Preliminary Results

GETECH Group plc
31 October 2007

31 October 2007



GETECH Group Plc

Preliminary Results
For the year ended 31 July 2007

Highlights

•         Turnover for the year £3,561,159 (2006: £3,228,573).

•         Profit before tax £805,399 (2006: £972,013).

•         Proposed final dividend of 0.8p per share, a total of 1.2p for the
          year.

•         £1 million sale of newly obtained Russian Arctic magnetic data.

•         Significant sales of and pre-commitments for PSEG studies.

•         Purchase of and relocation to larger premises at Elmete Hall.


FOR FURTHER INFORMATION, PLEASE CONTACT

Derek Fairhead, Managing Director (Executive Chairman from 5 November 2007),
GETECH Group plc 0113 322 2200

Raymond Wolfson, Non-Executive Director (Chief Executive Officer from 5 November
2007), GETECH Group plc 0113 322 2200

Thilo Hoffmann/Sebastian Jones, Landsbanki Securities (UK) Limited 0207 426 9000




www.getech.com




Chairman's statement

I am pleased to report the second full year results since its Admission to AIM
of GETECH Group plc ('the Company' or 'GETECH') for the period to 31 July 2007.
GETECH is in the oil services sector, specialising in the licensing and
interpretation of gravity and magnetic data, undertaking proprietary geophysical
service work and the evaluation of petroleum systems.

Results

The Company, including its US subsidiary, reported a profit before tax of
£805,399 (2006: £1,010,013; restated: £972,013) after interest receivable of
£158,946 (2006: £140,124) on a turnover of £3,561,159 (2006: £3,228,573). The
post-tax profit was £562,431 (2006: £733,560; restated £695,560) giving earnings
per share of 2.03p (2006: £2.65p; restated 2.62p).

Dividends

The Company is pleased to announce a final dividend of 0.8p to make 1.2p for the
 year, subject to shareholder approval at the Annual General Meeting on 29
November 2007. This will be paid to shareholders on the register on 9 November
2007. It will cost £221,538 in total and be payable on 7 December 2007. This
dividend payment is in line with GETECH's commitment to a progressive dividend
policy.

Business review

The year resulted in good progress in all areas of operation.

In particular, after prolonged negotiation, the Company acquired the rights to
market a large and valuable aeromagnetic data set over the Arctic region. This
was licensed once in the year under review to an oil major and discussions
regarding further licences are underway. Sales of archive gravity and magnetic
data have continued to provide substantial revenue.

Dr Paul Markwick assumed responsibility for the Petroleum Systems Evaluation
Group ('PSEG') in September 2006. Under his leadership PSEG is growing rapidly
and has begun to realise its potential. Dr Markwick and his team have now
completed three non-exclusive studies and a further four are scheduled to be
completed in the first half of 2008. The completed studies have been well
received, especially the East Vietnam study, which has already been sold to
eight customers. These studies are providing valuable information to companies
undertaking bids for oil exploration blocks.

Management

As previously announced Raymond Wolfson takes up his appointment as Chief
Executive Officer on 5 November moving from his current position as
Non-executive Director. Mr Wolfson has been involved with the Company since its
inception and the Board is extremely pleased that he has agreed to take on this
key role.

Dr Derek Fairhead will become Executive Chairman and will concentrate on his
role of acquiring new data and clients, and building and maintaining links
within the oil industry, which he has done so successfully to date. I remain as
Non-executive Chairman.

Following the year end it was announced that Dr Chris Green had resigned from
the Board in order to undertake a period of study at the University of Leeds to
gain additional skills. We are pleased that Dr Green will remain in a part-time
position with the Company.

The Board would like to thank Dr Green for his very significant contribution to
GETECH since its inception and for agreeing to work with the Company through his
period of study.

We are also delighted to welcome Dr Paul Markwick's appointment to the Board as
Geological Director. Since taking on the management of PSEG, Dr Markwick has
demonstrated a strong all-round ability in addition to his technical skills, and
this has been exemplified by the successful development of the PSEG under his
management. We are confident that this appointment will add value to the Board
and assist the Company in developing and implementing its strategies for growth.



