Interim Results
GETECH Group plc
31 March 2008
GETECH GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2008
Corporate statement
Founded in 1986, GETECH Group plc is a leading geoscience service company
providing gravity and magnetic data and petroleum systems interpretation
services to the oil and mining exploration industries. By making use of our
data products and services early in their programmes, exploration companies can
be more cost effective and focused in their decision making.
HIGHLIGHTS
• Turnover for six months: £2,235,000 (six months ended 31 January 2007:
£826,000).
• Profit before tax: £603,000 (six months ended 31 January 2007: loss £21,000).
• Interim dividend of 0.6p per share (2007: interim 0.4p, final 0.8p).
• Further licence of Arctic Shelf aeromagnetic data at a price close to
£900,000.
• Board strengthened by the appointment of R Wolfson as CEO and P Markwick as
Geological Director.
For further information, please contact:
GETECH Group plc
Derek Fairhead, Executive Chairman 0113 322 2200
Raymond Wolfson, Chief Executive 0113 322 2200
WH Ireland Limited
Richard Lindley 0113 394 6628
CHAIRMAN'S STATEMENT
I report the interim accounts of GETECH Group plc and its subsidiary company
(collectively 'GETECH'), the oil services business specialising in the provision
of data, studies and services to the oil and mining exploration sectors, for the
six month period to 31 January 2008.
Results
GETECH is pleased to report a group profit before tax of £603,630 (six months
ended 31 January 2007: loss of £21,214) after interest receivable of £32,267
(six months ended 31 January 2007: £91,940) on turnover of £2,235,275 (six
months ended 31 January 2007: £825,811). The post-tax profit was £413,897 (six
months ended 31 January 2007: profit of £23,786).
The accounts have been prepared under IFRS, and I am pleased to report that no
significant adjustments to the results were required.
Dividend
Your Board remains confident for the future and recommends an increased interim
dividend of 0.6p per share, costing £166,153, on 8 May 2008 to shareholders on
the register at 11 April 2008.
Business review
In line with our expectations, GETECH obtained a further order (total of two
orders to date) for the Russian Arctic Shelf Aeromagnetic data and this was
delivered and invoiced in December at a price close to £900,000.
Three major petroleum systems ('PSEG') studies will be completed in the current
financial year. Advance marketing of these and other new studies has resulted in
substantial pre-commitment orders from major oil companies, and we are confident
that this demonstrates the high regard in which our first set of completed
studies was held.
Overall, demand for the GETECH studies, services and data remains strong but we
continue to be dependent on the combination of a stream of modest sized orders
and the occasional very substantial order.
Outlook
Our reputation in the field of gravity and magnetic data and interpretation
studies continues to be excellent. The substantial level of pre-commitments to
our new studies gives us confidence that we have also established our
credibility in the field of petroleum systems studies. We regard this as the
first major step in broadening our presence in the market.
We now believe we are in a strong position to take forward various strands of
our strategy for medium term growth. We continue to nurture our international
relationships, particularly in Russia and China, and anticipate further
opportunities crystallising in the near future. We are enhancing our portfolio
of petroleum systems studies and we are actively examining various forms of
acquisition.
Whilst we are very pleased with the result to January 2008, the outcome for the
full financial year remains dependent on a number of significant contracts
coming to fruition.
The background of the strong oil price, the imperative to discover new reserves
and the pattern of purchases of GETECH's new and existing datasets and studies,
leads GETECH to view the coming months and years with confidence.
