Posted: 26/11/25

Preliminary Results for the year ended 30 June 2025

 

HIGHLIGHTS

 

Transformative Year - Strong Growth in Finances

• Profit after tax of £7.35 million, up 49% (2024: £4.94 million)
• Earnings per share rose 49% to 6.72 pence (2024: 4.52 pence)
• Net Assets increased to £27.0 million, up 38% (2024: £19.6 million)
• Net Assets are equivalent to 25 pence per share
• Cash reserves increased by 39% to £13.2 million (2024: £9.5 million)

 

Strategic Divestment of Offshore UK Oil Licences

• Successfully completed the sale of our North Sea licences in April.
• Near term value created of c.£30 million net to Parkmead
• This comprises £14 million of firm cash, plus c.£16 million of costs covered for Parkmead's share of the commitment well at Skerryvore. £7 million of the firm cash was received on completion and a further £7 million is payable over the next 15 months
• Further contingent cash payments of up to £120 million could be received by Parkmead, if field development plans are approved in future on the licences containing Skerryvore (£30 million) and Fynn Beauly (£90 million)

 

Renewable Energy Projects Driving Forward

• Parkmead continues to build its position in renewable energies. The Glenskinnan Renewable Energy Park is a major integrated renewables scheme being developed in partnership with Galileo Empower, a leading European renewable energy developer
• Glenskinnan is being designed to deliver up to 98 MW of wind generated electrical capacity across 14 turbines, alongside 20 MW of solar PV and 30 MW of battery storage. Parkmead's owned land at Pitreadie is expected to accommodate over 50% of the combined installed capacity proposed in the planning application, making it a central component of the development
• Kempstone Hill wind farm delivered consistent performance and revenue during the period
• Production of electricity increased by 6% to 2,717 MWh (2024: 2,570 MWh)
• Parkmead has achieved and maintained an exceptionally high level of operational efficiency at Kempstone Hill, in the range 96-99%

 

Netherlands Gas Asset Base Expanding

• Parkmead has retained 100% of its cash producing assets, including all its interests in the Netherlands gas fields
• These assets continue to provide valuable cash flow and growth potential, which both support the Group's future strategy.
• Further drilling is being planned for 2026 at Drenthe V
• Detailed design work is also underway for an additional well on the Drenthe VI licence

 

Parkmead is Well Positioned for Future Growth

• The Group continues to progress discussions with a major European renewable energy developer regarding the development opportunity at Pitreadie for a wind farm of up to 100MW
• Negotiations are continuing in respect of a formal joint venture agreement ahead of approaching local planning authorities to progress this important project

 

Progressing plans to deliver shareholder value

• Non-hydrocarbon share of total revenues increased for the third consecutive year to 15% of revenue (2024: 12%)
• Cost of sales reduced to £2.2 million (2024: £ 2.3 million) through strict cost discipline
• Given that Parkmead is no longer an offshore licence operator in the North Sea, with all the regulatory aspects and operational demands that entails, we have reduced staff levels and reduced our office space by over 40%
• Parkmead's balance sheet remains strong with total assets of £32.5 million

 

Parkmead’s Executive Chairman, Tom Cross, commented:

 

"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. Together these have strengthened our finances significantly and achieved earnings of over 6.7 pence per share.

 

Our Net Assets have built to £27 million, which is equivalent to 25 pence per share.

 

Parkmead continues to benefit from a balanced approach to building its portfolio and is increasing its exposure to the UK renewables market. The Glenskinnan Renewable Energy Park is aligned to the new UK Government targets for onshore wind.

 

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."

 

The Parkmead Group plc +44 (0) 1224 622200

Tom Cross (Executive Chairman)

Andrew Smith (Executive Director – Business Development)

 

Cavendish Capital Markets Limited +44 (0) 20 7220 0500

Marc Milmo / Seamus Fricker – Corporate Finance

Iain MacArthur – Sales

 

Please see the full statement, including financial statements, here.  The file is also located in the financial reports section of the Company's website.