Year 2006 London Stock Exchange stories
Total Voting Rights
In conformity with the Transparency Directive's transitional provision 6, the Company notifies the market of the following:
As at the date of this announcement, the Company's issued share capital consists of 27,692,307 ordinary shares with a nominal value of #0.0025 each ("Ordinary Shares"), with voting rights. The Company does not hold any Ordinary Shares in Treasury.
Therefore, the total number of Ordinary Shares with voting rights is 27,692,307.
The above figure of 27,692,307 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
GETECH Group wins R&D contract from Shell
AFX UK FocusLONDON (AFX) - GETECH Group PLC said it has won a "Curie Isotherm" research and development contract from Shell Oil Company and has appointed two leading geoscientists to undertake the two-year study.
The company said the contract is the second of its kind it has secured from Shell, with a combined value exceeding 500,000 stg.
The contract will investigate methods of mapping the Curie isotherm from terrestrial and satellite based geological and geophysical data.
The Curie isotherm is a significant thermal surface within the earth's crust. Spatially mapping its depth allows companies to calculate oil maturation processes within sedimentary basins. newsdesk@afxnews.com
New Research and Development Study Commissioned by Shell Oil Company
GETECH Group plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces the appointment of two leading geoscientists, Dr Ahmed Salem and Dr Kumar Hemant (on full- and part-time bases respectively), to help undertake a two-year "Curie Isotherm" research and development ("R&D") contract commissioned by Shell Oil Company ("Shell").
This contract will investigate methods of mapping the Curie isotherm from terrestrial and satellite based geological and geophysical data. As part of this study, GETECH has established an international panel of scientific experts to discuss its progress and results. This contract is the second R&D contract the Company has successfully secured from Shell with a combined value exceeding #500,000.
GETECH has, over the last 10 years, been at the forefront of potential field research by developing and applying new interpretation techniques. This two-year R&D study is designed to develop methodology to map the depth of the Curie isotherm using terrestrial and satellite potential field datasets constrained by heat flow data, seismic tomography and other geological and geophysical data. (See Notes to Editors)
Professor Derek Fairhead, Managing Director of GETECH and Professor of Applied Geophysics within the University of Leeds commented:
"Securing this R&D contract from Shell is particularly pleasing, as this type of outsourcing is not commonly seen within our sector of the oil industry. It also reflects a growing need for oil companies to outsource research to maximize the wealth of new satellite data and academic knowledge. We are delighted to be working with Shell, and look forward to a long and fruitful relationship with them. "
Notes to Editors
The Curie Isotherm
The Curie isotherm (approx 5500 C) is a significant thermal surface within the earth's crust or upper mantle. Having the ability to spatially map its depth provides an important input to calculating oil maturation processes within sedimentary basins. At the Curie temperature, rocks lose their ability to retain magnetism. The variation in depth of the Curie isotherm surface will cause variations in the physical properties of the earth's interior and be reflected in the long wavelength response of the earth's magnetic field as measured by satellites and the spatial variation of both the Elastic Thickness 'Te' and isostatic gravitational response.
Getech says underlying business steady, working on several major contracts
LONDON (AFX) - GETECH Group plc is working on several major contracts, with a view to selling both gravitational and magnetic data and Petroleum Systems Evaluation Group non-exclusive reports, said chairman Peter Stephens in an AGM statement, adding that underlying business levels remain steady.
Stephens said the board believes there is great potential to sell its gravitational and magnetic data to both the oil majors and mining companies as well as newer exploration and production companies. newsdesk@afxnews.com ra/cml
GETECH Group plc - AGM Result
GETECH Group Plc
AGM Result
GETECH Group Plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluation, is pleased to announce that at the AGM held today at 2:30pm, all resolutions were duly passed.
Peter Stephens, Chairman of the Company, made the following comments with regards to trading:
"GETECH continues to build its world class data base with data acquisitions from China and former Soviet territories. The Board believes there is great potential to sell this data to both the oil majors and mining companies as well as newer exploration and production companies. Currently, the Company is working on several major contracts, with a view to selling both gravitational and magnetic data and Petroleum Systems Evaluation Group non-exclusive reports. Underlying business levels remain steady."
Getech FY pretax higher; sees benefit from increased exploration
LONDON (AFX) - Oil services business Getech Group PLC said its pretax profit for the year to July 31 increased to 1.01 mln stg from 0.73 mln stg the previous year, mainly because its product mix resulted in a 10 pct point increase in gross margin.
The company believes oil exploration budgets will increase to reflect the need to replace reserves and, in the context of a buoyant oil price, expects to benefit from this situation.
With its "strong balance sheet and increased profile", Getech said "it will be in a good position to exploit opportunities to acquire key data and prove an attraction for the calibre of geoscientists it requires to develop all aspects of its business".
Getech's turnover for the year was 3.23 mln stg compared with 3.48 mln stg the year before.
The company declared a final dividend of 0.6 pence per share, which makes the total dividend for the year 1 pence per share.
Its earnings per share for the year rose to 2.65 pence per share from 2.47 for the previous year.
Getech said it will be looking for appropriate acquisitions to enhance the company's value. It has signed contracts to purchase freehold premises at Roundhay, north east of Leeds city centre, for 2.5 mln stg to cope with expansion plans. Completion is expected before end-2006.
It said its Petroleum Systems Evaluation Group (PSEG) has been working on a number of projects with a diverse range of established and newer resource companies in many areas of the world on a non-exclusive or proprietary basis. It added that where projects are non-exclusive, the company expects to make multiple sales of the resultant report.
