The Parkmead Group charges forward on annual results

The price of shares in AIM-listed independent energy firm The Parkmead Group (LON:PMG) has climbed by 7.32% to 41.85p (as of 13:45 GMT) after it reported an 18% rise in revenues for the year ended 30th June. The company’s gross profits were up by 41% and the firm posted a profit before tax compared a loss last year.

Executive chairman Tom Cross commented: “I am pleased to report an excellent year of progress for Parkmead. The Group has increased revenue to £8.3 million and delivered major growth in cash flow and operating profit. This is an outstanding achievement for Parkmead and creates a strong foundation from which to continue its momentum.

“We have achieved important milestones on the valuable Platypus gas project. The innovative subsea tie-back plan reduces the cost of the project significantly. The Platypus project has the potential to open up further development upside in this prolific area of the Southern North Sea, in which Parkmead holds additional appraisal and exploration interests.

“Through a strategic acquisition, we have begun looking at a number of renewable energy opportunities. Renewable energy is directly in line with Parkmead’s business plan, broadening and enhancing the Group’s energy asset base.

“The team at Parkmead continues to work intensively to evaluate and execute further value-adding opportunities which could provide additional upside to the Group.

“Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, significant cash resources, and a growing portfolio of high-quality assets. The Group will continue to build upon the inherent value in its existing interests with a balanced, acquisition-led, growth strategy securing opportunities that maximise long-term value for our shareholders“.