StockMarketWire.com - Earth sciences and geospatial technology company Getech narrowed first-half losses as cost cuts offset a fall in revenue amid pandemic-led weakness in demand from oil and gas customers.

For the six months ended 30 June 2020, pre-tax losses were £561,000, compared with £598,000 year-on-year, while revenue fell to £2.1 million from £2.5 million.

Forward sales fell to £1.4 million from £1.6 million.

Monthly costs were reduced by 26% from 1 May 2020, with H1 total costs of £2.6 million, down from £3.2 million.

Getech's oil and gas customers reduced their 2020 total capital budgets by about 35%,' the company said.

'With important licence negotiations underway in H2 2020, as well as a number of tender submissions due to be announced before year-end, Getech is to date encouraged that its engagement continues to be rewarded with product licence and service contract success,' it added.






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