Business
Interim Results for six months ended 31 Dec 2018
Interim Results for six months ended 31 Dec 2018.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 4467U Parkmead Group (The) PLC 29 March 2019 \n\n29 March 2019\n \nThe Parkmead Group plc \n(\"Parkmead\", \"the Company\" or \"the Group\") \n \nInterim Results for the six-month period ended 31 December 2018\n \nParkmead, the UK and Netherlands-focused group, with four business areas, is pleased to report its interim results for the six-month period ended 31 December 2018. \n \nHIGHLIGHTS \n \nMajor growth in revenue and profits\n \n· Revenue increased by 95% to £5.3 million (2017: £2.7 million)\n· Gross profit more than doubled for the period to £3.8 million (2017: £1.4 million), an increase of 181% \n· Net profit for the period of £2.2 million (2017: £4.5 million loss)\n· Interim earnings per share of 2.23 pence (2017: loss per share of 4.57 pence)\n· Parkmead is cash flow positive on an operating basis \n· Strong total asset base of £79.9 million at 31 December 2018 (2017: £75.8 million)\n· Well capitalised, with cash balances of US$30.1 million (£23.6 million) as at 31 December 2018 (2017: £24.4 million)\n· £6.2 million received post period-end from sale of the Group's stake in Faroe Petroleum plc\n· Maintained strict financial discipline\n· Debt free\n· Low-cost Netherlands gas production, plus benchmarking & economics consultancy, provides positive cash flow to Parkmead\n \nStrong gas production achieved; multiple new opportunities identified\n \n· Average gross production at Diever West for the six-month period was 48.1 million cubic feet per day (\"MMscfd\"), approximately 8,293 barrels of oil equivalent per day (\"boepd\"), a 54% increase on the average gross production for the six-month period ended 31 December 2017 of 31.2 MMscfd\n· A change in production tubing successfully completed, leading to increased deliverability\n· Excellent regional gas prices in the Netherlands during the period \n· Numerous exploration o...