Premises

In January 2007 the Company moved into Kitson House and Nicholson House,
Elmete Hall in Leeds which has provided a secure, comfortable working
environment with ample room for expansion.

Acquisitions

We recognise the importance of growing the Company, both organically and by
acquisition. A number of possible acquisition targets have been examined by your
Board but, as yet, no suitable fit has been found.

Outlook

Your Board is very pleased with the progress in all of GETECH's areas of
activity and looks forward to the future with confidence.

GETECH is extremely fortunate to have a dedicated team of employees whom I would
like to thank for their commitment and hard work.

Peter Stephens

Non-Executive Chairman




Operating review

I am pleased to report that, in its second year as a publicly quoted company,
GETECH Group plc ('the Company' or 'GETECH'), returned a pre-tax profit of
£805,399 (2006: £1,010,013; restated £972,013) for the year ended 31 July 2007.

BUSINESS SETTING

Hydrocarbon exploration is continuing to experience significant investment due
to strong global demand for oil and gas, high commodity prices and the need for
companies to replace their depleting reserves. These factors have resulted in
exploration companies searching more widely for new resources and, consequently,
many companies are entering countries for the first time. Our global products
and services provide these companies with the grounding they require in a cost
effective manner and in a way that will help them reduce their exploration risk.

GETECH's products and interpretational services have been developed over 20
years, in which time the Company has compiled one of the world's most extensive
global gravity and magnetic databases. These data enable remote and non-invasive
imaging of subsurface geological structures, which can be detected by their
spatial changes in rock density (gravity) and rock magnetisation (magnetic).
Qualitative and quantitative analysis of these data enable the three-dimensional
mapping of tectonic structures, and the determination of the shape and evolution
of sedimentary basins. The Petroleum Systems Evaluation Group ('PSEG') uses this
geophysical expertise, together with geological data, and innovative methods, to
assess the hydrocarbon potential of basins. Oil and mining companies license our
 data and reports when they are evaluating new exploration areas
and/or when they wish to expand their current exploration activities into
neighbouring regions.

COMPANY HISTORY

GETECH has its origins as a research group at the University of Leeds,
Department of Earth Sciences, which in 1986 initiated the compilation of gravity
data for the continent of Africa supported by a group of international oil and
mining company sponsors. In 1996, the Company opened an office in Houston,
Texas. In 2000, GETECH spun-out from the University of Leeds as a private
company (Geophysical Exploration Technology Limited), and subsequent business
success resulted in the flotation of the Company on AIM in September 2005 with a
 name change to GETECH Group plc. GETECH was the first spin-out company from the
 University of Leeds to float on AIM.

BUSINESS ACTIVITY

GETECH's business can be described as:

•         Licensing global gravity and magnetic data to oil and mineral
          companies;

•         Undertaking proprietary geophysical service work; and

•         Evaluating the structure and petroleum systems of hydrocarbon basins.

The first two elements have traditionally contributed and continue to
contribute, the majority of the Company's revenue. During the year we made a
sale of our global gravity database, to Malaysia's state oil company Petronas.
We commenced exclusive marketing of aeromagnetic data over the Russian Arctic
Shelf and Deep Arctic regions. The Company achieved one full sale, of over £1
million, of the data to a major international oil company. We are confident that
the current year will bring further sales of these data sets. Smaller sales of
our archive continental-scale compilations were steady throughout the year,
which again we expect to maintain during the coming twelve months.

Proprietary service work during the year included the re-processing of over 100
marine and airborne gravity and magnetic surveys along the coast of West Africa,
and the securing of a major contract to process circa 150,000km of marine
gravity and magnetic data in Southeast Asia, which will continue until early
2008.

Our Curie Point Research and Development study commissioned by Shell continues
into its second year, and we hope that 2008 will see the first revenue from our
Chinese geological and geochemical database marketing agreement.

