TIDMPMG
RNS Number : 6536X
Parkmead Group (The) PLC
21 November 2014
21 November 2014
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Preliminary Results for the year ended 30 June 2014
Parkmead, the UK and Netherlands focused oil and gas group, is
pleased to report its preliminary results for the year ended 30
June 2014.
HIGHLIGHTS
Successful Exploration and Appraisal Programme
-- Awarded five additional oil and gas blocks in the UK 27th
Licensing Round, resulting in a total award of 30 blocks across the
North Sea, West of Scotland and West of Shetlands
-- Two new gas discoveries, at Pharos in the UK Southern Gas
Basin and Diever West onshore the Netherlands
-- Site survey completed at the exciting Skerryvore oil prospect
in the Central North Sea, ahead of exploration drilling planned for
2015
-- Post year-end, major licence awards in the UK 28th Licensing
Round, gaining stakes in six new licences, spanning nine blocks
across the Central and Southern North Sea
-- The new licence awards take Parkmead's total number of oil
and gas blocks across the UK and the Netherlands to 61, with 48 of
these being operated by the Group
Major Growth in Production. Significant Progress with
Developments
-- Completed the acquisition of Lochard Energy Group PLC
("Lochard") in July 2013, providing Parkmead with its first UK oil
production
-- Completed the acquisition of an additional 20% interest in
the Athena oil field from EWE VERTRIEB GmbH ("EWE") in April 2014,
trebling the Group's UK production, revenue and cash flow
-- Excellent progress made with the Perth Dolphin Lowlander
(PDL) oil hub project. Successful joint development study and
detailed subsurface work leading to a combined three field
development
Strong Financial Performance delivering Maiden Profit
-- Revenue increased 506% to GBP24.7 million (2013: GBP4.1 million)
-- Doubling of gross profit to GBP3.2 million (2013: GBP1.6 million)
-- Maiden full year profit after tax of GBP1.2 million (2013: GBP5.6 million loss)
-- Total assets grew 139% to GBP127.4 million at 30 June 2014 (GBP53.4million at 30 June 2013)
-- Raised approximately US$66.0 million in January 2014,
providing finance for continued growth
-- Cash balances of GBP46.3 million as at 30 June 2014
-- Continuing to explore optimum debt facilities to further increase financial strength
Parkmead's Executive Chairman, Tom Cross, commented:
"I am pleased to report another excellent year of progress.
Parkmead has significantly increased its production base, providing
major growth in revenue and cash flow. The Company has also
recorded its first full year of profit, marking an important
milestone.
These key achievements have been delivered through two important
acquisitions, one corporate and one asset, both of which secured
increases to Parkmead's oil production. These new interests
complement Parkmead's existing oil and gas portfolio.
The Company also delivered successful drilling results with two
new gas discoveries in the UK and the Netherlands, providing
valuable near-term development opportunities. Parkmead was
delighted to be awarded six new licences through the recently
announced UKCS 28th Licensing Round, spanning nine attractive
offshore blocks.
Parkmead now has a strong platform from which to become a key
E&P player in the North Sea, and we look forward to updating
shareholders as we continue to grow into 2015 and beyond."
For enquiries please contact:
The Parkmead Group plc
Tom Cross (Executive Chairman) +44 (0) 1224 622200
Ryan Stroulger (Chief Financial Officer) +44 (0) 1224 622200
Charles Stanley Securities (Financial Adviser, NOMAD and Corporate
Broker to Parkmead)
Marc Milmo +44 (0) 20 7149 6000
Karri Vuori +44 (0) 20 7149 6000
Carl Holmes +44 (0) 20 7149 6000
Instinctif Partners Limited (PR Adviser to Parkmead)
David Simonson +44 (0) 20 7457 2020
Catherine Wickman +44 (0) 20 7457 2020
CHAIRMAN'S STATEMENT
2014 has been an excellent year for Parkmead. Building on the
momentum generated in 2013, the Company completed the acquisitions
of Lochard Energy and an additional 20% working interest in the
Athena oil field in the Central North Sea from EWE. These two
acquisitions provided Parkmead with a substantial increase in
production, revenue and cash flow.
The Company has also enjoyed a highly successful period of
exploration activity. Two new gas fields have been discovered;
Pharos in the UK Southern Gas Basin and Diever West in the
Netherlands, discoveries that continue Parkmead's excellent
drilling record. In addition, we are delighted with Parkmead's
major awards in the recent UKCS 28th Licensing Round, consisting of
six new oil and gas licences which span nine attractive North Sea
blocks.
