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AIM WINNERS & LOSERS: Parkmead revenue up; Jersey O&G buys vessel

17th Nov 2023 10:36

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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AIM - WINNERS

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Parkmead Group PLC, up 24% at 17.72 pence, 12-month range 12.10p-70.60p. In the financial year that ended June 30, the Netherlands and UK-focused gas explorer swings to a pretax loss of GBP35.3 million from a profit of GBP4.0 million a year earlier, but revenue increases to GBP14.8 million from GBP12.1 million. This is because exploration and evaluation expenses widen to GBP33.0 million from GBP1.1 million, while it incurs a one-off impairment of property, plant and equipment of GBP13.0 million. Executive Chair Tom Cross says: "Parkmead has delivered promising results through a period of significant change, as we build a balanced energy portfolio. The company remains in a healthy cash position with valuable revenue streams from our onshore producing Dutch gas fields and our onshore UK renewable energy assets. Together these will provide long term, low risk core revenues for the group."

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Jersey Oil & Gas PLC, up 12% at 213.86p, 12-month range 146.00p-365.00p. The UK continental shelf-focused upstream oil and gas company notes that it and NEO Energy, the owners of the Buchan field licences, have agreed to acquire the Western Isles floating production, storage and offloading vessel, which will be used as the processing facility for the planned redevelopment of the Buchan field. Jersey Oil & Gas says it will receive a USD9.4 million cash payment from NEO under the terms of its farm-out transaction announced in April regarding a milestone payment on finalisation of the Greater Buchan Area development solution.

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AIM - LOSERS

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Real Good Food PLC, down 15% at 1.40p, 12-month range 0.75p-2.60p. The food manufacturer sells the business and certain assets of Rainbow Dust Colours to European Fermentation Products Ltd for GBP800,000 in cash. It says a condition of the sale is that GBP220,000 of the proceeds will be used to pay down a proportion of the Hilco Private Capital secured loan facility. It also provides working capital to fund the busy Christmas period. Executive Chair Mike Holt comments: "We have made substantial progress over the last year. The radical reform programme has delivered significant benefits and recent senior management changes have also made a real difference. The group, however, is struggling to meet demand through supply issues and cash constraints. The board together with JF Renshaw [Ltd] is exploring all possible options and is working closely with [adviser] Interpath Advisory to determine the best way forward."

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By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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