Geoscience services company Getech Group PLC (LON:GTC) has reassured investors that it is on course to turn a profit for the year to July, despite trading below expectations in what it calls a “very depressed” market.
The problems in the oil and gas industry have been well documented in recent months, which have translated into a number of customers deferring or cancelling potential orders in the fourth quarter.
“The market has remained very depressed and clients in general continue to delay expenditure,” said non-executive chairman Stuart Paton.
“However, interest in our products remains strong, and this is reflected in the heavy schedule of planned client meetings over the next few months.”
Getech reported a loss before tax of £704,000 in the first half of the year blamed on an oil and gas sector rocked by low oil prices.
The company – which carried out surveys for oil and mining companies - enjoyed a decent period between February and April, before sales slumped again in this quarter.
But Getech is confident that with the oil price showing signs of improvement some of the interest currently will turn into firm orders when budgets become easier again.
Shares were down 0.8p, or 3%, to 26p.