Peter Stephens
Chairman
28 March 2008
CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended 31 January 2008
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2008 2007 2007
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Revenue 2,235 826 3,561
Cost of sales (578) (124) (971)
Gross profit 1,657 702 2,590
Administrative costs (1,086) (815) (1,944 )
Operating profit/(loss) 571 (113) 646
Finance income 32 92 159
Profit/(loss) before tax 603 (21) 805
Income tax expense (189) 45 (183)
Profit for the period attributable
to equity holders of the parent 414 24 622
Earnings per share: p p p
Basic earnings per share 1.50 0.09 2.25
Diluted earnings per share 1.38 0.09 2.13
CONDENSED CONSOLIDATED STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSE
for the six months ended 31 January 2008
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2008 2007 2007
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Currency translation differences 1 - (22)
Net expense recognised directly in equity 1 - (22)
Profit for the period 414 24 622
Total recognised income and expense for the
period attributable to equity holders of the
parent 415 24 600
All activities relate to continuing operations.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
as at 31 January 2008
31 January 31 January 31 July
2008 2007 2007
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 2,805 46 2,800
Goodwill 1 1 1
Deferred tax assets - 60 60
2,806 107 2,861
Current assets
Inventories 344 300 193
Trade and other receivables 1,852 1,930 2,038
Other current assets 22 24 22
Cash and cash equivalents 1,589 3,806 921
3,807 6,060 3,174
Total assets 6,613 6,167 6,035
Liabilities
Current liabilities
Trade and other payables 1,906 2,001 1,422
Current tax payable 125 290 250
2,031 2,291 1,672
Total liabilities 2,031 2,291 1,672
Net assets 4,582 3,876 4,363
Equity
Equity attributable to shareholders of the
parent
Share capital 69 69 69
Share premium account 2,461 2,461 2,461
Share option reserve 105 58 79
Currency translation reserve (21) - (22)
Retained earnings 1,968 1,288 1,776
Total equity 4,582 3,876 4,363
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
for the six months ended 31 January 2008
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2008 2007 2007
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Cash flows from operating activities
Operating profit/(loss) 571 (113) 646
Adjustments for:
Cost of share option schemes 26 20 41
Depreciation charges 36 11 33
Exchange adjustments 1 - (20)
(Increase) in inventories (151) (133) (26)
Decrease/(increase) in debtors 186 (1,122) (1,230)
Decrease in investments - - 2
Increase in creditors 484 919 340
Cash generated from/(used in) operations 1,153 (418) (214)
Income taxes paid (254) - (268)
Net cash generated from/(used in)
operating activities 899 (418) (482)
Cash flows from investing activities
Purchase of property, plant and equipment (41) (20) (2,797)
Interest received 32 92 159
Net cash (used in)/generated from
investing activities (9) 72 (2,638)
Cash flows from financing activities
Dividends paid (222) (166) (277)
Net cash (used in)/generated from
financing activities (222) (166) (277)
Net increase/(decrease) in cash and cash
equivalents 668 (512) (3,397)
Cash and cash equivalents at beginning of
period 921 4,318 4,318
Cash and cash equivalents at end
of period 1,589 3,806 921
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2008
1 Nature of operations
The principal activity of GETECH Group plc and its subsidiary company
Geophysical Exploration Technology Inc (collectively 'GETECH' or 'the Group') is
the provision of exploration data and services, including gravity and magnetic
data and petroleum systems evaluations, to the oil and mineral industry.
2 General information
GETECH Group plc, a limited liability company, is the Group's ultimate parent
company. It is incorporated in England and Wales and domiciled in England (CRN:
2891368). The address of its registered office is Convention House, St. Mary's
Street, Leeds LS9 7DP. Its principal place of business is Kitson House, Elmete
Hall, Elmete Lane, Leeds LS8 2LJ. GETECH Group plc shares are admitted to
trading on the London Stock Exchange's AIM.
The financial information set out in this interim report does not constitute
statutory financial statements as defined in S240 of the Companies Act 1985. The
interim financial statements, which have been neither audited nor reviewed by
the Group's auditors, have been approved by the Board.
The Group's statutory financial statements for the year ended 31 July 2007,
prepared under UK GAAP, have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain a statement under S237(2) of the Companies Act 1985.
3 Basis of preparation
These condensed consolidated interim financial statements are for the six months
ended 31 January 2008. They have been prepared in accordance with the
requirements of IFRS 1 'First-time Adoption of International Financial Reporting
Standards' relevant to interim reports, because they are part of the period
covered by the Group's first IFRS financial statements for the year ended 31
July 2008. They do not include all of the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 July 2007.
