229 183 395
----------------------------- ------ ---------- -------
3,411 5,397 5,289
------------------------------------- ---------- -------
Non-current liabilities
Borrowings 634 - 766
Trade and other payables 980 - 980
Deferred tax liabilities 321 174 319
----------------------------- ------ ---------- -------
1,935 174 2,065
------------------------------------- ---------- -------
Total liabilities 5,346 5,571 7,354
----------------------------- ------ ---------- -------
Net assets 9,018 8,096 10,207
----------------------------- ------ ---------- -------
Equity
Equity attributable to owners of the Parent
Share capital 82 76 82
Share premium account 3,053 3,016 3,037
Merger relief reserve 1,159 - 1,159
Share option reserve 157 154 155
Currency translation reserve (68) (36) (111)
Retained earnings 4,635 4,886 5,885
----------------------------- ------ ---------- -------
Total equity 9,018 8,096 10,207
----------------------------- ------ ---------- -------
Consolidated statement of cash flows
For the six months ended 31 January 2016
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------------------- ---------- -------
Cash flows from operating activities
(Loss)/profit before tax (704) 707 1,992
Share-based payment charges 28 31 59
Depreciation and amortisation charges 307 152 366
Impairment of intangible assets - - 298
Fair value adjustments - - (304)
Finance income (5) (5) (13)
Finance costs 12 1 8
Exchange adjustments (126) (55) (59)
Increase in inventories (165) (19) (112)
Decrease/(increase) in trade and
other receivables 1,574 (1,482) 202
(Decrease)/increase in trade and
other payables (1,135) 2,380 483
---------------------------------------- ------- ---------- -------
Cash (used in)/generated from operating
activities (214) 1,710 2,920
Income taxes (paid)/refunded (217) 713 457
---------------------------------------- ------- ---------- -------
Net cash (used in)/generated from
operating activities (431) 2,423 3,377
---------------------------------------- ------- ---------- -------
Cash flows from investing activities
Purchase of property, plant and
equipment (19) (196) (259)
Purchase of intangible assets - - (128)
Disposal of property, plant and
equipment 27 - -
Development costs capitalised (459) (482) (977)
Acquisition costs, net of cash received (576) - (1,130)
Interest received 5 5 14
---------------------------------------- ------- ---------- -------
Net cash used in investing activities (1,022) (673) (2,480)
---------------------------------------- ------- ---------- -------
Cash flows from financing activities
Proceeds from issue of share capital 16 2 24
New term loan - - 1,100
Repayment of long-term borrowings (132) - (68)
Dividends paid (572) (534) (684)
Interest paid (12) (1) (8)
---------------------------------------- ------- ---------- -------
Net cash (used in)/generated from
financing activities (700) (533) 364
---------------------------------------- ------- ---------- -------
Net (decrease)/increase in cash
and cash equivalents (2,153) 1,217 1,261
Cash and cash equivalents at beginning
of period 4,727 3,423 3,423
Exchange adjustments to cash and
cash equivalents at beginning of
period 129 93 43
---------------------------------------- ------- ---------- -------
Cash and cash equivalents at end
of period 2,703 4,733 4,727
---------------------------------------- ------- ---------- -------
Consolidated statement of changes in equity
For the six months ended 31 January 2016
Share Merger Share Currency
Share premium relief option translation Retained Total
capital account reserve reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------------- ------- ------- ------- ----------- -------- -------
At 1 August 2015 - audited 82 3,037 1,159 155 (111) 5,885 10,207
------------------------------------------------------- ------- ------- ------- ----------- -------- -------
Issue of share capital under share-based payment
options - 16 - (26) - 26 16
Share-based payment charge - - - 28 - - 28
Dividends paid - - - - - (572) (572)
------------------------------------------------------- ------- ------- ------- ----------- -------- -------
Transactions with owners - 16 - 2 - (546) (528)
------------------------------------------------------- ------- ------- ------- ----------- -------- -------
Loss for the period - - - - - (704) (704)
Other comprehensive income
Currency translation differences - - - - 43 - 43
------------------------------------------------------- ------- ------- ------- ----------- -------- -------
Total comprehensive income for the period - - - - 43 (704) (661)
------------------------------------------------------- ------- ------- ------- ----------- -------- -------
At 31 January 2016 - unaudited 82 3,053 1,159 157 (68) 4,635 9,018
------------------------------------------------------- ------- ------- ------- ----------- -------- -------
Notes to the interim report
For the six months ended 31 January 2016
1 Nature of operations
(MORE TO FOLLOW) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
The principal activity of Getech Group plc ("the Company") and its subsidiary companies, Geophysical Exploration Technology Inc. and ERCL Limited (collectively "Getech" or "the Group"), is the provision of gravity and magnetic data, services and geological studies to the petroleum and mining industries to assist in their exploration activities.
2 General information
Getech Group plc is the Group's ultimate Parent Company. It is incorporated in England and Wales and domiciled in England (CRN: 2891368). The address of its registered office is Kitson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ. The Company's shares are admitted to trading on the London Stock Exchange's AIM.
The financial information for the six months ended 31 January 2016 and 31 January 2015 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. These consolidated interim financial statements ("the interim financial statements") have been approved by the Board.
The financial information relating to the year ended 31 July 2015 is based on the Group's statutory accounts for that period. The statutory accounts were prepared in accordance with International Financial Reporting Standards ("IFRS") in issue as adopted by the European Union. IFRS include interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The statutory accounts received an unqualified audit report, did not contain statements under Sections 498(2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.
3 Basis of preparation
The interim financial statements are for the six months ended 31 January 2016. They have been prepared using the recognition and measurement principles of IFRS. The interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the financial statements of the Group for the year ended 31 July 2015.
The interim financial statements have been prepared under the historical cost convention except in relation to financial instruments held at fair value through profit or loss. They have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 July 2015.
The accounting policies have been applied consistently throughout the Group for the purpose of preparation of the interim financial statements.
4 Dividends
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------ --------
Paid during the period
At: 1.74p per share (six months ended 31 January 2015:
1.76p per share;
year ended 31 July 2015: 2.22p
per share) 572 534 684
-------------------------------------- ---- ------------ --------
Proposed after the period end (not recognised as a liability)
At: 0.00p per share (six months ended 31 January 2015:
0.46p per share;
year ended 31 July 2015: 1.74p
per share) - 140 572
-------------------------------------- ---- ------------ --------
There is no interim dividend proposed.
5 Earnings per share
Basic earnings per share is calculated on the basis of the profit for the period after tax, divided by the weighted average number of Ordinary Shares in issue in the period of 32,886,729 (six months ended 31 January 2015: 30,327,196; year ended 31 July 2015: 31,416,845).
Diluted earnings per share is calculated on the basis of the profit for the period after tax, divided by the weighted average number of Ordinary Shares in issue plus the weighted average number of Ordinary Shares which would be issued if all options granted were exercised. The addition to the weighted average number of Ordinary Shares used in the calculation of diluted earnings per share for the six months ended 31 January 2016 is 650,725 (six months ended 31 January 2015: 905,712; year ended 31 July 2015: 1,510,171).
6 Interim Report
This Interim Report will be available on the Company's website, www.getech.com, from 5 April 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IIMBTMBIMTPF
(END) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
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