(Alliance News) - Parkmead Group PLC said on Friday it "has been an excellent year of progress", as gas production in the Netherlands increased.
The UK- and Netherlands-focused energy firm said it swung to a pretax profit of GBP4.8 million in the financial year that ended June 30 from a loss of GBP5.9 million the year before, as revenue increased 18% to GBP8.3 million from GBP7.0 million.
Parkmead said: "This is a significant achievement and is testament to the success of the group's onshore gas portfolio and careful financial discipline."
Exploration and evaluation expenses were slashed to GBP200,000 in the recent year from GBP5.2 million the year before, as Parkmead took no impairments of exploration assets, compared to GBP5.0 million in impairments the year before.
Parkmead said production at Diever West gas field in the Netherlands increased 13% with multiple further exploration opportunities around the gas field.
The company said it has achieved "key milestones" at the Platypus gas project in the Southern North Sea and secured access to onshore renewable energy opportunities through its strategic acquisition of Pitreadie company.
The company said it is not recommending the payment of a dividend in financial 2019, "due to Parkmead's ongoing growth opportunities and associated investment programme". In financial 2018, Parkmead paid no divided too.
Executive Chair Tom Cross said: "This is an outstanding achievement for Parkmead and creates a strong foundation from which to continue its momentum."
Parkmead's shares were up 6.5% in London at 41.54 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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