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LONDON (Alliance News) - UK and Netherlands-focused energy firm Parkmead Group PLC said Friday it swung to profit after higher production helped drive strong revenue growth.
For the six months to December, Parkmead posted a GBP3.8 million pretax profit, after a GBP4.1 million pretax loss in the same period a year prior.
A near doubling of revenue to GBP5.3 million helped Parkmead, as did a sharp drop in exploration and evaluation expenditure.
Parkmead produced an average of 8,293 barrels of oil equivalent in the period, or 48.1 million standard cubic feet a day, 54% higher year-on-year, as the Diever West field in the Netherlands exceeds expectations.
Prices during the period in the Netherlands were "excellent", Parkmead added.
"I am pleased to report excellent progress in the six-month period to December. Parkmead has delivered major growth in its revenue and profit. This is an outstanding achievement, creating a strong foundation from which to build," said Executive Chair Tom Cross.
"We are delighted to have significantly grown gas production at the Diever West field, which increases Parkmead's cash flow."
"Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, significant cash resources, and a growing portfolio of high-quality assets," Cross continued.
"The group will continue to build upon the inherent value in its existing interests with a balanced, acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders."
Parkmead shares were 2.3% higher on Friday morning at a price of 59.00 pence a share.