Operations and Portfolio Growth
The Group has made significant progress towards building an
independent oil and gas company of considerable scale, by
developing its current portfolio and adding value through focused
acquisitions.
In line with its strategy, Parkmead has shown a strong appetite
for value-adding transactions, at both the asset and corporate
level. The Group's acquisitions to date have expanded its oil and
gas asset portfolio, which now covers the entire asset life cycle
from exploration through to development and producing assets. In
July 2013, Parkmead completed the acquisition of Lochard Energy, a
deal that provided the Company with its first UK oil production and
increased its revenue and cash flow. In December 2013, Parkmead
announced the acquisition of EWE's 20% working interest in the
Athena oil field, which was completed in April 2014. The
acquisition of this additional interest in Athena was a significant
move for Parkmead as it trebled the Group's UK oil production,
revenue and cash flow. We are currently working alongside the
operator of Athena to maximise oil recovery from the field and
extract further value from our two Athena related acquisitions. The
Ocean Princess drilling rig is conducting a workover at Athena
during November 2014 with the aim of increasing gross oil
production from the field.
Acquisitions to date have focused on opportunities in Parkmead's
preferred geographical area of Western Europe. The high level of
acquisition activity demonstrates the drive and ambition of our
Company, and its team, and creates a strong foundation from which
Parkmead can become a key E&P player in the North Sea and
beyond.
Significant progress has been made this year at the Parkmead
operated Perth Dolphin Lowlander (PDL) oil hub project. A joint
development study is being carried out to assess the potential
joint development of the Lowlander field with the Perth oil
development. This analysis has confirmed that a joint development
could increase the value of the area. In addition, our experienced
subsurface team has carried out detailed technical work on the
Dolphin oil discovery during the year, located within Parkmead's
acreage. This work confirmed that Dolphin can also be included in
the joint development, providing a further increase to the gross
reserves of the project. PDL is now one of the largest undeveloped
oil projects in the North Sea. The excellent work carried out this
year has created considerable core value for Parkmead.
Alongside acquisitions, Parkmead is equally focused on building
its business through organic growth, with licence applications,
seismic and drilling. In November 2013, Parkmead was awarded an
additional two licences covering five exploration blocks in the
Southern Gas Basin, all operated by Parkmead, as part of the second
tranche of awards under the UKCS 27th Round. Work is already
underway on these additional licences, with a number of new gas
prospects identified. More recently, we were delighted with
Parkmead's awards in the UKCS 28th Licensing Round. The Group was
awarded six new licences, covering a total of nine offshore oil and
gas blocks, all operated by Parkmead. These new licences contain
exploration prospects as well as already proven discoveries.
Importantly, a number of the licence awards provide Parkmead with
new acreage within the vicinity of PDL, which could potentially be
hugely valuable to Parkmead.
The fourteen new licences awarded to Parkmead across the 27th
and 28th Licensing Rounds is a major achievement for our
Company.
In November 2013, the Group was delighted to announce a new gas
discovery at Pharos. Geological remodelling work is taking place on
the discovery as the partnership discusses the timing and design of
an appraisal well at Pharos. The discovery at Pharos is valuable to
Parkmead because it could be jointly developed with the Platypus
gas field, which is situated only 14km from the Pharos location.
This would increase the value of the already economic development
at Platypus. An additional gas discovery was made in September 2014
at Diever West, onshore the Netherlands. A significant 157 foot gas
column was encountered, with both net pay and porosity values that
exceeded pre-drill expectations. It is expected that Diever West
will be tied into existing production facilities in the area as
part of a fast-track onshore development.
Parkmead is looking forward to progressing the Skerryvore
prospect in 2015. A site survey was undertaken to provide detailed
technical analysis to the partnership before drilling takes place.
Skerryvore was awarded to Parkmead as part of the UK 27th Licensing
Round and is located in the Central North Sea. It consists of two
stacked prospects situated across different geological horizons.
The Skerryvore prospect is thought to be a southerly extension of
the Talbot oil discovery to the north, and shows a similar seismic
response to the neighbouring Cawdor discovery. Skerryvore has the
potential to contain up to 122 million barrels of recoverable oil
on a most likely, P50 basis.
