StockMarketWire.com - Getech Group swung to an annual loss as revenue fell by nearly a quarter amid contract delays.

The company also said it expected that performance would likely be more second-half weighted.

For 2019, pre-tax loss of £3.1m compared with profit of 250K on-year as revenue fell 24% to £6m.

The drop revenue was blamed on several 'substantial' transactions that did not close as expected at the year-end.

Performance had steadied in the new fiscal year, as oil prices rebounded, the company said.

'The current business environment is challenging but Q1 2020 revenue, new sales and profitability were all ahead of Q1 2019, and year-to-date there have been no negative orderbook revisions,' the company said.

'We expect May's sharp rebound in oil prices, which has continued into June, to take time to filter through to our customer conversations. Getech's revenue is normally weighted 40:60 between H1 and H2 and there is the likelihood this weighting becomes accentuated into H2 in 2020,' it added.


At 8:10am: [LON:GTC] GETECH Group PLC share price was +1.3p at 19.3p



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