These condensed consolidated interim financial statements have been prepared
under the historical cost convention.
These condensed consolidated interim financial statements (the interim financial
statements) have been prepared in accordance with the accounting policies set
out below. They are based on the recognition and measurement principles of IFRS
in issue as adopted by the European Union (EU) and which are, or are expected to
be, effective at 31 July 2008, the first annual reporting date at which the
Group is required to use IFRS accounting standards as adopted by the EU.
GETECH's consolidated financial statements were prepared in accordance with
United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice) until 31 July 2007. The date of transition to IFRS was 1
August 2006 and the comparative figures in respect of 2007 have been restated to
reflect changes in accounting policies as a result of adoption of IFRS. The
disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS
are given in the reconciliation schedules and are presented and explained in
note 6.
The accounting policies have been applied consistently throughout the Group for
the purpose of preparation of these condensed consolidated interim financial
statements.
4 Summary of accounting policies
4.1 Overall considerations
The Group has taken advantage of certain exemptions available under IFRS 1
'First-time Adoption of International Financial Reporting Standards'. The
exemptions are explained in Note 6.1.
The accounting policies that have been applied in the transitional balance sheet
at 1 August 2006 have also been applied throughout all periods presented in
these financial statements.
4.2 Basis of consolidation
The Group financial statements consolidate those of the Company and of its
subsidiary undertaking drawn up to 31 January 2008. A subsidiary is an entity
controlled by the Group. Control is achieved where the Group has the power to
govern the financial and operating policies of an entity so as to obtain
benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Amounts reported in
the financial statements of subsidiaries have been adjusted where necessary to
ensure consistency with the accounting policies adopted by the Group.
4.3 Revenue
Revenue is measured by reference to the fair value of consideration received or
receivable by the Group for goods supplied and services provided, excluding VAT
and comparable overseas taxes.
For sales of data and completed projects revenue is recognised on dispatch.
4.4 Long-term contracts and inventories
In respect of long-term contracts and contracts for on-going services, when the
outcome of the contract can be estimated reliably, revenue is recognised
according to the value of work done in the period, including estimates of
amounts not invoiced. Revenue in respect of long-term contracts and contracts
for on-going services is calculated on the basis of time spent on the project
and estimated work to completion. The outcome of a contract is deemed capable of
being estimated reliably when the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the economic benefit associated with the transaction
will flow to the entity;
• the stage of completion of the transaction at the balance sheet date can be
measured reliably and is estimated by reference to estimated time-cost to
completion; and
• the costs incurred for the transaction and the costs to completion can be
measured reliably.
Costs associated with long-term contracts are included in inventories to the
extent that they cannot be matched with contract work accounted for as revenue.
Long-term contract balances included in work in progress are stated at cost
after provision has been made for any foreseeable losses and the deduction of
applicable payments on account.
Full provision is made for losses on all contracts in the year in which the loss
is first foreseen.
In assessing the costs associated with projects that are long-term in nature, to
the extent these costs cannot be matched with signed agreements, the following
assumptions and estimates are made:
• at the commencement of each project an assumption is made concerning the
likely revenue from potential sales of that project. Regular impairment
reviews reconsider whether that revenue remains achievable; and
• costs are carried forward only to the extent that they do not exceed 90% of
expected revenue relevant to the stage of completion.
4.5 Foreign currency translation
The Group's financial statements are presented in Sterling (£) which is also the
functional currency of the parent company.
Where supplies are obtained or sales made on terms denominated in foreign
currency, such transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Any liability or
asset is reflected in the financial information at the rate of exchange ruling
at the balance sheet date or at the amount to be paid where currency purchase
arrangements have been made by the balance sheet date. Disparities between the
amount reflected in the financial information and the amount of Sterling
required to settle the liability are reflected in the reported results of the
subsequent period.
The assets and liabilities of the Group's foreign operations are translated
using exchange rates prevailing at the balance sheet date. Income and expense
items are translated at the average exchange rates for the period. Exchange
differences arising, if any, are classified as equity and recognised in the
Group's foreign currency translation reserve. Such exchange differences are
recognised in the profit or loss of the period in which the foreign operation is
disposed of.
