REG - Parkmead Group (The) - Interim Results for Six Months Ended 31 Dec 2025
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RNS Number : 3427Y Parkmead Group (The) PLC 27 March 2026
27 March 2026
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Interim Results for the six-month period ended 31 December 2025
Parkmead, the independent energy group focused on growth through natural gas,
oil and renewable energy projects, is pleased to report its interim results
for the six-month period ended 31 December 2025.
HIGHLIGHTS
Glenskinnan Renewable Energy Park
· Excellent progress is being made across Parkmead's renewable energy
portfolio
· Parkmead's owned land at Pitreadie is a centrally located, core part
of the site for the potential Glenskinnan Renewable Energy Park
("Glenskinnan")
· At Glenskinnan, Parkmead has a strong and experienced partner in
Galileo Empower ("Galileo"), a leading European renewable energy developer
· The project is closely aligned with the UK Government's Clean
Power 2030 Action Plan
· An additional round of public consultations for this major integrated
project consisting of up to 98 MW in generating capacity across 14 wind
turbines, 20 MW in solar photovoltaic arrays and 30 MW in battery storage is
scheduled in the coming months
· Parkmead continues to work with Galileo to finalise commercial
arrangements ahead of the submission of a Section 36 planning application to
the Scottish Government, anticipated to be during the course of 2026
High quality drilling targets advanced across the Netherlands gas fields
· Drenthe V has completed all the studies, well design and modelling
with the intention to drill a well in late 2026.
· Long lead items have already been acquired for the drilling at
Drenthe V
· Extensive subsurface scoping exercise was completed in 2025,
delivering the potential for two wells on Drenthe VI in addition to the VDW-A
prospect
· Parkmead is un-hedged and so remains fully exposed to the upside
from the recent increases in European gas prices
Further cash received from Sale of UK North Sea Licences
· Parkmead received the second deferred payment of £3.1 million in
February 2026
· The third deferred payment of £3.9 million is due in February
2027
· Up to a further £120 million of contingent cash consideration
could become payable, subject to the approval of field development plans at
Skerryvore and Fynn Beauly
Focused strategy
· Parkmead has retained 100% of its cash producing assets, namely
its interests in the gas fields in the Netherlands and its wholly owned UK
wind farm in Scotland
· A number of organic projects are advancing in the short to medium
term
· Parkmead is well positioned to pursue value-adding acquisitions
and has several growth opportunities that are being evaluated
· The team is focused on targeting further cashflow generating
renewable energy assets onshore UK and on international E&P opportunities
Financial Summary
· Revenue for the six-month period was £1.5 million (1H FY25: £2.1
million), reflecting a natural decline in net gas production to 143boepd (1H
FY25: 181boepd)
· Dutch TTF gas prices in the period decreased in line with global
markets with an average of €32.14/MWh (1H FY25: €38.16/MWh).
· Post period end the TTF bench mark has risen by well over 50 percent
in line with the global markets, following the military conflict in the Middle
East
· Operational performance at Kempstone Hill was good, with uptime of
91%. Additional maintenance was required on Turbine 3, this was
strategically completed in the low season
· Cost of sales increase to £1.8 million (1H FY25: £0.9 million) due
to higher non-cash depletion charges in the Netherlands
· Cashflow from operations in the period saw a net cash outflow of £1
million (1H FY25: £2.3 million outflow), and the Group recognised a net loss
for the period of £0.9 million (1H FY25: £1.2 million)
· Net assets were £26.1 million at 31 December 2025, equal to 23.9 pence
per share (30 June 2025: £27 million)
· The Company maintained healthy cash balances of £8.9 million at 31
December 2025, equal to 8.2 pence per share (30 June 2025: £13.2 million)
· The Company holds £4.0 million on term deposit at 31 December 2025,
equal to 3.7 pence per share (30 June 2025: £0.4 million) with an A rated
bank
· Following receipt of the second deferred payment from the sale of
Parkmead (E&P) Ltd, on 26 March 2026, total cash and term deposits equate
to £16.1 million, equal to 14.7 pence per share
Parkmead's Executive Chairman, Tom Cross, commented:
"Parkmead continues to make excellent progress at Glenskinnan, with this major
project clearly aligned with the Government's Clean Power 2030 Action Plan.
We are excited by the potential value that can be created for shareholders as
we progress this multi-faceted renewable energy park.