Results
The Group's revenue has increased 506% in 2014 to GBP24.7m
(2013: GBP4.1m). This increase in revenue was driven by new oil
production from Parkmead's share of the Athena field, which is now
30%, acquired through the purchase of Lochard and the EWE Athena
acquisition. The increased level of revenue generated this year
demonstrates the value of the Lochard acquisition to Parkmead and
the importance of building a UK production portfolio.
Administrative expenses decreased to GBP5.7m (2013: GBP7.7m). The
Group made a maiden operating profit for the year of GBP2.1m (2013:
GBP5.1m loss). The Company moved into profit due to the significant
increase in oil revenues, in addition to the gain on bargain
purchase arising from the acquisition of Lochard. Profit after tax
was GBP1.2m (2013: GBP5.6m loss).
Parkmead's total assets have more than doubled to GBP127.4m
(2013: GBP53.4m). This was as a result of the acquisitions of
Lochard and EWE's interest in Athena, in addition to the finance
raised in a share placing in January 2014. Available-for-sale
financial assets rose to GBP4.8m (2013: GBP4.4m). Cash and cash
equivalents more than trebled to GBP46.3m (2013: GBP13.3m).
The Group's net asset value increased significantly to GBP99.7m
(2013: GBP37.3m). In July 2013, Parkmead completed the acquisition
of fellow independent oil and gas company, Lochard Energy. This
acquisition was completed by way of a court sanctioned Scheme of
Arrangement and offered Lochard shareholders 0.385 Parkmead shares
for every Lochard share held. Following this deal 7,670,884 (see
note 2) ordinary shares were admitted for trading.
As noted above, in January 2014, the Group raised approximately
US$66.0 million (gross) through a successful, oversubscribed
placing of 15,686,275 new ordinary shares, providing Parkmead with
considerable financial firepower for further growth.
Upon completion in April 2014, the final consideration paid by
Parkmead to EWE for its 20% stake in the Athena field was satisfied
by approximately US$2.718 million in cash and the issue of 288,016
new Parkmead Shares to EWE. Following this acquisition, the Group's
total ordinary shares in issue increased to 87,729,160 (2013:
61,409,267. See note 2).
As at 30 June 2014, Parkmead had drawn GBP2.0m of its
shareholder loan facility following the debt for equity conversion.
Due to Parkmead's ongoing growth and investment programme, the
Board is not recommending the payment of a dividend in 2014 (2013:
nil). Discussions are ongoing with potential lenders regarding the
provision of debt facilities with the objective of providing the
Company with increased financial flexibility and strength.
Investments
The Group's principal investment is its shareholding in Faroe
Petroleum plc ("Faroe") (LSE AIM: FPM.L). As at 30 June 2014, the
value of this investment was GBP4.8m (30 June 2013: GBP4.4m). The
investment is held as available-for-sale.
Faroe's closing share price at 30 June 2014 was 124 pence per
share. Faroe reported significant new discoveries in the period,
together with a number of new licence awards across Norway. We
remain of the view that Faroe has long-term upside with an ongoing
drilling programme and a broad portfolio of exploration
licences.
Outlook
The Directors of Parkmead are delighted with the major progress
the Group has made this year in building an independent oil and gas
company of increasing scale. With a balanced asset base, new
licences and increasing production, we believe Parkmead has gained
strong momentum over the last twelve months. In addition, we are
excited by our two new gas discoveries made at Pharos and Diever
West. Our team also looks forward to advancing the high-impact
Skerryvore exploration target in 2015.
As we move towards 2015 and beyond, Parkmead maintains its
appetite for acquisitions and will also seek to add shareholder
value through a dynamic work programme. The Group has built a
strong platform from which to become a key E&P player in the
North Sea, and we look forward to updating shareholders as we make
further progress.
Tom Cross
Executive Chairman
20 November 2014
Notes:
1. Dr Colin Percival, Parkmead's Technical Director, who holds a
First Class Honours Degree in Geology and a Ph.D in Sedimentology
and has over 30 years' experience in the oil and gas industry, has
reviewed and approved the technical information contained in this
announcement. Parkmead's evaluation of reserves and resources was
completed in accordance with the 2007 Petroleum Resources
Management System prepared by the Oil and Gas Reserves Committee of
the Society of Petroleum Engineers and reviewed and jointly
sponsored by the World Petroleum Council, the American Association
of Petroleum Geologists and the Society of Petroleum Evaluation
Engineers.
2. Ordinary share figures referring to the period before the
share consolidation on 16 December 2013 have been restated to take
account of the share consolidation.
