Business
Final Results for 17 months end 31 December 2017
Final Results for 17 months end 31 December 2017.
About this update from Getech Group Plc
[{"type":"text","content":"\n \nRNS Number : 1564G GETECH Group plc 28 February 2018 \n\n \nGetech Group plc\n(\"Getech\" or the \"Company\" and with its subsidiaries the \"Group\")\nFinal Results for the 17 months ended 31 December 2017\n \nThe Getech Group (AIM; GTC) announces its final results for the 17 months ended 31 December 2017.\nChairman's and Chief Executive's Review\n· Revenues of £10.9 million in the 17 months to 31 December 2017\n· 32% reduction in Group cash costs (like-for-like)\n· Adjusted profit after tax: £0.9 million (FY 2016: £0.3 million)\n· Net operating cash inflow, pre-restructuring £2.1 million (FY 2016: 0.3 million outflow)\n· Net cash increase pre-restructuring of £0.1 million (FY 2016: £2.0 million net cash decrease)\n· Cash balance at 31 December 2017: £2.4 million (31 July 2016: £2.8 million); after £0.5 million restructuring costs, £0.5 million of M&A payments and £0.3 million debt repayments\n· Investment environment strengthening with notable potential upside from an expanded portfolio of data\nGetech provides geoscience and geospatial products and services that companies and governments use to de-risk their exploration programmes and improve their management of natural resources.\nUnder the leadership of a new CEO and senior management team, in the 17-month accounting period to 31 December 2017 (referred to as AP 2017[1]) we integrated the acquisition of Exprodat, rebased costs, strengthened our commercial offering, and repositioned Getech's operational and financial strategy.\nThis strategy places our data, software and information products at the heart of our business. We target high-margin, repeat revenue growth and we are reshaping our services to more clearly leverage our products and geoscience-geospatial skills. This strategic formula has already helped us to cross-sell our products and services, enter new sectors, and access rich seams of new data with significant 2018 revenue potential.\nA smaller cost base, which is largely fixed in nature, leaves our cash flow with significant leverage to growth. We are also de-risking our profits through greater capital discipline, a focus on our customers' needs and improved operational del...