Parkmead Interim Loss Narrows; Evaluates Acquisition Opportunities

29th Mar 2018 13:07

LONDON (Alliance News) - Parkmead Group PLC said Thursday it continues to evaluate further acquisition opportunities, as it posted a narrowed pretax loss for the first half of its 2018 financial year.

The oil and gas explorer, which has made seven acquisitions to date, added that its oil and gas reserves reserves have increased by 67% to 46.3 million barrels of oil equivalent at March 1 from 27.8 million a year ago.

For the six months to end of 2017, the company recorded a pretax loss of GBP4.1 million, compared with a loss of GBP4.5 million in the comparative year-ago period. Revenue remained flat at GBP2.7 million.

Operating loss for the interim period narrowed to GBP3.7 million from GBP4.1 million, mainly due to a sharp drop in administrative costs, which totaled GBP301,000 versus GBP2.4 million.

Cash balances at period end totaled GBP24.4 million versus GBP26.7 million.

"The group is in an excellent position, both operationally and financially, and is well placed for growth. Our acquisition-led growth strategy has resulted in seven deals being completed by Parkmead since repositioning the business as an independent energy company in 2011, and we intend to build on this track record. The board of directors is pleased with the group's progress, and believes that the Parkmead team is well positioned to drive the business forward and to build upon the achievements made to date," said Executive Chairman Tom Cross.

Shares in the company were trading 2.9% lower at 41.51 pence Thursday afternoon.

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