- Parkmead Group (The)
- 27 March 2026 16:07:51
Source: Sharecast
For the six months ended 31 December, revenue fell to £1.5m from £2.1m a year earlier, reflecting lower gas production of 143 barrels of oil equivalent per day, down from 181 boepd.
Average Dutch TTF gas prices declined to €32.14/MWh from €38.16/MWh, although the company noted prices have risen by more than 50% since the period end בעקבות geopolitical tensions in the Middle East.
The AIM-traded firm said its cost of sales increased to £1.8m from £0.9m, driven by higher non-cash depletion charges in the Netherlands, while the group reported a net loss of £0.9m, improving from a £1.2m loss a year earlier.
Net cash outflow from operations narrowed to £1.0m from £2.3m, while net assets stood at £26.1m at the period end, with cash balances of £8.9m and a further £4.0m held on term deposit.
Following receipt of a £3.1m deferred payment in February linked to the sale of UK North Sea licences, and a further payment received on 26 March, total cash and term deposits increased to £16.1m.
Operationally, Parkmead reported progress at the proposed Glenskinnan renewable energy park, a project of up to 98MW of wind capacity, alongside solar and battery storage, being developed with Galileo Empower.
The company said it expected to submit a Section 36 planning application to the Scottish government during 2026.
In its Netherlands gas portfolio, Parkmead said preparations are advancing for drilling at the Drenthe V prospect, with a well targeted for late 2026 and long-lead items already secured.
Additional prospects, including Drenthe VI and VDW-A, have also been identified following subsurface studies.
The company added it remained unhedged and therefore fully exposed to upside from recent increases in European gas prices.
“Parkmead continues to make excellent progress at Glenskinnan, with this major project clearly aligned with the Government's Clean Power 2030 Action Plan,” said executive chairman Tom Cross.
“We are excited by the potential value that can be created for shareholders as we progress this multi-faceted renewable energy park.
“Parkmead remains exceptionally well capitalised with significant cash and term deposits totalling £16.1m and we are seeking to use this to secure additional growth opportunities.”
At 1224 GMT, shares in the Parkmead Group were down 8.08% at 22.06p.
Reporting by Josh White for Sharecast.com.
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