Getech said its existing projects will be completed in the current financial year, and new projects are being started in line with expectations. newsdesk@afxnews.com tfn-mum-ash/jfr
Getech FY pretax, gross margin higher; sees benefit from increased exploration
LONDON (AFX) - Oil services business Getech Group PLC said its pretax profit for the year to July 31 increased to 1.01 mln stg from 0.73 mln stg the previous year, mainly because its product mix resulted in a 10 pct point increase in gross margin.
The company believes oil exploration budgets will increase to reflect the need to replace reserves and, in the context of a buoyant oil price, expects to benefit from this situation.
With its "strong balance sheet and increased profile", Getech said "it will be in a good position to exploit opportunities to acquire key data and prove an attraction for the calibre of geoscientists it requires to develop all aspects of its business".
Getech's turnover for the year was 3.23 mln stg compared with 3.48 mln stg the year before.
The company declared a final dividend of 0.6 pence per share, which makes the total dividend for the year 1 pence per share.
Its earnings per share for the year rose to 2.65 pence per share from 2.47 for the previous year. newsdesk@afxnews.com tfn-mum-ash/tfn-lon-mps
GETECH Group plc - Preliminary Results
This news article is displayed preformatted as it may contain results tables
RNS Number:1829L
GETECH Group plc
30 October 2006
For Immediate Release 30 October 2006
GETECH Group plc
PRELIMINARY RESULTS
For the year ended 31 July 2006
FINANCIAL HIGHLIGHTS
*Profit before tax of #1,010,013 (2005: #730,460)
*Turnover of #3,228,573 (2005: #3,481,743)
*Earnings per share of 2.65p (2005: 2.47p)
*Dividend payment of 0.6p per share (subject to shareholder approval at
the Annual General Meeting)
*Total dividend for the year 1.0p per share
OPERATIONAL HIGHLIGHTS
*Securing through the Company's reputation, two R&D projects with a major
European oil company to a value in excess of #0.5m
*Signing a Memorandum of Understanding with the China Geological Survey
to market their digital products outside China
*One complete sale and several part sales of our Global Continental
Margins Gravity Study
*Winning the British Chamber of Commerce in Singapore 2005 Award in the
Category 'Energy and Utilities'.
*Continued growth of the PSEG with recruitment of technical specialists
with a range of experience to fill key roles
For further information, please contact:
Derek Fairhead, Managing Director, GETECH Group Plc 0113 343 5240
Colin Glass, Finance Director, GETECH Group Plc 07831 258494
Rob Naylor, Teather & Greenwood 020 7426 9000
Kelly-Ann French, Buchanan Communications 01943 883990
www.getech.com
CHAIRMAN'S STATEMENT
I am pleased to report the inaugural full year results of GETECH Group plc
("GETECH" or "the Company") as an AIM listed company for the year ended 31 July
2006. GETECH is in the oil services sector specialising in the provision and
interpretation of exploration data and petroleum systems evaluations.
Results
The Company, including its US subsidiary, reported a profit before tax of
#1,010,013 (2005: #730,460) after interest receivable of #140,124 (2005:
#33,126) on a turnover of #3,228,573 (2005: #3,481,743). The post tax profit was
#733,560 (2005: #534,140) giving earnings per share of 2.65p (2005: 2.47p)
adjusted.
Admission to AIM
On 23 September 2005 the Company was admitted to AIM, simultaneously raising #3m
for the Company from a share issue at 39p. Prior to Admission and also at
Admission, share options under an Enterprise Management Incentive Scheme and an
Unapproved Scheme, were granted to ensure that key management and staff were
appropriately incentivised to deliver shareholder value.
Dividends
As the Company is strongly capitalised and continues to generate cash from its
trading operations, I am delighted to report that your Board intends to pay a
final dividend for the year, subject to shareholder approval at the Annual Gener
al Meeting, of 0.6p per share, to shareholders registered on 10 November 2006.
The final dividend will cost the Company #166,154 and will be paid on 8 December
2006. This dividend, together with the interim dividend of 0.4p per share paid
on 5 May 2006, will bring the total dividend for the year to 1.0p per share,
which is in line with our stated intention to operate a progressive dividend
policy.
Business Review
In my interim report I reminded shareholders that a substantial part of the
Company's turnover tends to be made up of large contracts whose nature and
timing cannot always be accurately predicted. This is still the case but GETECH
continues to broaden its client base both in its core business and through the
steady growth of the Petroleum Systems Evaluation Group (PSEG). The PSEG has
been working throughout the year on a number of projects with a diverse range of
established and newer resource companies in many areas of the world on either a
non-exclusive or proprietary basis. Where the project is on a non-exclusive
basis we expect to make multiple sales of the resultant report. The existing
projects should be completed in the current financial year and new projects are
being commenced in line with expectations. This has resulted in the requirement
to employ additional, highly qualified, staff which was recognised at the time
of our Admission to AIM as a key area of investment. We are confident that under
the leadership of Dr Paul Markwick, this division will continue to grow in the
foreseeable future. A further consequence of the dependence on a relatively
small number of large projects, is that the gross margin on sales income is
highly dependent on the product sales mix - significant external costs are
associated with some sales but not others. During the year reported upon,
the product mix resulted in a higher gross margin than in the previous year
by ten percentage points.
Generally, your Board believes that oil exploration budgets will increase to
reflect the need to replace reserves in the context of a buoyant oil price.
