Getech (LON:GTC) boasted it will show “very significant year on year improvement” when it reports figures for the year to July.
In a trading update, the company said pre-tax profits for the year are expected to double to £2mln with a 29% rise in revenues to £8.5mln.
The gravity and magnetic survey specialist, which helps oil and mining companies find new areas to explore, said the strong performance was particularly pleasing in difficult market conditions.
Getech also noted that it signed three major contracts with national oil companies (NOCs) during the year to July, but only the contract with Angola group Sonangol generated income over the period.
Stuart Paton, non-executive chairman, said: “In market conditions as difficult as these, we are delighted with the performance for the year and the resilience that this demonstrates to market volatility.”
The company had been working to reduce its exposure to volatility in the market, focusing on multi-year contracts with NOCs.
“I am particularly pleased that we have achieved this [the results] while two of the three new NOC contracts we announced during the year are still to start generating income” Paton said.
The company said it anticipates that all three clients will generate “significant income” in the coming year.
In May, it bought ERCL, a Henley based consultancy firm, and Getech said the integration of the company has already added to profits.
Shares have gained 10% so far this year and were 8.6% higher today to 50.5p.