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GETECH achieves positive cash flow and appoints new board members
Natural resource development company GETECH Group reported on Wednesday that it returned a to cash positive operating position over the 17 month period leading up to 31 December.
Revenue over the period was £10.9m, compared to the £7m achieved in the 12 months prior but the resource data company also recorded a pre-tax loss of £693,000, compared to a profit of £671,000 in the year before.
The loss can be partially attributed to one off restructuring costs of £487,000 which allowed Getech's integration of its Exprodat acquisition, a petroleum and geoscience support company.
Getech's net operating cash inflow was £2.1m pre-restructuring, compared to an outflow of £300,000 over the prior 12-month period.
Stuart Paton, chairman of Getech, said: "After a period of operational, cultural and organisational change, Getech has started 2018 with a better balance of skills, stronger leadership in our product and service teams, and an Executive Committee that is empowered to drive the Group's next phase of growth."
The company also announced the appointment of Andrew Liam Derbyshire as chief financial officer and Christopher Paul Jepps as chief operating officer with immediate effect.
Derbyshire has been the group's finance manager since 2014 and Jepps joined Getech from Exprodat, where he had been responsible for the development of geospatial software products, in 2016 at the time of the acquisition.
"With the Board's focus on governance and strategy it is key that we can access the wider range of skills necessary to review Getech's progress and positioning. The appointment of Andrew and Chris will enrich the Board's discussion and I am very pleased to welcome them both," said Paton.
As of 1613 GMT, GETECH Group's shares were up 9.26% at 29.50p.