The third element relates to the PSEG which was formed in 2004 and provides oil
companies with detailed insights into the key source, reservoir and seal issues
relating to hydrocarbon basins. During the year the PSEG team has almost doubled
in size and experienced significant sales success towards the end of our
financial year with multiple sales of its East Vietnam and Gulf of Thailand
studies. The PSEG's success has been its ability to integrate and analyse
geological and geophysical data using Geographic Information System ('GIS')
technology to generate non-exclusive frontier exploration studies that can be
re-sold many times.

In November 2006 GETECH was delighted to be short-listed, and subsequently
awarded with The Yorkshire Post Annual Excellence In Business Award for '
University Spin-Out Company of the Year'.

THE FUTURE

The move into our freehold premises of Kitson House and Nicholson House, that
form the major part of Elmete Hall, to the north-east of Leeds city centre,
provides us with the ability to expand within a single site for the foreseeable
future under enhanced working conditions for our growing team.

With a sustained high oil price, our prognosis for the current year is for
continued growth of the PSEG due to further and wider acceptance of its
petroleum systems studies within the industry. Data sales to both oil and mining
companies should remain strong on the back of strong commodity prices.
Discussions are well advanced with organisations in many countries to allow us
to increase our data holdings, especially over key exploration areas where
clients have expressed strong interest in obtaining data.

Following the sales success of our Southeast Asian PSEG studies, we have secured
significant pre-commitment of our new South Vietnam study. We believe this
underwriting, together with a third sponsor of our Circum Arctic study,
confirmed in the current year, will ensure a good future for the PSEG Group
through 2008.

BOARD CHANGES

Since the year end, GETECH announced that Chris Green had relinquished his
position on the Board to undertake a period of study at the University of Leeds.
I have worked with Chris for many years and his contribution to the Company has
been invaluable. Therefore I am delighted that he has agreed to work with the
Company on a part-time basis throughout his period of study so that we can
continue to benefit from his expertise.

I am also delighted to welcome Paul Markwick to the Board as Geological
Director. Paul has done an excellent job leading PSEG and I am confident he will
prove a valuable addition to the Board.

Finally, I look forward to working more closely with Raymond Wolfson, whom I
have known for over 15 years. In his new position as Chief Executive Officer,
his wealth of commercial experience will be a great asset to the Company as it
moves forward to an exciting future. The changes to the Board will allow me, in
my new role of Executive Chairman, to concentrate on the acquiring of new data
and clients as well as continuing to build and maintain links within the oil
industry.

PROFESSOR J DEREK FAIRHEAD

MANAGING DIRECTOR


Consolidated profit and loss account

For the year ended 31 July 2007
                                                                                         2007          2006
                                                                                                 (restated)
                                                                                            £             £
Turnover - continuing activities                                                    3,561,159     3,228,573
Cost of sales                                                                       (970,532)     (783,875)
Gross profit                                                                        2,590,627     2,444,698
Distribution costs                                                                          -         (870)
Administrative expenses                                                           (1,944,174)   (1,611,910)
Operating profit - continuing activities                                              646,453       831,918
Interest receivable                                                                   158,946       140,124
Interest payable                                                                            -          (29)
Profit on ordinary activities before taxation                                         805,399       972,013
Tax on profit on ordinary activities                                                (242,968)     (276,453)
Profit on ordinary activities after taxation                                          562,431       695,560

Basic earnings per share                                                                2.03p         2.62p
Diluted earnings per share                                                              2.03p         2.62p


Statement of total recognised gains and losses

for the year ended 31 July 2007

                                                                                        2007          2006
                                                                                                (restated)
                                                                                           £             £
Profit for the year and total recognised gains and losses                            562,431       695,560
relating to the year
Exchange rate adjustment                                                            (21,771)             -
Total gains and losses recognised since last annual report                           540,660       695,560




The statement of total recognised gains and losses for the year ended 31 July
2006 was restated in 2007 for the adoption of FRS 20.