Group statement of profit or loss
for the year ended 30 June 2014
Note 2014 2013
GBP'000 GBP'000
Continuing operations
Revenue 24,656 4,070
Cost of sales (21,426) (2,455)
-------------------------------------- ----- --------- --------
Gross profit 3,230 1,615
Exploration and evaluation expenses (507) (275)
Administrative expenses (5,668) (7,656)
Gain on bargain purchase 5,003 1,216
-------------------------------------- ----- --------- --------
Operating profit / (loss) 2,058 (5,100)
Finance income 835 36
Finance costs (1,856) (175)
Loss on sale of available-for-sale
financial assets - (43)
Profit / (loss) before taxation 1,037 (5,282)
Taxation 200 (303)
-------------------------------------- ----- --------- --------
Profit / (loss) for the year attributable
to the equity holders of the Parent 1,237 (5,585)
--------------------------------------------- --------- --------
Profit / (loss) per share (pence)
Continuing operations
Basic 2 1.62 (10.13)
Diluted 1.59 (10.13)
Group and company statement of profit or loss and other
comprehensive income
for the year ended 30 June 2014
Group Company
2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000
Profit / (loss) for
the year 1,237 (5,585) (8,257) (7,314)
Other comprehensive
income
Items that may be reclassified
subsequently to profit
or loss
Fair value gain / (loss)
on available-for-sale
financial assets 428 (1,306) 427 (1,305)
--------------------------------- --------- --------- --------- ---------
Other comprehensive
income / (loss) for
the year, net of tax 1,665 (1,306) (7,830) (1,305)
Total comprehensive
income / (loss) for
the year attributable
to the equity holders
of the Parent 1,665 (6,891) (7,830) (8,619)
--------------------------------- --------- --------- --------- ---------
Group and company statement of financial position
as at 30 June 2014
Group Company
2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment:
development & production 29,902 3,601 - -
Property, plant and equipment:
other 181 170 168 141
Goodwill 2,174 2,174 - -
Other intangible assets - 12 - -
Exploration and evaluation
assets 31,225 25,789 - -
Investment in subsidiary
and joint ventures - - 28,017 16,639
Available-for-sale financial
assets 4,821 4,394 4,821 4,394
Deferred tax assets 1,235 - - -
Total non-current assets 69,538 36,140 33,006 21,174
--------------------------------- --------- --------- --------- ---------
Current assets
Trade and other receivables 11,560 3,972 26,091 14,241
Cash and cash equivalents 46,346 13,269 41,589 12,749
--------------------------------- --------- --------- --------- ---------
Total current assets 57,906 17,241 67,680 26,990
--------------------------------- --------- --------- --------- ---------
Total assets 127,444 53,381 100,686 48,164
--------------------------------- --------- --------- --------- ---------
Current liabilities
Trade and other payables (7,973) (8,672) (8,016) (7,733)
Interest-bearing loans
and borrowings (2,071) (2,000) - (2,000)
Current tax liabilities (361) (308) - -
Other provisions (107) (141) (107) (73)
--------------------------------- --------- --------- --------- ---------
Total current liabilities (10,512) (11,121) (8,123) (9,806)
--------------------------------- --------- --------- --------- ---------
Non-current liabilities
Interest-bearing loans
and borrowings (4,178) - (2,000) -
Other liabilities (2,140) (2,812) (2,140) (2,812)
Deferred tax liabilities (1,593) (1,593) - -
Decommissioning provisions (9,305) (512) - -
--------------------------------- --------- --------- --------- ---------
Total non-current liabilities (17,216) (4,917) (4,140) (2,812)
--------------------------------- --------- --------- --------- ---------
Total liabilities (27,728) (16,038) (12,263) (12,618)
--------------------------------- --------- --------- --------- ---------
Net assets 99,716 37,343 88,423 35,546
--------------------------------- --------- --------- --------- ---------
Equity attributable to
equity holders
Called up share capital 19,365 18,970 19,365 18,970
Share premium 74,967 30,448 74,967 30,448
Merger reserve 27,187 12,631 27,187 12,631
Revaluation reserve (1,204) (1,632) (1,204) (1,631)
Retained deficit (20,599) (23,074) (31,892) (24,872)
--------------------------------- --------- --------- --------- ---------
Total Equity 99,716 37,343 88,423 35,546
--------------------------------- --------- --------- --------- -----------
Group statement of changes in equity
for the year ended 30 June 2014
Share Share Merger Revaluation Retained Total
capital premium reserve reserve earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2012 18,724 11,620 - (326) (17,755) 12,263
Loss for the
year - - - - (5,585) (5,585)
Fair value loss
on available-for-sale
financial assets - - - (1,306) - (1,306)
------------------------ --------- --------- --------- ------------ ---------- ---------
Total comprehensive
loss for the
year - - - (1,306) (5,585) (6,891)
Issue of new
ordinary shares 160 18,828 - - - 18,988
Issue of new