With infill drilling scheduled for later in the year, plus further new
opportunities identified, there is potential to increase production with
low-cost drilling in the Netherlands in an area with a stable fiscal regime.
Parkmead remains exceptionally well capitalised with significant cash and term
deposits totalling £16.1 million and we are seeking to use this to secure
additional growth opportunities."
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
Financial Overview
During the six-month period to 31 December 2025, the Group generated total
revenue of £1.5 million (1H FY25: £2.1 million). Parkmead's Netherlands
gas portfolio delivered gas and condensate sales of £1.3 million (1H FY25:
£1.8 million). Net to Parkmead, the assets produced 143 boepd (1H FY25: 181
boepd), with the reduction from the prior period being due to natural
decline. European gas prices also reduced, with average realised prices
during the period of €32.14/MWh (1H FY25: €38.16/MWh).
Parkmead's 100% owned and operated Kempstone Hill Wind Farm has continued to
perform strongly, generating electricity sales of £0.2 million (1H FY25:
£0.3 million) and average operational uptime of over 91% in the period.
Strategic maintenance was performed during the low season.
Overall, Cost of sales was £1.8 million (1H FY25: £0.9 million), with higher
depletion charges for the Netherlands assets. During the period the Group
recognised several non-cash charges and credits, including a non-cash share
appreciation right credit of £0.1 million (1H FY25: £0.3 million charge) and
unrealised FX gains of £0.1 million (1H FY25: £0.1 million charge). These
factors created an operating loss for the period of £1.2 million (1H FY25:
£1.0 million), and cash outflow used in operations of £1.0 million (1H FY25:
£2.3 million). Tax charge for the period was £0.0 million (1H FY25: £0.1
million). Overall, the Group generated an accounting loss of £0.9 million
in the period (1H FY25: £1.2 million).
Parkmead continues to maintain a strong balance sheet with net assets as at 31
December 2025 of £26.1 million (30 June 2025: £27 million). Cash and cash
equivalents at 31 December 2025 were £8.9 million (30 June 2025: £13.2
million), equivalent to 8.2 pence per share. With a further £4 million on
term deposits (30 June 2025: £0.4 million), equivalent to 3.7 pence per
share. The Group's debt has remained very low and constant, with only
£0.7 million outstanding at the period end (30 June 2025: £0.7 million).
The Company's small debt facility was renewed in the period with Close
Leasing Limited and amortises over a seven year period with final repayments
in September 2032, aligning with future cash flows from Kempstone Hill. Post
period end, the Company received the second deferred payment from the sale of
Parkmead (E&P) Ltd and as at 26 March 2026, the Company's total cash and
term deposits had increased to £16.1 million.
Review of Activities
UK Renewable Energy
Glenskinnan Renewable Energy Park
The Company's strategic land at Pitreadie forms a central and core part of the
potential Glenskinnan Renewable Energy Park in Aberdeenshire. Given its
exceptional experience in building such projects, Galileo Empower is leading
this major development and Parkmead is working closely with its partner to
progress the physical and commercial plans for this exciting energy park.
The current development concept at Glenskinnan is for 14 wind turbines
with energy generating capacity of 98 MW, with potential for a further 20 MW
solar PV array and a Battery Energy Storage System (BESS) of up to 30 MW. An
additional round of public consultations is planned during 2026.
The project is closely aligned to the UK Government's Clean Power 2030 Action
Plan which may expedite the review of the Section 36 planning application to
the Scottish Government which is intended to be submitted in 2026.
Glenskinnan Renewable Energy Park will connect to the National Electricity
Grid Network at the existing Fetteresso Substation, located less than 4.2
miles from the site.
Kempstone Hill
Parkmead's operated Kempstone Hill wind farm continued to perform strongly in
the period. Uptime decreased to 91% (1H FY25: 99%) primarily due to
strategic maintenance on Turbine 3, which was performed during the low
season. Revenues from Kempstone Hill in the period were £0.2 million (1H
FY25: £0.3 million).
Additional Future Projects
In addition to the excellent progress being made in driving forward
Glenskinnan, through the collaboration with Galileo, Parkmead is continuing to
assess acquisition opportunities which would be accretive to its cashflows or
have potential for significant value creation through asset management and
development.