The treatment of translation differences arising on consolidation of
subsidiaries following the transition to reporting under IFRS is set out in Note
6.1.
4.6 Employee benefits
Pension schemes
The Group operates defined contribution pension schemes. The assets of the
schemes are held separately from the Group in an independently administered
fund. The pension charge represents contributions payable by the Group to the
schemes.
Share options
Where share options are granted to employees a charge is made to the Group
income statement and a reserve created to record the fair value of the awards in
accordance with FRS 20 'Share-based Payment'. A charge is recognised in the
income statement in relation to share options granted based on the fair value
(the economic value) of the grant, measured at the grant date. The charge is
spread over the vesting period. The valuation methodology takes into account
future share price volatility, future risk-free interest rate, an estimate of
the earnings per share and exercise behaviour and is based on the Black-Scholes
method.
4.7 Research
Research expenditure is charged to the profit of the period in which it is
incurred.
4.8 Lease contracts
Operating leases exist where the lessee of a leased asset does not substantially
bear all the risks and rewards relating to the ownership of the asset. Economic
ownership of the leased asset is not transferred to the lessee. Payments made
under operating leases are charged to the income statement on a straight line
basis over the lease term.
4.9 Goodwill
Goodwill representing the excess of the cost of acquisition over the fair value
of the Group's share of the identifiable net assets acquired is capitalised and
reviewed annually for impairment. Goodwill is carried at cost less accumulated
impairment losses. Negative goodwill is recognised immediately after acquisition
in the income statement.
Goodwill written off to reserves prior to the date of transition to IFRS remains
in reserves. There is no reinstatement of goodwill that was amortised prior to
transition to IFRS.
4.10 Property, plant and equipment
Property, plant and equipment are carried at acquisition cost, net of
depreciation and any provision for impairment.
Depreciation is calculated to write down the cost less estimated residual value
of all property, plant and equipment by equal instalments over their estimated
useful economic lives:
Freehold property - 50 years
Plant and equipment - 3 years and 4 years
Material residual value and useful life estimates are updated as required, but
at least annually, whether or not the asset is revalued.
Freehold land is carried at acquisition cost. As no finite useful life for land
can be determined, related carrying amounts are not depreciated.
4.11 Accounting for financial assets
Financial assets are divided into the following categories:
• loans and receivables; and
• held to maturity investments.
Financial assets are assigned to the different categories by management on
initial recognition, depending on the purpose for which they were acquired. The
designation of financial assets is re-evaluated at every reporting date at which
a choice of classification or accounting treatment is available.
All financial assets are recognised when the Group becomes a party to the
contractual provisions of the instrument.
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Trade and other
receivables are classified as loans and receivables. Loans and receivables are
measured subsequent to initial recognition at amortised cost using the effective
interest rate method, less provision for impairment. Any change in their value
through impairment or reversal of impairment is recognised in the income
statement.
Provision against trade receivables is made when there is objective evidence
that the Group will not be able to collect all amounts due according to the
original terms of those receivables. The amount of the write-down is determined
as the difference between the asset's carrying value and the present value of
estimated future cash flows.
Held to maturity investments are non-derivative financial assets with fixed or
determinable payments and a fixed date of maturity where it is the intention of
the Directors to hold them until maturity. Held to maturity investments are
measured subsequent to initial recognition at amortised cost using the effective
interest method. If there is objective evidence that the investment has been
impaired, the financial asset is measured at the present value of estimated cash
flows. Any changes to the carrying value of the investment are recognised in the
income statement.
4.12 Income taxes
Current tax is the tax currently payable based on the taxable profit for the
year.
Deferred income taxes are calculated using the liability method on temporary
differences. Deferred tax is generally provided on the difference between the
carrying amounts of assets and liabilities and their tax bases. However,
deferred tax is not provided on the initial recognition of goodwill, nor on the
initial recognition of an asset or liability unless the related transaction is a
business combination or affects tax or accounting profit. Deferred tax on
temporary differences associated with shares in subsidiaries is not provided if
reversal of these temporary differences can be controlled by the Group and it is
probable that reversal will not occur in the foreseeable future. In addition,
tax losses available to be carried forward as well as other income tax credits
are assessed for recognition as deferred tax assets.