ordinary shares
on acquisition
of subsidiary 86 - 12,631 - - 12,717
Share-based
payments - - - - 266 266
------------------------ --------- --------- --------- ------------ ---------- ---------
At 30 June 2013 18,970 30,448 12,631 (1,632) (23,074) 37,343
------------------------ --------- --------- --------- ------------ ---------- ---------
Profit for the
year - - - - 1,237 1,237
Fair value gain
on available-for-sale
financial assets - - - 428 - 428
------------------------ --------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for the
year - - - 428 1,237 1,665
Issue of new
ordinary shares 276 43,883 - - - 44,159
Issue of new
ordinary shares
on acquisition
of subsidiary 115 - 14,556 - - 14,671
Issue of new
ordinary shares
on asset acquisition 4 636 - - - 640
Share-based
payments - - - - 1,238 1,238
------------------------ --------- --------- --------- ------------ ---------- ---------
At 30 June 2014 19,365 74,967 27,187 (1,204) (20,599) 99,716
------------------------ --------- --------- --------- ------------ ---------- ---------
Company statement of changes in equity
for the year ended 30 June 2014
Share Share Merger Revaluation Retained Total
capital premium reserve reserve earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2012 18,724 11,620 - (326) (17,824) 12,194
Loss for the
year - - - - (7,314) (7,314)
Fair value loss
on available-for-sale
financial assets - - - (1,305) - (1,305)
------------------------ --------- --------- --------- ------------ ---------- --------
Total comprehensive
loss for the
year - - - (1,305) (7,314) (8,619)
Issue of new
ordinary shares 160 18,828 - - - 18,988
Issue of new
ordinary shares
on acquisition
of subsidiary 86 - 12,631 - - 12,717
Share-based
payments - - - - 266 266
------------------------ --------- --------- --------- ------------ ---------- --------
At 30 June 2013 18,970 30,448 12,631 (1,631) (24,872) 35,546
------------------------ --------- --------- --------- ------------ ---------- --------
Loss for the
year - - - - (8,257) (8,257)
Fair value gain
on available-for-sale
financial assets - - - 427 - 427
------------------------ --------- --------- --------- ------------ ---------- --------
Total comprehensive
Loss for the
year - - - 427 (8,257) (7,830)
Issue of new
ordinary shares 276 43,883 - - - 44,159
Issue of new
ordinary shares
on acquisition
of subsidiary 115 - 14,556 - - 14,671
Issue of new
ordinary shares
on asset acquisition 4 636 - - - 640
Share-based
payments - - - - 1,237 1,237
------------------------ --------- --------- --------- ------------ ---------- --------
At 30 June 2014 19,365 74,967 27,187 (1,204) (31,892) 88,423
------------------------ --------- --------- --------- ------------ ---------- --------
Group and company statement of cashflows
for the year ended 30 June 2014
Group Company
2014 2013 2014 2013
Note GBP'000 GBP'000 GBP'000 GBP'000
Cashflows from operating
activities
Continuing activities 3 7,014 (4,694) (10,678) (13,451)
Taxation paid (303) (4) - (4)
------------------------------------------ ----- -------- -------- --------- ---------
Net cash generated by /
(used in) operating activities 6,711 (4,698) (10,678) (13,455)
------------------------------------------ ----- -------- -------- --------- ---------
Cash flow from investing
activities
Interest received 129 36 124 35
Acquisition of subsidiary,
net of cash 1,052 304 - -
Acquisition of exploration
and evaluation assets (5,677) (5,185) - -
Proceeds from sale of available-for-sale
financial assets - 715 - 715
Acquisition of property,
plant and equipment: development
and production (4,022) (3,382) - -
Acquisition of property,
plant and equipment: other (111) (93) (111) (90)
Net cash (used in) / generated
by investing activities (8,629) (7,605) 13 660
------------------------------------------ ----- -------- -------- --------- ---------
Cash flow from financing
activities
Issue of ordinary shares 39,546 15,588 39,546 15,588
Interest paid (1,503) (128) (41) (128)
Repayments of loans and
borrowings (3,048) - - -
Proceeds from loans and
borrowings - 2,418 - 2,418
Net cash generated by financing
activities 34,995 17,878 39,505 17,878
------------------------------------------ ----- -------- -------- --------- ---------
Net increase in cash and
cash equivalents 33,077 5,575 28,840 5,083
------------------------------------------ ----- -------- -------- --------- ---------
Cash and cash equivalents
at beginning of year 13,269 7,694 12,749 7,666
------------------------------------------ ----- -------- -------- --------- ---------
Cash and cash equivalents
at end of year 46,346 13,269 41,589 12,749
------------------------------------------ ----- -------- -------- --------- ---------
Notes to the financial information for the year ended 30 June
2014
1. Basis of preparation of the financial information
The financial information set out in this announcement does not
comprise the Group and Company's statutory accounts for the years
ended 30 June 2014 or 30 June 2013.