Natural Gas - Onshore Netherlands
The Dutch operating joint ventures achieved strong operational performance
across our Netherlands assets during the period. The outlook for the
portfolio is exciting with a number of organic highly attractive drilling
targets being actively progressed.
The Drenthe VI concession contains two low cost, high return exploration
prospects which are currently being progressed through the permitting and well
design processes, both of which will require unitization with neighbouring
licences.
Geesbrug on the Drenthe V concession continues to be Parkmead's biggest
producer outside of the prolific Drenthe VI concession. The infill well at
GSB-02 is scheduled to be drilled in 2026. This key well will provide
additional diversification for Parkmead production.
As referred to in the Group's 2025 Annual Report, the late life Grolloo field
has ceased production due the host facilities reaching the end of life. Work
continues on the Brakel field to assess the potential to restart production or
for further infill drilling on the Andel Va licence.
Update on Sale of UK North Sea Licences
Post period end Parkmead received the second deferred payment of £3.1 million
on the 27(th) of February 2026. The third deferred payment of £3.9 million
is due on the 27(th) of February 2027. Contingent cash consideration of up
to £120 million may become payable, subject to the approval of Field
Development Plans on licences P2400 and P2634, by the North Sea Transition
Authority (NSTA). Parkmead has no exposure to the costs of P2400 and P2634.
Skerryvore - P2400
Prior to the announced sale of Parkmead (E&P) Limited, the Group had
progressed the planned Skerryvore prospect to a drill-ready state. Serica is
now the licence operator.
The licence conditions include a firm commitment to drilling an exploration
well on the Skerryvore prospect. Serica estimates a primary target volume of
up to 36 mmboe recoverable and an attractive chance of success of 43%.
Skerryvore is a multi-stacked prospect which is legally committed to be
drilled before 31 March 2027.
Fynn Beauly - P2634
Serica now operates the P2634 licence which was initially awarded to Parkmead
in the 33rd Licencing Round in 2024, with Orcadian Energy as its equal
partner. The current licence commitment is to complete technical studies to
assess the potential development options..
Outlook
Parkmead holds £16.1 million in cash and term deposits at 26 March 2026.
Therefore, the Group is well positioned to take advantage of organic drilling
in the Netherlands and to significantly advance its renewable energy
portfolio.
The year ahead is expected to see multiple growth catalysts to increase value
for shareholders. The submission of a Section 36 application to the Scottish
Government in conjunction with Galileo is a key milestone as we drive forward
our renewable energy projects.
The Board continues to review accretive acquisition targets, particularly
those which would add significant cashflow or where we can create substantial
value by leveraging our proven in-house energy knowledge. The experienced
Parkmead executive team is very well positioned to drive the business forward
and to build upon the achievements already made to date.
Tom Cross
Executive Chairman
27 March 2026
A glossary of key terms can be found at
https://www.nstauthority.co.uk/footer/glossary-of-terms/
(https://www.nstauthority.co.uk/footer/glossary-of-terms/)
Consolidated statement of profit and loss and other comprehensive income
for the six months ended 31 December 2025
Six months to 31 December 2025 Six months to 31 December 2024 Twelve months to 30 June 2025
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Continuing operations
Revenue 1,518 2,102 4,053
Cost of sales (1,838) (868) (2,187)
Gross (loss) / profit (320) 1,234 1,866
Exploration and evaluation expenses 2 - (31) (1,477)
Impairment of property, plant and equipment - - (1,185)
Gain / (loss) on sale of assets 6 - - 11,818
Administrative expenses 3 (831) (2,244) (3,482)
Operating (loss) / profit (1,151) (1,041) 7,540
Finance income 349 57 187
Finance costs (103) (121) (254)
(Loss) / profit before taxation (905) (1,105) 7,473
Taxation - (87) (127)
(Loss) / profit for the period attributable to the equity holders of the (905) (1,192) 7,346
Parent
(Loss) / profit per share (pence)
Basic 5 (0.83) (1.09) 6.72
Diluted (0.83) (1.09) 6.72
Consolidated statement of financial position
as at 31 December 2025
31 December 2025 31 December 2024 30 June 2025
Notes (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Property, plant and equipment: development & production 1,104 4,008 2,188
Property, plant and equipment: other 5,382 5,723 5,577