GETECH expects to benefit from this situation, and with its strong balance sheet
and increased profile as a quoted company, it will be in a good position to
exploit opportunities to acquire key data and prove an attraction for the
calibre of geoscientists it requires to develop all aspects of its business.
Premises
GETECH has expanded beyond the capacity of its accommodation on the University
of Leeds campus and the Board recognised that it was vital to find suitable
premises for the anticipated further growth of the business.
I am pleased to report that the Company has exchanged contracts to purchase
freehold premises at Roundhay, north east of Leeds city centre, for #2.5m to
provide superb facilities to cope with our expansion plans. Completion is
anticipated before the end of 2006. In order to avoid the disruption of having
to move again as we expand, the facilities purchased will exceed our immediate
needs and we intend to rent out the surplus accommodation on shortterm leases.
We fully expect the rental received to cover the deposit interest foregone and
we will have an unencumbered asset should we wish to raise funding in the
future.
The new premises will be able to accommodate our staff in excellent working
conditions with modern IT and communications support.
Outlook
Your Board believes there is an exciting future for GETECH given its first class
reputation as a supplier and interpreter of gravity and magnetic data to a host
of blue-chip oil, gas and mineral companies worldwide.
We intend to build on these relationships and develop new ones, and to continue
to recruit the best geoscientists available to enable us to provide an
unrivalled service to our clients.
In addition, having now established ourselves as a quoted company we will be
looking for appropriate acquisitions to enhance the Company's value.
Finally, on behalf of the Board, I would like to thank our employees for their
continued dedication and commitment to the Company.
PETER STEPHENS
Chairman
OPERATING REVIEW
Business Setting
Hydrocarbon exploration is currently experiencing significant investment due to
strong global demand for oil, high commodity prices and the need for oil and gas
companies to replace their depleting reserves. These factors have resulted in
oil and gas companies searching more widely, in fact globally, for new
resources. As a result many companies are entering countries for the first time
and need to come up-to-speed on hydrocarbon exploration opportunities. Our
products and services allow them to do just this in a cost effective manner and
in a way that will help these companies to reduce their exploration risk.
GETECH's products and services in oil and gas consulting have been developed
over 20 years by the compilation of one of the world's most extensive global
gravity and magnetic databases based on a dozen or so oil and mineral industry
funded studies since 1986. These data enable the imaging of subsurface
geological structures based on corresponding changes in rock density (gravity)
and rock magnetisation (magnetic). Careful analysis of such data enables the
mapping of tectonic structures (faults and contacts), calculation of depth of
sedimentary basins and delineation of areas affected by volcanics. Oil and
mining companies license our data when they are evaluating a new exploration
area and/or when they wish to expand their current exploration activities into
neighbouring regions.
Company History
GETECH has its origins as a small research group at the University of Leeds,
Department of Earth Sciences, which in 1986 initiated the compilation of gravity
data for the continent of Africa supported by a group of oil and mining company
sponsors. By 1996 GETECH had amassed a global gravity and magnetic database
through compilation studies covering almost the whole world. GETECH opened an
office in Houston, Texas in 1996, as a separate company, Geophysical Exploration
Technology Inc. In 1999 GETECH acquired the business of Precision Mapping
Inc - further enhancing the Company's data assets. In 2000 GETECH, including
GETECH, spun out from the University of Leeds as a private company
(Geophysical Exploration Technology Limited). The subsequent success of the
business resulted in the flotation of the company on AIM in September 2005 with
a name change to GETECH Group plc. GETECH was the first spin out company from
the University of Leeds to float on AIM.
Close links with its clients and an understanding of their future needs has
encouraged the Company to be innovative and to develop a global strategy that
has resulted in the development of new datasets for the continental margins of
the world and the frontier areas such as Russia and China. In addition GETECH
has developed the PSEG which is a rapidly expanding part of the Company.
Business Activities
GETECH's business is primarily:
*licensing global gravity and magnetic data to oil and mineral companies;
*undertaking integrated geophysical interpretation studies; and
*evaluating the petroleum systems within basins
The first two elements currently contribute to the majority of the Company's
revenue. The third element relates to the PSEG, which provides oil companies
with detailed insights into the key source, reservoir and seal issues relating
to hydrocarbon basins. Since 2004 the group has grown from 2 to 9 staff and
further growth is anticipated during the current year.
Our business success in Southeast Asia, helped by the pro-active marketing
activities of our representative based in Singapore, resulted in GETECH being
awarded "The British Business Award, 2005 (category Energy and Utilities)". The
comment by Mervyn Davies of the British Chamber of Commerce in Singapore, who
presented the award, stated " GETECH stands out as a company which has found its
place by enlarging the boundaries of knowledge and cutting through the fog of
gravity and magnetic data interpretation. The Company has, at the same time,
brought this knowledge into successful commercial application."
The success of the PSEG has been its ability to integrate traditional and
innovative methods through the latest GIS (Geographic Information System)
technology to help clients reduce exploration risk in frontier areas. Much of
this type of work was traditionally carried out in-house within oil companies.
The PSEG is rapidly establishing its reputation for its quality of work and
expertise and has developed an international portfolio of non-exclusive and
proprietary studies funded by a range of "super majors" to medium size oil
companies.
One of our particular strengths which differentiates us from our competitors, is
the ability to integrate our global gravity and magnetic data holdings into
regional geological and petroleum systems interpretation studies. These are
preserved as non-exclusive, thus allowing us to resell each study many times.