The financial information has been extracted from the audited
statutory accounts for the years ended 30 June 2014 and 30 June
2013. The auditors reported on those accounts; their reports were
unqualified and did not contain a statement under either Section
498 (2) or Section 498 (3) of the Companies Act 2006 and did not
include references to any matters to which the auditor drew
attention by way of emphasis.
The statutory accounts for the year ended 30 June 2013 have been
delivered to the Registrar of Companies. The statutory accounts for
the year ended 30 June 2014 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
The accounting policies are consistent with those applied in the
preparation of the interim results for the period ended 31 December
2013 and the statutory accounts for the year ended 30 June 2013,
which have been prepared in accordance with International Financial
Reporting Standards ("IFRS").
2. Profit / (loss) per share
Profit per share attributable to equity holders of the Company
arise from continuing operations was as follows:
2014 2013
Profit / (loss) per 1.5p ordinary
share from continuing operations
(pence)
Basic 1.62 (10.13)
Diluted 1.59 (10.13)
----------------------------------- ----- --------
The calculations were based on the following information:
2014 2013
GBP'000 GBP'000
Profit / (loss) attributable to
ordinary shareholders
Continuing operations 1,237 (5,585)
Total 1,237 (5,585)
------------------------------------ ----------- ------------
Weighted average number of shares
in issue
Basic weighted average number of
shares 76,215,704 55,126,664*
------------------------------------ ----------- ------------
Dilutive potential ordinary shares
Share options 1,434,731 1,602,053*
------------------------------------ ----------- ------------
* Prior year comparatives are restated to take account of the
share consolidation.
Profit / (loss) per share is calculated by dividing the profit
or loss for the year by the weighted average number of ordinary
shares outstanding during the year.
Diluted loss per share
Loss per share requires presentation of diluted loss per share
when a company could be called upon to issue shares that would
decrease net profit or increase net loss per share. For a loss
making company with outstanding share options, net loss per share
would only be decreased by the exercise of share options.
3. Notes to the statement of cashflows
Reconciliation of operating profit / (loss) to net cash flow
from continuing operations
Group Company
2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000
Operating profit / (loss) 2,058 (5,100) (8,295) (7,166)
Depreciation 9,036 370 84 66
Amortisation and exploration write off 322 33 - -
(Gain)/loss on disposal of fixed assets - 133 - 83
Gain on bargain purchase (5,003) (1,216) - -
Provision for share based payments 2,489 4,529 2,488 4,538
Impairment in subsidiary - - 3,293 -
(Increase) in receivables (3,315) (265) (11,850) (10,804)
Increase/(decrease) in payables 1,334 (3,197) 3,441 (166)
Increase/(decrease) in other provisions 93 19 161 (2)
------------------------------------------ --------- --------- ---------- ---------
Net cash flow from operations 7,014 (4,694) (10,678) (13,451)
------------------------------------------ --------- --------- ---------- ---------
4. Approval of this preliminary announcement
The preliminary report, including the financial information
contained therein, is the responsibility of, and has been approved
by, the Directors. The Directors are responsible for preparing the
report in accordance with the AIM rules issued by the London Stock
Exchange.
This announcement was approved by the Board of Directors on 20
November 2014.
5. Posting of annual report and accounts
Copies of the Annual Report and Accounts will be posted to
shareholders shortly. The Annual Report and Accounts will be made
available to download, along with a copy of this announcement, on
the investor relations section of the Company's website
www.parkmeadgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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