Parkmead Group PLC on Monday - Netherlands and UK-focused gas explorer - Says the UK North Sea upstream industry is facing unprecedented challenges, stating it is no longer "practical" to move forward with Perth development. Adds its primary focus is on building its gas and renewable energy focused portfolio as a result. Says it remains in a "very healthy" cash position from producing Dutch gas fields and UK wind turbines, but notes a non-cash one-off impairment of approximately GBP33 million relating to the Perth oil development. Looking ahead, says it is well-placed in regard to potential acquisitions.
Current stock price: 15.77 pence, down 15% on Monday
12-month change: down 67%
By Sabrina Penty, Alliance News reporter
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Parkmead (PMG)