This then provides the option for clients to follow up these regional studies
with proprietary studies as oil companies focus on specific exploration blocks.
Such an approach maximises the value of our innovative skills in project
generation and minimises the need to compete for work offered by oil companies.
In summary, the strength of the business during the year reflects:
*strong demand for our products and services on a global scale from a wide
spectrum of oil and mining companies;
*the ever growing range of products for key frontier areas;
*the growth of the PSEG business which has helped the oil industry to
appreciate how gravity and magnetic data can be used as an integral part of
reducing risk in frontier areas. This has helped to 'lever' sales of gravity
and magnetic data; and
*the re-structuring of our US office (in 2004) enabling us to focus on
marketing to the key North American client base.
The Future
The rapid and continued growth of the PSEG has resulted in GETECH needing to
move off the University of Leeds campus as the company has completely outgrown
its present facilities. To enable the Company to cope with its anticipated
expansion we have exchanged contracts to purchase the freehold of part of Elmete
Hall in Roundhay, located north east of Leeds city centre.
This commitment to purchase quality premises with excellent communication
equipment reflects the importance we place on our most important asset - our
people. Communication is very important to GETECH and therefore a high speed
internet connection capable of delivering 100 Mbits/second is being installed.
The accommodation will provide a new stimulating working environment and our
staff are looking forward to the move, which we hope will be completed before
the end of 2006.
The prognosis for the current year is continued growth of the PSEG and its ever
wider acceptance within the industry. Discussions are well advanced with
organisations in many countries to allow GETECH to market their data so that our
data holdings continue to grow. Some of these data sets are in key exploration
areas, where clients have expressed strong interest in obtaining data.
With GETECH continuing to expand the scope of its products and services, and to
draw together the skills and experience of its growing team of geoscience
specialists, I am confident we will continue to build on this year's success.
Finally I would like to thank all my colleagues for their unstinting efforts on
behalf of the Company and we all look forward to an exciting future.
PROFESSOR J DEREK FAIRHEAD
Managing Director
FULL RESULTS BELOW
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 July 2006
2006 2005
TURNOVER - continuing activities 3,228,573 3,481,743
Cost of sales (783,875) (1,317,375)
__________ __________
GROSS PROFIT 2,444,698 2,164,368
Distribution costs (870) (2,839)
Administrative expenses (1,573,910) (1,464,195)
__________ __________
OPERATING PROFIT - continuing activities 869,918 697,334
Interest receivable 140,124 33,126
Interest payable (29) -
__________ __________
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,010,013 730,460
Tax on profit on ordinary activities (276,453) (196,320)
__________ __________
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION
and FOR THE YEAR #733,560 #534,140
========= =========
Basic earnings per share 2.76p 10.14p
Diluted earnings per share 2.76p 10.14p
There were no recognised gains or losses other than profit or loss for the
period.
All the group's activities are classed as continuing for the period.
CONSOLIDATED BALANCE SHEET
31 July 2006
2006 2005
FIXED ASSETS
Intangible assets 1,415 1,592
Tangible assets 37,907 34,337
_________ _________
39,322 35,929
CURRENT ASSETS
Stocks 166,504 -
Debtors 807,905 645,404
Investments 23,880 -
Cash at bank and in hand 4,317,913 1,423,703
___________ _________
5,316,202 2,069,107
____________ _________
CREDITORS - amounts falling due
within one year
1,357,135 1,209,596
_________ _________
NET CURRENT ASSETS 3,959,067 859,511
_________ _________
TOTAL ASSETS LESS CURRENT LIABILITIES #3,998,389 #895,440
======== ========
CAPITAL AND RESERVES
Called up share capital 69,231 94
Share premium account 2,460,927 -
Capital redemption reserve 6 6
Profit and loss account 1,468,225 895,340
_________ _________
SHAREHOLDERS' FUNDS - equity #3,998,389 #895,440
interests
======== =======
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 July 2006
2006 2005
NET CASH INFLOW FROM OPERATING
ACTIVITIES
653,496 780,647
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 140,124 33,126
Interest paid (29) -
_________ _________
140,095 33,126
TAXATION - corporation tax paid (222,453) (32,851)
CAPITAL EXPENDITURE and FINANCIAL
INVESTMENT
Payments to acquire tangible fixed (46,317) (28,346)
assets
_________ _________
(46,317) (28,346)
EQUITY DIVIDENDS PAID (110,769) (50,000)
_________ ________
NET CASH INFLOW BEFORE USE OF
LIQUID RESOURCES and FINANCING
414,052 702,576
FINANCING
Issue of share capital 3,000,000 -
Costs of share issue (519,842) -
Amount paid for redemption of - (78,750)
shares
_________ _________
2,480,158 (78,750)
_________ ________
INCREASE IN CASH IN THE YEAR #2,894,210 #623,826
======== =======
NOTES:
There are no recognised gains or losses other than the profit for the year and
therefore no separate statement of total recognised gains and losses has been
presented.
There is no difference between the profit on ordinary activities before taxation
and the retained profit for the year as stated above, and their historical cost
equivalents.
The above financial information does not constitute statutory
accounts for the year ended 31 July 2006 or 2005. Statutory accounts for the
year ended 31 July 2005 have been delivered to the Registrar of Companies. The
auditors have reported on the year ended 31 July 2006 financial statements and
their report was unqualified and did not contain a statement under section 237
(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended
31 July 2006 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
EARNINGS PER SHARE
Basic earnings per share is calculated on the basis of the profit for the year
after tax, divided by the weighted average number of the ordinary shares in
issue in the year.