Deferred tax assets and liabilities are calculated in full, with no discounting.
Deferred tax assets are recognised to the extent that it is probable that the
underlying deductible temporary timing differences could be offset against
future taxable income. Current and deferred tax assets and liabilities are
calculated at tax rates that are expected to apply to their respective period of
realisation, provided they are enacted or substantively enacted at the balance
sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of
tax expense in the income statement, except where they relate to items that are
charged or credited directly to equity (such as the revaluation of land) in
which case the related deferred tax is also charged or credited directly to
equity.
4.13 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together
with other short-term, highly liquid investments that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of
changes in value.
4.14 Equity
Equity comprises the following:
• 'Share capital' represents the nominal value of equity shares;
• 'Share premium' represents the excess over nominal value of the fair value
of consideration received for equity shares, net of expenses of the share
issue;
• 'Capital redemption reserve' represents the nominal value of equity shares
redeemed;
• 'Share option reserve' represents the fair value of share options in
accordance with IFRS 2 'Share-based Payment';
• 'Currency translation reserve' represents the value of exchange differences
in translating the assets and liabilities of the foreign subsidiary; and
• 'Retained earnings' represents retained profits.
4.15 Dividends
Dividend distributions payable to equity shareholders are included in 'other
short-term financial liabilities' when dividends are approved in general
meetings prior to the balance sheet date.
4.16 Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and
are recognised when the Group becomes a party to the contractual agreements of
the instrument.
The Group's financial liabilities comprise trade and other payables which are
measured at amortised cost using the effective interest rate method.
A financial liability is derecognised only when the obligation is extinguished,
that is, when the obligation is discharged, cancelled or expires.
5 Capital management policies and procedures
The Group's capital management objectives are:
• to ensure the Group's ability to continue as a going concern; and
• to provide an adequate return to shareholders.
These objectives are maintained by pricing products and services commensurately
with the level of risk.
The Group's goal in capital management is to maintain capital with no borrowing.
There are no externally imposed capital requirements.
6 Effect of First-time Adoption of IFRS
6.1 Overall considerations
IFRS 1 'First-time Adoption of International Financial Reporting Standards' sets
out the procedures to be followed when IFRS is adopted for the first time. The
Group is required to determine its IFRS accounting policies and apply these
retrospectively to determine its transitional balance sheet under IFRS. The
Standard allows a number of exemptions to this general principle to assist
companies with their transition to reporting under IFRS.
The Group has chosen the following options:
• business combinations: business combinations prior to the transitional
balance sheet date, 1 August 2006, have not been restated; and
• translation differences arising on consolidation of subsidiaries: IAS 21
requires such differences to be held in a separate reserve, rather than
included in the profit and loss reserve as was the case under UK GAAP. This
reserve has been deemed to be £nil on 1 August 2006.
IFRS 7 'Financial Instruments: Disclosures', IAS 12 'Income Taxes' and IAS 21 '
The Effects of Changes in Foreign Exchange Rates' have been applied
retrospectively i.e. with amendments to the 2007 accounts and their
presentation. The 2007 comparatives contained in these financial statements
therefore differ from those published in the financial statements for the year
ended 31 July 2007 and the six months ended 31 January 2007.
IAS 39 'Financial Instruments: Recognition and Measurement' has been applied
retrospectively but there is no material effect on the comparative figures for
the year ended 31 July 2007 or the six months ended 31 January 2007 and these
have not been restated.
Other Standards or Interpretations relevant for IFRS financial statements did
not become effective during the current year.
Significant effects on current, prior and future periods arising from the
first-time application of the Standards listed above in respect of presentation,
recognition and measurement of the accounts are described in the following
notes. An overview of Standards and Interpretations that will become mandatory
for the Group in future periods is given in note 6.5.
