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Parkmead ‘evaluating’ acquisition prospects

Parkmead employee

Parkmead sees opportunities in the market

Energy group Parkmead said it is “actively evaluating” further acquisition opportunities in renewables, gas and oil in line with its strategy to build a balanced portfolio of assets.

Nine acquisitions, at both asset and corporate level, have been completed to date.

Group revenue for the year to 30 June 2021 fell to £3.6m (2020: £4.1m) as a result of lower commodity prices and demand during the pandemic, generating a 39% increase in gross profit to £1.8m (2020: £1.3m).

The recovery in prices mean Parkmead has recorded €3 million of revenue during the first four months of the current financial year alone, 355% higher than the equivalent four months last year.

Executive Chairman, Tom Cross, said the substantial rise in gas prices post year end is creating strong momentum for the Group.

“We intend to capitalise on this by further balancing the Group’s operations to include other energies,” he said.

“The innovative royalty deal we completed in July enhances our gas interests in the Netherlands and adds significant value to Parkmead. This growth step adds to our portfolio of high-quality energy projects delivered through acquisitions, organic growth and active asset management.

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