Parkmead Group has reported a “transformative year” of growth, with profit after tax up 49% to £7.35million and cash reserves rising to £13.2million.
The Aberdeen-based energy group said its strategic divestment of North Sea oil licences in April delivered near-term value of around £30million, including £14million in firm cash and covered costs on the Skerryvore commitment well.
Renewables played a growing role in the business, with Parkmead pushing ahead on its 98MW Glenskinnan Renewable Energy Park in partnership with Galileo Empower. Kempstone Hill wind farm increased output by 6% to 2,717 MWh, maintaining operational efficiency of 96–99%.
The company said its Netherlands gas assets continue to provide “valuable cash flow”, with new drilling planned for 2026.
Executive chairman Tom Cross — the former chief executive at Dana Petroleum — said: “Parkmead has delivered a year of exceptional results, through strong operational performance and by securing a strategic divestment of our offshore North Sea oil licences.”
He added: “Our Net Assets have built to £27 million, which is equivalent to 25 pence per share.”
Cross said the firm is “increasing its exposure to the UK renewables market”, adding: “The Group’s robust financial position provides Parkmead with a distinct advantage as we seek to further enhance shareholder value through growth opportunities across the Group.”