All the Group's activities are classed as continuing for the period.


Consolidated balance sheet

As at 31 July 2007
                                                               2007                      2006
                                                                                      (restated)
                                                          £             £            £            £
Fixed assets
Intangible assets                                                   1,054                     1,415
Tangible assets                                                 2,800,587                    37,907
                                                                2,801,641                    39,322
Current assets
Stocks                                              192,592                    166,504
Debtors                                           2,038,124                    807,905
Investments                                          21,941                     23,880
Cash at bank and in hand                            920,681                  4,317,913
                                                  3,173,338                  5,316,202
Creditors - amounts falling due within one        1,671,853                  1,357,135
year
Net current assets                                              1,501,485                 3,959,067
Total assets less current liabilities                           4,303,126                 3,998,389
Representing:
Capital and reserves
Called up share capital                                            69,231                    69,231
Share premium account                                           2,460,927                 2,460,927
Capital redemption reserve                                              6                         6
Share option reserve                                               79,000                    38,000
Profit and loss account                                         1,693,962                 1,430,225
Shareholders' funds                                             4,303,126                 3,998,389





Consolidated cash flow statement

For the year ended 31 July 2007


                                                                    2007                          2006
                                                                £            £               £            £
Net cash (outflow)/inflow from operating                             (214,209)                      653,496
activities
Returns on investments and servicing of
finance
Interest received                                         158,946                      140,124
Interest paid                                                   -                         (29)
                                                                       158,946                      140,095
Taxation - corporation tax paid                                      (267,968)                    (222,453)
Capital expenditure and financial
investment
Payments to acquire tangible fixed assets             (2,797,078)                     (46,317)
                                                                   (2,797,078)                     (46,317)
Equity dividends paid                                                (276,923)                    (110,769)
Net cash (outflow)/inflow before use of                            (3,397,232)                      414,052
liquid resources and financing
Financing
Issue of share capital                                          -                    3,000,000
Costs of share issue                                            -                    (519,842)
                                                                             -                    2,480,158
(Decrease)/increase in cash in the year                            (3,397,232)                    2,894,210



The above financial information does not constitute statutory accounts for the
year ended 31 July 2007 or 2006. Statutory accounts for the year ended 31 July
2006 have been delivered to the Registrar of Companies.



The auditors have reported on the year ended 31 July 2007 financial statements
and their report was unqualified and did not contain a statement under Section
237 (2) or (3). The statutory accounts for the year ended 31 July 2007 will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.




EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of the profit for the year
after tax, divided by the weighted average number of the ordinary shares in
issue in the year.



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 which would be
issued if all options granted were exercised.



All options were anti-dilutive at 31 July 2007.



Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:


                                            2007                                  2006
                                            Weighted                             Weighted
                                             average                              average   Per share
                                           number of   Per share     Earnings   number of      amount
                               Earnings       shares      amount   (restated)      shares  (restated)
                                      £                                     £
Profit attributable to          562,431                               695,560
shareholders
Basic earnings per share
Earnings attributable to        562,431   27,692,307       2.03p      695,560  26,575,666       2.62p
ordinary shareholders



DIVIDENDS
                                                                                          2007         2006
                                                                                             £            £
Paid during the year:
Final dividend in respect of the year ended 31 July 2006 at 0.6p per share             166,154            -
(2006: Nil)
Interim dividend at 0.4p per share (2006: 0.4p)                                        110,769      110,769
                                                                                       276,923      110,769
Proposed after the year end (not recognised as a liability):
Final dividend in respect of the year ended 31 July 2007 at 0.8p per share             221,538      166,154
(2006: 0.6p)



INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

The Group will be required to report under IFRS for the year ending 31 July 2008
and continues to plan for adoption and implementation.



This report will be available at the Company's registered office: Convention
House, St Mary's Street, Leeds, LS9 7DP.  This report will also be made
available on the Company's website www.getech.com.


                      This information is provided by RNS
            The company news service from the London Stock Exchange