Business
Interim Results for six-months ended 31 Dec 2021
Interim Results for six-months ended 31 Dec 2021.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9867F\n Parkmead Group (The) PLC\n 25 March 2022\n \n \n \n \n 25 March 2022\n \n \n \n \n \n The Parkmead Group plc \n \n \n (\"Parkmead\", \"the Company\" or \"the Group\") \n \n \n \n \n \n Interim Results for the six-month period ended 31 December 2021\n \n \n \n \n \n Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to report its interim results for the six-month period ended 31 December 2021. \n \n \n \n \n \n HIGHLIGHTS \n \n \n \n \n \n Revenue tripled, gross profit up 389% and profits recorded at operating and pre-tax levels\n \n \n \n \n \n · \n Revenue tripled to £4.6 million for the period (2020: £1.5 million) as the Company benefited from the continued increase in gas prices\n \n \n · \n Gross profit increased by 389% to £3.8 million (2020: £0.8 million), demonstrating the high-quality nature of Parkmead's onshore Netherlands assets and strong operating leverage\n \n \n · \n Gross profit margin increased to 82% (2020: 50%)\n \n \n · \n Operating profit achieved of £1.9 million (2020: £1.1 million loss) or 1.7p on a per share basis\n \n \n · \n Profit before tax of £1.3 million (2020: £1.4 million loss)\n \n \n · \n Well capitalised, with cash balances of US$32.2 million (£24.1 million) as at 31 December 2021, equivalent to 22.1 pence per share\n \n \n · \n Net cash generated from operating activities of £1.7 million (2020: £0.3 million used in operating activities)\n \n \n · \n Total assets of £80.5 million at 31 December 2021 (2020: £86.8 million)\n \n \n · \n The strong recovery in gas prices continued during the period with prices in June 2021 of around €25/MWh, increasing to around €95/MWh in December 2021\n \n \n · \n Due to ongoing geopolitical events, the current gas price has reached €160/MWh in March 2022; Parkmead is 100% unhedged\n \n \n \n \n \n New two-well drilling campaign in the Netherlands; gas royalty acquisition proving highly beneficial\n \n \n \n \n \n · \n Firm budget agreed for the 'LDS' two-well drilling campaign from the Diever site\n \n \n · \n The LDS project will target a combined Pmean GIIP of 37.2 billion cubic feet (\"Bcf\"), in the prolific Rotliegendes reservoirs found on the licence\n \n \n · \n Papekop gas development has successfully pro...