Business
Audited Final Results
Audited Final Results.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n Parkmead Group (The) PLC\n30 November 2007\n\nFriday 30 November 2007\n\n\n\n\n\n\n\n THE PARKMEAD GROUP PLC ('Parkmead' or the 'Group')\n\n\n\n Audited results for the 12 months ended 30 June 2007\n\n\n\nThe Parkmead Group plc (PMG) today announces its audited results for the year\nended 30 June 2007.\n\n\n\nThe Group's preliminary results were announced on 27 September 2007, however,\nthe sale of Quayside Corporate Services Limited, announced 8 November 2007, gave\nrise to a subsequent adjusting event. As a result of this the Group has amended\nits results as follows:\n\n • the Group's investment in Quayside has been revalued by £0.5 million from\n £2.7 million to £2.2 million; and,\n • further provisions of £0.2 million for bad debts have been made given the\n continued uncertainty in the distressed company debt markets.\n\n\n\nThe Group's Annual Report for the year ended 30 June 2007 was posted to\nshareholders today.\n\n\n\nFinancial highlights\n\n\n\n • Further progress in returning toward profitability with £0.4 million loss\n after tax and minority interest (2006: loss £6.4 million restated)\n\n\n\n • Cash balances increased by 106% from £6.2 million to £12.8 million\n\n\n\n • Debt free balance sheet\n\n\n\n • Successful sale of the Group's technology based former trading\n subsidiaries and certain other technology investments\n\n\n\n • Loss per share 0.11 pence (2006: Loss per share 3.71 pence, restated)\n\n\n\nCommenting on the results, Colin Goodall, Chairman of The Parkmead Group plc,\nsaid:\n\n\n\n'We have successfully restructured the Group and have made further progress in\nreturning towards profitability. Our balance sheet has been strengthened though\nthe successful exit from our former technology portfolio; as at the year end the\nGroup had £12.8 million in cash and no debt. The Group will now focus on the\nenergy sector; providing corporate finance services and making principal\ninvestments. I look forward to the continued development of the Group over the\ncoming year. '\n\n\n\nFor further information:\n\nThe Parkmead Group plc 020 7494 5770\nNiall Doran CEO\nGordon Ashworth, CFO\n\nMadano Partnership 0207 593 4000\nMatthew Moth\n\nCharles Stanley Securities (Nominated Adviser) 0207 149 6482\nRick Thompson / Henry Fitzgerald-O'Connor\n\n\n\n\nCHAIRMAN'S STATEMENT\n\n\n\nDevelopment o...