Getech cut monthly costs by 26% and said it is well-positioned to navigate further deterioration of the markets
PLC () said it continued to close new sales, without negative order book revisions, despite the recent volatility in the oil industry.
The geosciences firm noted that oil companies cut US$178bn from their budgets, including a 35% reduction in capital expenditure, following the recent oil price plunge.
Getech cut monthly costs by 26% and said it is well-positioned to navigate further deterioration of the markets.
In the year to December 31, revenue fell 24% to £6mln because several transactions did not close in 2019 as expected.
The previous year £225,000 profit swung to a £3mln loss before tax because of a non-cash £3mln write-down related to the acquisition of upstream oil and gas consultancy ERCL.
Net cash at year-end was £2.7mln.
Shares rose 6% to 19.01p early on Friday.
Read More: Getech Group PLC continues to close new sales despite oil price volatility