Goodwill 1,084 1,084 1,084
Exploration and evaluation assets 64 1,414 40
Exploration and evaluation assets - held for sale - 1,176 -
Interest bearing loans 4 2,446 - -
Trade and other receivables 6 3,712 - 3,622
Total non-current assets 13,792 13,405 12,511
Current assets
Trade and other receivables 6 3,575 777 3,567
Interest bearing loans 4 - 2,704 2,703
Cash and cash equivalents 8,939 6,847 13,245
Term deposits 4,000 - 438
Total current assets 16,514 10,328 19,953
Total assets 30,306 23,733 32,464
Current liabilities
Trade and other payables (1,067) (2,613) (2,854)
Current tax liabilities (102) (74) (91)
Total current liabilities (1,169) (2,687) (2,945)
Non-current liabilities
Trade and other payables (1,101) (1,290) (1,220)
Loan (594) - -
Decommissioning provisions (1,357) (1,283) (1,309)
Total non-current liabilities (3,052) (2,573) (2,529)
Total liabilities (4,221) (5,260) (5,474)
Net assets 26,085 18,473 26,990
Equity attributable to equity holders
Called up share capital 19,688 19,688 19,688
Share premium 83,625 83,625 83,625
Merger reserve 3,376 3,376 3,376
Retained deficit (80,604) (88,216) (79,699)
Total equity 26,085 18,473 26,990
Consolidated statement of changes in equity
for the six months ended 31 December 2025
Called up Share premium Merger reserve Retained deficit Total
share capital
£'000 £'000 £'000 £'000 £'000
At 30 June 2024 19,688 83,625 3,376 (87,045) 19,644
Loss for the period - - - (1,192) (1,192)
Total comprehensive income for the period - - - (1,192) (1,192)
Share-based payments - - - 21 21
At 31 December 2024 19,688 83,625 3,376 (88,216) 18,473
Profit for the period - - - 8,538 8,538
Total comprehensive income for the period - - - 8,538 8,538
Share-based payments - - - (21) (21)
At 30 June 2025 19,688 83,625 3,376 (79,699) 26,990
Loss for the period - - - (905) (905)
Total comprehensive loss for the period - - - (905) (905)
At 31 December 2025 19,688 83,625 3,376 (80,604) 26,085
Consolidated statement of cashflows
for the six months ended 31 December 2025
Six months to 31 December 2025 Six months to 31 December 2024 Twelve months to 30 June 2025
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cashflows from operating activities
Cashflows (used in) / generated from operations (1,014) (55) (306)
Taxation (paid) / received 11 (2,210) (2,231)
Net cash (used in) / generated from operating activities (1,003) (2,265) (2,537)
Cash flow from investing activities
Interest received 164 60 144
Acquisition of exploration and evaluation assets (24) (110) (208)
Sale of assets - - 7,322
Acquisition of property, plant and equipment: development and production (77) (120) (148)
Increase in term deposits (4,000) - (438)
Decrease in term deposits 438 - -
Decommissioning expenditure - (37) (32)
Loan repayment received 270 230 230
Net cash (used in) / generated from investing activities (3,229) 23 6,870
Cash flow from financing activities
Lease payments (106) (183) (369)
Interest paid (22) (43) (88)
Repayment of loans and borrowings - (49) (99)
Net cash used in financing activities (128) (275) (556)
Net (decrease) / increase in cash and cash equivalents (4,360) (2,517) 3,777
Cash and cash equivalents at beginning of period 13,245 9,486 9,486
Effect of foreign exchange rate differences 54 (122) (18)
Cash and cash equivalents at end of period 8,939 6,847 13,245
Notes to the Interim financial statements
1. Accounting policies
General Information
These consolidated interim financial statements of The Parkmead Group plc and
its subsidiaries (the "Group") were approved by the Board of Directors on 27
March 2026. The Parkmead Group plc is the parent company of the Group. Its
shares are quoted on AIM, part of the London Stock Exchange. The registered
office is located at One Angel Court, 13th Floor, London, England, EC2R 7HJ.
The consolidated interim financial statements for the period 1 July 2025 to 31
December 2025 are unaudited. In the opinion of the Directors, the consolidated
interim financial statements for the period presents fairly the financial
position, and results from operations and cash flows for the period. The
consolidated interim financial statements incorporate unaudited comparative
figures for the interim period 1 July 2024 to 31 December 2024, and the
audited financial year ended 30 June 2025. All values are rounded to the
nearest thousand (£'000) except when otherwise indicated.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory accounts for the year ended 30 June 2025 which were prepared
under UK-adopted International Accounting Standards ("IFRS") were filed with
the Registrar of Companies. The auditors reported on those accounts and their
report was 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.
