Dukeklya I disagree. There is a difference between gross profit and net.
Arbitrage is correct.
Gross profit has gone from a loss of-£000 -4,085 to 672. from 31st dec 15 to 16.
At gross profit line this is great news to the extent that cost of sales is now under control dropping from £11m to £2m. PMG now need to ramp up production further on gas in order to break-even and generate a net profit.
In my opinion the bad news is looks a bit unlikely now to meet Fincap's forecast of £2.3m ebitda for year ended 2017. I think breaking even on overheads and getting the bottom line back in green is a more realistic goal now.
That being said certainly a step in the right direction. they said they would get cost of sales under control by shutting athena oil field down. and that's exactly what they done and they have delivered that.
May I respectfully suggest that if you have an issue or, indeed a problem with the accuracy of the figures contained within the official RNS issued today by PMG as posted earlier by myself courtesy of the www.investegate.co.uk website, then you contact either or indeed both organisations directly in order to raise your concerns with them.
Best wishes in your endeavours, along with any investment which you may hold in PMG.
The results announced today clearly state that in the 6 months ending 31st December 2016 Parkmead made a £0.7million profit. It is the first item at the very beginning of the long statement under the title of 'Highlights'. May I respectfully suggest that you look at the London Stock Exchange for this sort of information, not iii!
Was wondering last night whether we would lift to 46p or descend to 40p ... !! Have ended up with considerably more PMG shares than I intended, having averaged down, so glad of the bounce. Hopefully we can hold on to it.
Was a tad disappointed that no information on future strategy re Perth was commented on, nor the relinquishments. On the one hand we have FPM obtaining a licence 6 months ago in Ireland and farming out for a free20% carry to Nexan - surely TC has something in mind. GLA>
Arbitrage, the report you posted is a tad misleading, as it said a gross profit of 0.7 million compared to 4.1 million loss last year, but if you look at the iii website it shows a loss of 4.5 million as apposed to 4.6 million last year. So all in all not great news at all, in fact I consider it bad news.
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