- Getech Group swung to an annual profit as its product division delivered significant growth offsetting ongoing challenges in its service division, but the company said customers remained cautious over the early release of spending budgets.

For the 12 months ended 31 December 2018, the company delivered pre-tax profits of £0.225m compared to a year-earlier loss of £0.693m. Revenue rose 11% to £0.8m, with its products division growing revenue by 24%, but its service division revenue fell 22% amid challenging market conditions.

Looking ahead, the company said it considered the conditions and need for upstream investment had strengthened. But admitted that against the backdrop of a lengthening of the sales cycle that emerged in Q4 2018 had persisted into 2019, the 'directors believe that customers remain cautious over the early release of their exploration and new business budgets.'

At 9:51am: [LON:GTC] GETECH Group PLC share price was 0p at 30p

Story provided by