Aberdeen-based Parkmead Group has reported record annual profits, reporting a 49% increase in profit after tax to £7.35 million and a rise in cash reserves to £13.2 million.
The Aberdeen-based energy company stated that its strategic sale of North Sea oil licenses in April provided immediate value of approximately £30 million, which includes £14 million in guaranteed cash and covered expenses for the Skerryvore commitment well.
Renewable energy has become increasingly significant for the company, as Parkmead advances its 98MW Glenskinnan Renewable Energy Park in collaboration with Galileo Empower.
The Kempstone Hill wind farm saw a 6% boost in output to 2,717 MWh, while maintaining an 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. Together these have strengthened our finances significantly and achieved earnings of over 6.7 pence per share.”
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.”
