Business
Preliminary Results Statement 2021
Preliminary Results Statement 2021.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6638T\n Parkmead Group (The) PLC\n 26 November 2021\n \n \n \n \n 26 November 2021\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 Preliminary Results for the year ended 30 June 2021\n \n \n \n \n \n Parkmead, the UK and Netherlands focused independent energy group, is pleased to report its preliminary results for the year ended 30 June 2021.\n \n \n \n \n \n HIGHLIGHTS \n \n \n \n \n \n Revenue momentum from increased gas prices; strong financial position \n \n \n \n \n \n · \n Revenue for the period was £3.6 million (2020: £4.1 million), with a 33% increase in the second half compared to the first half reflecting the strong recovery in gas prices from the COVID-19 pandemic lows\n \n \n · \n Gross profit increased by 39% to £1.8 million (2020: £1.3 million), showing the robustness of Parkmead's gas assets and continued improving efficiency \n \n \n · \n Gross margin increased from 31% to 49%\n \n \n · \n Well capitalised, with cash balances of £23.4 million (US$31.6 million) as at 30 June 2021 \n \n \n · \n Parkmead has seen the benefit of the strong climb in energy prices and are 100% unhedged. From lows of around €5.0/MWh in July 2020 prices have rebounded strongly, with Dutch TTF prices reaching around €75.0/MWh in November 2021\n \n \n ·\n Excellent revenue generation since period end, €3.0 million of revenue generated in the first four months of FY 2022, 355% higher than the equivalent four months last year\n \n \n · \n Parkmead's Netherlands assets remain very low cost to operate, and were uninterrupted by lockdown restrictions introduced by the Dutch Government\n \n \n · \n Non-cash impairment charge recorded of £10.9 million relating primarily to relinquishment of the Platypus licence at the pre-development stage\n \n \n · \n Parkmead maintains strict financial discipline with very low operating costs\n \n \n \n \n \n Acquisition of Netherlands gas royalty and potential drilling campaign in 2022\n \n \n \n \n \n · \n Acquisition of Netherlands gas royalty completed in July 2021 for a consideration of €565k, satisfied through a part cash payment and part of the remaining 2021 net revenue from the Geesbrug gas field \n \n \n · \n The revenue associated with this royalty f...