Getech Group plc (AIM:GTC) – an oil services business bucking the trend, too good to be true?
Interim results for the six months ending 31 January 2015 from the geoscience services business were positive but it was news on the same day of an acquisition that stole the headlines. Could little Getech really be one of the few services businesses addressing oil and gas markets that is bucking the gloom?
Revenue rose 16% to £3,619,000 and profit before tax was up over 200% to £707,000 (six months ended 31 January 2014: £233,000). Net cash generated from operations was a mighty £2.4m with free cash £1.745m. Attractive returns for a business with a market capitalisation of around £13m at the time!
However, despite the apparent good news management highlighted how the business has continued to be affected by difficult market conditions although there was also…
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