Parkmead, the Aberdeen-based oil and gas firm which recently signalled a move into the renewable energy sector, today said it was actively looking at new deals on the back of strong growth in revenue and profit.
The group, headed by industry veteran Tom Cross and which has interests in Scotland and the Netherlands, saw revenue increase by 18% to £8.3 million in its latest financial year to 30 June. Operating profit rose to £5.1 million from a £5.3 million loss in 2018.
The company said it was making good progress on plans for the development of the Platypus gas project in the UK Southern North Sea. The project is expected to produce 47 million cubic feet of gas per day at peak production with a field life of approximately 20 years.
Earlier this year the company also announced a “strategic move” into renewable energy through the acquisition of Pitreadie Farm which owns land in Aberdeenshire. Parkmead said studies are being conducted on the potential for a wind farm project, solar farm and a biomass production facility on the land.
In the Netherlands, the firm said production at the Diever West gas field was up 13% during the year.
Cross, executive chairman at the firm which has completed eight acquisitions in its history, said it was well positioned for further deals and was actively evaluating new opportunities.
He said the increase in revenue and major growth in cash flow and operating profit had been an “outstanding achievement” and creates a strong foundation. “Parkmead is well positioned for the future. We have excellent UK and Netherlands regional expertise, significant cash resources, and a growing portfolio of high-quality assets.
“The group will continue to build upon the inherent value in its existing interests with a balanced, acquisition-led, growth strategy securing opportunities that maximise long-term value for our shareholders.”