Diluted earnings per share is calculated on the basis of the profit for the year
after tax, divided by the weighted average number of shares which would be
issued if all options granted were exercised.
All options were anti-dilutive at 31 July 2006.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
2006 2005 Per share
Earnings Weighted Per Share Earnings Weighted amount
average amount average
number of number of
shares shares
Profit #733,560 # 534,140
attributable
to
shareholders
Basic earnings
per
share
Earnings
attributable
to ordinary #733,560 26,575,666 2.76p #534,140 5,268,403 10.14p
share-
holders
An adjusted earnings per share has also been presented based on the earnings
attributable to ordinary shareholders and is calculated as if all shares in
issue at 31 July 2006 had been in issue for the whole of the year and the
previous year.
This basis has been used because as a result of the Admission to AIM on 23
September 2005 there was a significant restructuring of the share capital of the
Company to make it more suitable for a publicly traded company. Details of this
are disclosed in Note 17.
2006 2005 Per share
Earnings Weighted Per share Earnings Weighted amount
average amount average
number of number of
shares shares
Basic earnings
per share #733,560 26,575,666 2.76p #534,140 5,268,403 10.14p
Adjustments:
Issue of
shares - 1,116,641 150,000 22,423,904
Basic earnings
per
share
Earnings
attributable
to ordinary
share- #733,560 27,692,307 2.65p #684,140 27,692,307 2.47p
holders
DIVIDENDS 2006 2005
Paid during the year: #110,769 #
Interim dividend at 0.4p per
share (2005:#Nil)
Proposed after the year end (not
recognised as a liability):
Final dividend at 0.6p per share #166,154 #
(2005:#Nil)
Copies of this preliminary report will be distributed to all holders of the
Company's ordinary shares. Copies will also be available at the Company's
registered office: Convention House, St Mary's Street, Leeds LS9 7DP.
In addition, this report will be available on the Company's website:
www.getech.com
GETECH Group plc - Excellence in Business Award
For immediate 20 October 2006
GETECH Group Plc
GETECH Wins Yorkshire Post 'Excellence in Business' Award.
GETECH Group Plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce the Company has been awarded 'Best University Spin-out Company of 2006' at the inaugural Yorkshire Post 'Excellence in Business' Awards ceremony held last night at the Queen's Hotel in Leeds.
The Excellence Awards, sponsored by DLA Piper, PricewaterhouseCoopers, Yorkshire Bank and regional development agency Yorkshire Forward, recognise regional companies which are facing up to increasing global competition by maximising their investment in innovation and skills.
In the year 2000, GETECH spun out from the University of Leeds and in 2005, was the first University spin out to float on the Alternative Investment Market ("AIM") raising #3.225 million via an institutional Placing and with a market capitalisation of #10.8 million.
Companies were nominated in eight categories by the Yorkshire Post, with GETECH being short listed alongside spin-outs Biofusion (Sheffield Univ) and Syntopix (Leeds Univ) in their class as 'Best University Spin-out Company of 2006'.
Commenting on the award, Professor J D Fairhead, Managing Director of GETECH today said:
"We are delighted to have been recognised within the region for our achievements over the previous 18 months. GETECH has worked extremely hard to take advantage of the fantastic opportunities afforded to the Group by the AIM flotation and we are grateful for the support shown to us by our peers and colleagues in Yorkshire."
GETECH Group plc - Notifiable Interest
Notifiable Interest
GETECH plc ('the Company') was notified on 10 October 2006 that IP Group plc had a beneficial interest in 3,250,426 Ordinary Shares in the Company. The shares have been registered under the name of Techtran Group Limited. This interest represents 11.7% of the issued share capital of the Company.
GETECH to buy Elmete Hall in Leeds for 2.5 mln stg
LONDON (AFX) - GETECH Group plc said it has exchanged contracts to buy the freehold of Elmete Hall in north-east Leeds for 2.5 mln stg.
The deal is expected to be completed by December.
GETECH Group plc - Purchase of Property
GETECH GROUP PLC ("GETECH" or "the Company")
GETECH announces that it has exchanged contracts to purchase the freehold of part of Elmete Hall, at Roundhay, North East of Leeds city centre. Completion is anticipated by December 2006. The consideration on completion will be #2.5 million.
The Company has outgrown its present facilities on the University of Leeds campus and requires quality office space for its continuing expansion. The new facilities will provide appropriate office accommodation for GETECH's future growth. It is intended that any excess space will be rented out on short-term leases.
GETECH Group plc - Re: Directorate
GETECH Group plc
Re:Directorate
The board of GETECH, the oil services business specializing in the compilation and analysis of gravity and magnetic data, is pleased to announce the appointment of Dr Paul Markwick as the head of the Petroleum Systems Evaluation Group ("PSEG"). PSEG provides oil companies with detailed insights into where oil and gas are likely to be found within sedimentary basins.
Paul has 20 years professional experience, beginning at BP in the mid 1980's and was previously with Fugro-Robertson as a petroleum geologist, where he was involved for seven years with several high-profile studies. Paul has considerable global experience, specializing in the tectonic and geology of Africa, South East Asia, Australia and Antarctica. He is also a leading expert in the application of climate and ocean models to frontier exploration, and has an international reputation in global palaeogeography.
