Business
Interim Report For Twelve Months End 31 July 2017
Interim Report For Twelve Months End 31 July 2017.
About this update from Getech Group Plc
[{"type":"text","content":"\n \nRNS Number : 0265V GETECH Group plc 31 October 2017 \n\nGetech Group plc\n(\"Getech\" or the \"Company\" and together with its subsidiaries the \"Group\")\nInterim report for the twelve months ending 31 July 2017\n(incorporating the interim report for the six months ending 31 July 2017)\n \nAs announced on 20 September 2017, Getech's Board has decided to move the Group's year-end and reporting Accounting Reference Date to 31 December. Due to this change, our reporting calendar will be as follows:\n· Unaudited interim results for the period ending 31 July 2017 will be published by 31 October 2017\n· Audited final results for the 17 months ended 31 December 2017 will be published by 28 February 2018\n· Thereafter unaudited interim results will be published within 3 months of 30 June and audited final results within 6 months of 31 December.\nThe following results are the unaudited interim results for the period ending 31 July 2017.\n \nChairman's Statement\nHighlights\n· Revenues of £7.7 million in the year to 31 July 2017 with an additional £0.8 million sales closed relating to future deliverables\n· Group year-end and reporting Accounting Reference date moved to 31 December\n· Strength in Products tempered by headwinds in geoscience services\n· 32% reduction in Group cash costs (like-for-like) but 11% expansion in product investment\n· Cash balance at 31 July 2017: £1.7 million (31 July 2016: £2.8 million); inclusive of £1.0 million temporary cash timing effect and £0.5 million of redundancy costs\n· Final acquisition payments made for ERCL and Exprodat totalling £0.5 million (2016: £0.2 million)\n· Underlying £1.9 million net operating cash inflow (2016: underlying £0.3 million net operating cash outflow)\n· Encouraging start to trading in the period beginning 1 August 2017\nIn the 12 months to 31 July 2017 the Getech Group enhanced its cash profitability and strengthened the commercial positioning of its Products and Services. This has been achieved under the leadership of a new management team; through a combination of cost control, customer engag...