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Parkmead Group marginally narrows H1 pretax loss

By BFN News | 07:46 AM | Friday 24 March, 2017

The Parkmead Group has marginally narrowed its H1 pretax loss to £4.5m, from a loss of £4.6m, although the underlying composition of that loss varied considerably between the periods. "I am pleased to report significant progress in the period to 31 December 2016," said executive chairman Tom Cross. "We have increased gas production from Parkmead's low-cost Netherlands portfolio through an onshore work programme, which has resulted in Parkmead moving into gross profit. This is an outstanding achievement for Parkmead at a time when global oil prices have remained low." Revenue was down more than half to £2.7m, from £6.99m. It made a gross profit of £672,000, versus a gross loss of £4.1m. Cost of sales totalled £2.0m, from £11.1m. In the just-finished period exploration and evaluation expenses totalled £2.4m, from £550,000. Administrative expenses were £2.4m, from a credit of £347,000. Looking ahead, Cross said Parkmead was well positioned to take advantage of the ongoing lower oil price and the opportunities that arose from this. "We have excellent regional expertise, significant cash resources, and a growing, low-cost gas portfolio. "The Group will continue to build upon the inherent value in its existing interests with a licensing and acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders." Story provided by

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