Dr John Jacques, the previous head of the PSEG has left the business.
The Company will release its preliminary results at the end of October and looks forward to updating the market of the progress of the business at this time.
GETECH Group plc - Director/PDMR Shareholding
GETECH GROUP PLC ("GETECH" or "the Company")
17 August 2006
Exercise of Options
GETECH Group Plc (GTC:AIM), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that an employee has exercised options over Dr Derek Fairhead's shares. As detailed in the Getech admission document, dated 22 September 2005, on 26 August 2005, Dr Derek Fairhead entered into call options, to incentivise key employees, for the transfer of 472,340 ordinary shares from his personal holding.
On 16 August 2006, Dr Derek Fairhead received an exercise notice from an employee regarding 21,277 ordinary shares, exercisable at 9.87 pence per share.
Further to this exercise Dr Derek Fairhead is interested in 8,800,936 ordinary shares being 31.78 per cent of the Companies issued share capital.
GETECH chairman buys 100,000 shares, raises stake to 2 pct.
LONDON (AFX) - GETECH Group PLC said its chairman Peter Stephens has bought 100,000 ordinary shares in the company for 38 pence each.
His total shareholding is now 542,718 shares, representing 2 pct of the company. newsdesk@afxnews.com rar
GETECH Group plc - Director Share Purchase
Director Share Purchase
GETECH Group Plc (GTC:AIM), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Peter Stephens, the Company's Chairman, purchased 100,000 ordinary shares of 0.25p each in the Company on 11 July 2006 at a price of 38p per share.
Peter Stephens' resultant shareholding is 542,718 ordinary shares of 0.25p, equivalent to 2 per cent of the Company's issued share capital.
GETECH chairman buys shares
LONDON (AFX) - GETECH Group plc, the oil services business specialising in the provision of exploration data and petroleum systems evaluations, said chairman Peter Stephens purchased 15,000 ordinary shares in the company on July 7 at 38 pence each. He now holds 442,718 ordinary shares, representing 1.6 pct. newsdesk@afxnews.com slm
GETECH Group plc - Director's Share Purchase
Director Share Purchase
GETECH Group Plc (GTC:AIM), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Peter Stephens, the Company's Chairman, purchased 15,000 ordinary shares of 0.25p each in the Company on 7 July 2006 at a price of 38p per share.
Peter Stephens' resultant shareholding is 442,718 ordinary shares of 0.25p, equivalent to 1.6 per cent of the Company's issued share capital.
GETECH Group plc - Notifiable Interest
Notifiable Interest
The Company received notification on 31 March 2006 that Merrill Lynch UK Emerging Companies Hedge Fund has a notifiable interest in the ordinary shares of the Company of 1,153,403 shares, being 4.16% of the current issued ordinary share capital of the Company.
GETECH Group plc - Notifiable Interest
Notifiable Interest
The Company received notification on 11 April 2006 that IP2IPO Group Plc, acting through its legal entity Techtran Group Limited, has a notifiable interest in the ordinary shares of the Company of 3,525,426 shares, being 12.73% of the current issued ordinary share capital of the Company.
Interim results
This news article is displayed preformatted as it may contain results tables
RNS Number:6161A
GETECH Group plc
30 March 2006
GETECH Group PLC
INTERIM RESULTS
Six month period to 31 January 2006
HIGHLIGHTS
* Turnover (for six months) #1,636,082
* Profit before tax #447,843
* Maiden dividend payment as a public company of 0.4 pence per share
* Continued expansion of the PSEG
* Sound profitability across the Group
* Significant number and size of sales to mining companies and smaller oil
companies
For further information, please contact:
Derek Fairhead, Managing Director, GETECH Group Plc 0113 343 5240
Colin Glass, Finance Director, GETECH Group Plc 07831 258494
Mark Dickenson, Rob Naylor, Teather & Greenwood 020 7426 9000
Kelly-Ann French, Buchanan Communications 07958 972164
www.getech.com
CHAIRMAN'S STATEMENT
I am pleased to report the inaugural results of GETECH Group PLC ("GETECH" or "
the Company"), the oil services business specialising in the provision and
interpretation of exploration data and petroleum systems evaluations, for the
six month period to 31 January 2006.
RESULTS
The Company reported a profit before tax of #447,843 (2005: #450,489) after
interest receivable of #59,121 (2005: #12,597) on a turnover of #1.636m (2005:
#1.993m). The post tax profit was #318,843 (2005: #360,489) giving earnings per
share of 1.25p (2005: 1.30p adjusted).
In the full year to 31 July 2005, prior to flotation, profit before tax was
#730,460 after interest receivable of #33,126 on a turnover of #3.482m. The
post tax profit was #534,140.
DIVIDEND
The company remains strongly capitalised and continues to generate cash from its
trading activities. I am delighted to report that your Board intends to pay an
interim dividend of 0.4 pence per share to shareholders registered on 7 April
2006, costing #110,769. The dividend will be paid on 5 May 2006.
BUSINESS REVIEW a substantial part of the Company turnover is made up of a
number of large contracts whose nature and timing cannot always be accurately
predicted. The results for the half year were achieved despite one major predicted
data sale not having taken place.
During the six-month period significant contracts were completed with US and
European based oil majors together with small to medium sized exploration
companies. This same period and the early part of the second half have also
seen above normal revenue from mining company contracts. This demand for our
data and services reflects high commodity prices and a greater willingness of
mining companies to spend on future projects/studies at such times.