6.2 Amendment of IAS 1 'Presentation of Financial Statements'
In accordance with the amendment of IAS 1 'Presentation of Financial
Statements', GETECH now reports on its capital management objectives, policies
and procedures in each annual financial report. The new disclosures that become
necessary due to this change in IAS 1 are set out in note 5.
6.3 Adoption of IAS 12 'Income tax'
In accordance with IAS 12 'Income Tax' the Group financial statements recognise
a deferred tax asset in respect of the losses of the US subsidiary company to
the extent they constitute a temporary timing difference.
6.4 Adoption of IAS 21 'The Effects of Changes in Foreign Exchange Rates'.
In accordance with IAS 21 'The Effects of Changes in Foreign Exchange Rates' the
financial statements account for translation differences in respect of the
assets and liabilities of the foreign subsidiary in a separate reserve within
equity.
6.5 Standards and Interpretations not yet applied by GETECH
The following Standards and Interpretations, which are yet to become mandatory,
have not been applied in the 2008 consolidated financial statements.
Effective for reporting
Standard or Interpretation periods starting on or after
IFRIC 13 Customer loyalty programmes 1 July 2008 No impact
IAS 23 Borrowing Costs (revised 2007) 1 January 2009 No impact
6.6 Effect on comparative figures
The effect of changes on profit, on equity and on other elements of the Group's
balance sheet at the opening balance sheet date for comparative figures, 1
August 2006, 31 January 2007 and 31 July 2007 are as follows:
Six months Year
ended ended
31 January 31 July
2007 2007
£'000 £'000
(Loss)/profit after taxation under UK GAAP (36) 562
IAS 12 60 60
Profit after taxation under IFRS 24 622
At 31 January At 31 July At 1 August
2007 2007 2006
£'000 £'000 £'000
Shareholders' funds under UK GAAP 3,816 4,303 3,998
IAS 12 60 60 60
Shareholders' funds under IFRS 3,876 4,363 4,058
Profit and loss account under UK GAAP 1,228 1,694 1,430
IAS 12 60 60 60
IAS 21 - 22 -
Retained earnings under IFRS 1,288 1,776 1,490
Deferred tax asset under UK GAAP - - -
IAS 12 60 60 60
Deferred tax asset under IFRS 60 60 60
Currency translation reserve under UK GAAP - - -
IAS 21 - (22) -
Currency translation reserve under IFRS - (22) -
Long-term financial assets under UK GAAP - - -
IFRS 7 - - 22
Long-term financial assets under IFRS - - 22
7 Taxation
Taxation has been provided at the estimated effective rate of 30% for the year
as a whole (2007: 30%) for UK operations. No taxation charge has been provided
for the US subsidiary as it has unused losses available for relief against
future profits.
Deferred taxation in the foreign subsidiary has been calculated at 40% (2007:
40%).
8 Dividends
Six months Six months Year
ended ended ended
31 January 31 January 31 July
2008 2007 2007
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Paid during the period
Final at 0.8p per share (2007: 0.6p) 222 166 166
Interim at 0.4p per share - - 111
222 166 277
Proposed after the period end (not recognised as a
liability):
Final at 0.8p per share - - 222
Interim at 0.6p per share (2007:0.4p) 166 111 -
The proposed dividend is payable on 8 May 2008 to members on the register at 11
April 2008.
9 Earnings per share
Basic earnings per share is calculated on the basis of the profit for the period
after tax, divided by the weighted average of ordinary shares in issue in the
period of 27,692,307 (2007: 27,692,307).
Diluted earnings per share is calculated on the basis of the profit for the year
after tax, divided by the weighted average number of shares in issue plus the
weighted average number of shares which would be issued if all options granted
were exercised. The addition to the weighted average number of ordinary shares
used in the calculation of diluted earnings per share for the six months ended
31 January 2008 is 2,372,346, six months ended 31 January 2007: nil, and year
ended 31 July 2007: 1,472,346.
10 Interim report
Copies of the interim report are being sent to shareholders and will be
available at GETECH's principal place of business at: Kitson House, Elmete Hall,
Elmete Lane, Leeds LS8 2LJ.
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