GROUP ACTIVITIES
The Company's principal activities are:-
* Global Gravity and Magnetic Data Licensing
* Integrated Basin Interpretation Studies and Services
* Evaluating the Petroleum Systems within sedimentary basins
In providing our data licensing service over many years GETECH has compiled one
of the world's most extensive commercial libraries of gravity and magnetic data.
The first two activities contributed the majority of the Company's revenue in
the previous financial year. The third activity relates to the relatively new
and growing Petroleum System Evaluation Group ("PSEG") formed in 2004 and headed
by two of the top geoscientists in this field, Dr John Jacques and Dr Paul
Markwick. The PSEG provides oil companies with detailed insights into the key
source, reservoir and seal issues relating to hydrocarbon basins.
I am pleased to report that we have expanded the PSEG by recruiting an
additional four international geoscientists which we believe is quite an
achievement, given the scarcity of this resource. There is increasing interest
in PSEG services and our new employees will enable us to enhance the scope and
quantity of the work we can undertake. We expect the financial contribution from
the PSEG to increase in the next half.
During the period under review we announced that we had signed an exclusive
marketing agreement with the Geological Survey of China to market their
Geographical Information Systems ("GIS") based geological and geochemical data.
We have also made good progress with organisations in a number of countries with
regard to developing agreements that allow GETECH to acquire the right to market
their archived geophysical datasets in highly prospective frontier oil
exploration regions. We hope to be in a position to announce further progress
in this area later in the calendar year.
I can confirm that two significant interpretation research and development
studies have been commissioned. One study, with a duration of twelve months, is
already fully operational and the other, with a duration of two years, is
planned to commence in April with a workshop involving an invited panel of
international experts.
We expect the global state of the oil and mineral exploration industry to remain
buoyant for the foreseeable future on the back of the high prices of oil, gas
and minerals, and record profits of the major oil companies. There is an
apparent increasing interest from large and small oil and minerals exploration
companies for data and services from all around the world.
OUTLOOK
The Company's income remains largely dependent on a relatively modest number of
significant contracts. Current contracts and high levels of enquires, reflecting
increased exploration budgets within mining and petroleum companies, cause the
Board to be confident about the second half and thereafter.
Finally, on behalf of the Board, I would like to thank our employees for their
considerable efforts, dedication and commitment and our shareholders for their
support during this embryonic phase of our development as a publicly quoted
company on AIM.
PETER STEPHENS
Chairman
30 March 2006
FULL RESULTS BELOW
GETECH Group PLC
PROFIT AND LOSS ACCOUNT
for the six months ended 31 January 2006
Six months Six months Year
ended 31 ended 31 ended 31
January 2006 January 2005 July 2005
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
TURNOVER 1,636 1,993 3,482
Cost of sales ( 454 ) ( 761 ) ( 1,318 )
GROSS PROFIT 1,182 1,232 2,164
Operating expenses ( 793 ) ( 794 ) ( 1,467 )
OPERATING PROFIT 389 438 697
Interest receivable 59 13 33
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 448 451 730
Taxation ( 129 ) ( 90 ) ( 196 )
PROFIT RETAINED AND TRANSFERRED TO RESERVES 319 361 534
Basic earnings per share (p) 1.25 6.79 10.14
Diluted earnings per share (p) 1.25 6.79 10.14
GETECH Group PLC
BALANCE SHEET
31 January 2006
31 January 31 January 31 July
2006 2005 2005
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
FIXED ASSETS
Intangible assets 1 2 2
Tangible assets 61 34 34
62 36 36
CURRENT ASSETS
Debtors 927 777 645
Cash at bank and in hand 4,208 1,456 1,424
5,135 2,233 2,069
CREDITORS - amounts falling due within one year ( 1,503 ) ( 1,462 ) ( 1,210 )
NET CURRENT ASSETS 3,632 771 859
TOTAL ASSETS LESS CURRENT LIABILITIES 3,694 807 895
PROVISIONS FOR LIABILITIES - ( 6 ) -
NET ASSETS 3,694 801 895
CAPITAL AND RESERVES
Called up share capital 69 - -
Share premium account 2,461 - -
Profit and loss account 1,164 801 895
SHAREHOLDERS' FUNDS 3,694 801 895
GETECH Group PLC
CASH FLOW STATEMENT
for the six months ended 31 January 2006
Six months Six months Year
ended 31 ended 31 ended 31
January 2006 January 2005 July 2005
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
NET CASH INFLOW FROM OPERATING ACTIVITIES 297 704 781
RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE
Interest received 51 13 33
NET CASH INFLOW FROM RETURNS ON INVESTMENTS 51 13 33
AND SERVICING OF FINANCE
Taxation - 1 ( 33 )
CAPITAL EXPENDITURE
Purchase of tangible fixed assets ( 44 ) ( 11 ) ( 28 )
NET CASH OUTFLOW FROM CAPITAL EXPENDITURE ( 44 ) ( 11 ) ( 28 )
Equity dividends paid - ( 50 ) ( 50 )
NET CASH INFLOW BEFORE FINANCING 304 657 703
FINANCING
Issue of share capital 3,000 - -
Costs of share issue ( 520 ) - -
Redemption of shares - - ( 79 )
NET CASH INFLOW FROM FINANCING 2,480 - ( 79 )
INCREASE IN CASH 2,784 657 624
RECONCILIATION OF OPERATING PROFIT TO NET
CASH INFLOW FROM OPERATING ACTIVITIES
Operating profit 389 438 697
Depreciation 18 18 34
(Increase) in debtors ( 274 ) ( 427 ) ( 295 )
Increase in creditors 164 675 345
297 704 781
GETECH Group PLC
NOTES
1 The financial information does not constitute statutory accounts as defined in
section 240 Companies Act 1985. The figures for the year to 31 July 2005 have
been extracted from the unaudited financial statements of GETECH Group PLC
and its subsidiary, upon which the auditors were not required to report.
Statutory financial statements of GETECH Group PLC (formerly Geophysical
Exploration Technology Limited) for the year ended 31 July 2005 have been
filed with the Registrar of Companies.
2 The interim financial statements have been prepared on the same basis and using
the same accounting policies as used in the full financial statements for the
year ended 31 July 2005, except for the adoption of Financial Reporting
Standard 21 Events After the Balance Sheet Date, Financial Reporting Standard 22
Earnings Per Share, Financial Reporting Standard 25 Financial Instruments:
Disclosure and Presentation and Financial Reporting Standard 28 Corresponding
Amounts. The adoption of these standards does not Impact on the interim
financial statements as reported. The interim financial statements, which have
been neither audited nor reviewed by the Company's auditors, have been
approved by the Board.
3 Taxation has been provided at the estimated effective rate of 30% for the
year as a whole (2005: 30%).
4 Basic earnings per share is calculated on the basis of the profit for the period
after tax, divided by the weighted average of ordinary shares in issue in
the period (six months ended 31 January 2006: 25,477,232 year ended 31 July
2005: 5,268,403, and six months ended 31 January 2005: 5,320,000).
5 Diluted earnings per share is calculated on the basis of the profit for the
year after tax, divided by the weighted average number of shares in issue
plus the weighted average number of 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 2006 is
Nil, year ended 31 July 2005: Nil, and six months ended 31 January 2005: Nil.
6 Adjusted earnings per share is calculated as if all 27,692,307 shares in
issue at 31 January 2006 had been in issue for the whole of 2004 and 2005 to
date (six months ended 31 January 2006: 1.15, year ended 31 July 2005:1.93,
and six months ended 31 January 2005:1.30)
7 An interim dividend of 0.4p per share (2005: #Nil) has been recommended and
is payable on 5th May 2006 to members on the register at 7th April 2006.
8 The statement is being sent to the shareholders of the company and will be
available at the company's registered office at Convention House, St.Mary's
Street, Leeds, LS9 7DP.
GETECH Group plc - Notice of Results
GETECH Group Plc (AIM:GTC)
The Board of GETECH Group Plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that the Company's Interim Results for the six month period ended 31 January 2006, will be released on Thursday 30 March 2006.
GETECH Group plc - New Appointments to the PSEG
GETECH Group Plc
GETECH Strengthens Petroleum Systems Evaluation Group Team
GETECH Group Plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces the appointment of four specialist geologists to the Petroleum Systems Evaluation Group ("the Group").
These appointments were made as part of the continuing growth of the Group, which aims to reduce exploration risk through the application of innovative and traditional techniques in identifying international petroleum prospects. These techniques include the interpretation of regional tectonics, basin dynamics, Earth System modelling and palaeodrainage analysis.
Due to a consistent increase in demand for petroleum systems services, Dr. John Jacques, Senior Structural Geologist, has conducted a proactive recruitment campaign to identify key personnel within the areas of structural geology, petroleum systems geology and geochemistry. The newly appointed personnel, drawn from both academia and industry sources, will be integral to the Group's continued success.
Commenting on the agreement, Managing Director of GETECH, Professor Derek Fairhead said:
"As a result of our focused program, the number of petroleum systems personnel within GETECH has risen to nine, since the creation of the Group in August 2004. The additions of a Senior Geochemist, a Project Petroleum Geologist, a Structural Petroleum Geologist and Petroleum Geologist, with combined experience of over 50 years, will increase our offerings to the Company's blue chip, Exploration and Production client base.
These additions to the team are completely in line with our strategies to create a driving force in the oilfield service arena".
Notes to Editors
New Personnel Joining the Petroleum Systems Evaluation Group
James Armstrong, Senior Geochemist. James brings 25 years industry experience gleaned from working for a range of large and small oil companies including the respective national oil companies of Morocco, Libya, Algeria, Tunisia and Egypt. In addition, he was the lead geochemist on several appraisal wells drilled offshore China, and played an active role in a state sponsored study of the Arabian Peninsula. For GETECH, James will apply his practical knowledge to the 18 month 'South Atlantic Margin Study' currently under review by the Company.
Ruth Hoult, Project Petroleum Geologist. Prior to Ruth's appointment to the Company, she acted as Senior Seismic Interpreter and Hydrocarbons Geologist for the British Geological Survey. This role centered on the defining of untested prospects in the UKCS and the development of international hydrocarbon exploration contracts such as those pertinent to the North Falklands Basin.
Claudia Fintina, Structural Petroleum Geologist. Claudia will join GETECH bringing extensive knowledge of frontier exploration gathered from her previous role as Structural Petroleum Geologist for PDVSA (the National Oil Company of Venezuela). Claudia was involved with several studies focused on the evaluation of both onshore and offshore prospects in the Venezuelan basin.
Dr. Chaker Raddadi, Petroleum Geologist. Dr. Raddadi is an expert in carbonate depositional systems. His Post-Doctoral research, at the University of Montpellier (France), was financially supported by a major oil company.