Basis of preparation
The interim financial information in this report has been prepared under the
historical cost convention, except for certain fair value adjustments are
required, using accounting policies consistent with UK-adopted International
Accounting Standards (IFRS) and IFRS Interpretations Committee (IFRIC)
interpretations. IFRS is subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and IFRIC and there is an
ongoing process of review and endorsement by the UK. The financial information
has been prepared on the basis of UK-adopted international accounting
standards that the Directors expect to be adopted and applicable as at 30 June
2026.
The Group has chosen not to adopt IAS 34 - Interim Financial Reporting, in
preparing these financial statements.
The accounting policies applied in this report are the same as those applied
in the consolidated financial statements for the year ended 30 June 2025. An
additional policy is required for term deposits. Term deposits are those
amounts held by third parties on behalf of the Group and are not available for
the Group's use with a maturity of over 3 months at inception, these are
recognised separately from cash and cash equivalents on the balance sheet.
Going concern
The Directors have made an assessment of the Group's ability to continue as a
going concern. As at 31 December 2025 the Group had £26.1 million of net
assets of which £8.9 million is held in cash and a further £4 million on
term deposits. At the time of approving the accounts, on 26 March 2026 the
Group had £16.1 million in cash and term deposits.
The Directors, after making appropriate enquiries have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the interim financial statements.
2. Exploration and evaluation expenses
Exploration and evaluation expenses includes impairment charges of £nil
recorded in respect of exploration licences relinquished in the period (Six
months to 31 December 2024: £nil, Twelve months to 30 June 2025:
£1,418,000).
3. Administrative expenses
Administrative expenses include a credit in respect of a non-cash revaluation
of share appreciation rights (SARs) totalling £100,000 (Six months to 31
December 2024: £269,000 charge, Twelve months to 30 June 2025: £19,000
credit). The SARs may be settled by cash or shares and are therefore revalued
with the movement in share price.
Administrative expenses also include a non-cash share based payment charge of
£nil due to options which have been granted, lapsed or forfeited (Six months
to 31 December 2024: £21,000, Twelve months to 30 June 2025: £nil).
Administrative expenses also include a foreign exchange gain of £54,000 (Six
months to 31 December 2024:
£122,000 expense, Twelve months to 30 June 2025: £18,000 expense).
4. Interest bearing loans
On 1 August 2025, the Company entered into an extension to 31 December 2028 in
respect of its interest-bearing loan to Energy Management Associates Limited
(EMA) of £2,400,000 after receiving a repayment of £270,000. The interest
rate increased from a fixed 2.5% to a floating rate equivalent to the Bank of
England base rate. Interest charged by Parkmead during the period amounted
to £45,000 (Six months to 31 December 2024: £34,000, Twelve months to 30
June 2025: £73,000).
5. (Loss) / profit per share
(Loss) / profit per share attributable to equity holders of the Company arise
as follows:
Six months to 31 December 2025 Six months to 31 December 2024 Twelve months to 30 June 2025
(unaudited) (unaudited) (audited)
(Loss) / profit per 1.5p ordinary share (pence)
Basic (0.83) (1.09) 6.72
Diluted (0.83) (1.09) 6.72
The calculations were based on the following information:
Six months to 31 December 2025 Six months to 31 December 2024 Twelve months to 30 June 2025
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit /(loss) attributable to ordinary shareholders (905) (1,192) 7,346
Weighted average number of shares in issue
Basic weighted average number of shares 109,266,931 109,266,931 109,266,931
Dilutive potential ordinary shares
Share options - - -
6. Update on Sale of UK North Sea Licences
On 12 December 2024, Parkmead, announced the signing of an agreement to effect
the sale (the "Sale") of its wholly owned subsidiary, Parkmead (E&P) Ltd
(the "Subsidiary"), to Serica Energy (UK) Ltd ("Serica"), the transaction
completed on 30 April 2025:
o Initial consideration of £7.3 million received on completion
o Deferred payments £3.1 million and £3.9 million due on 27(th) of
February 2026 and 27(th) of February 2027 respectively. These future payments
are firm and not subject to any conditions; and
o Two contingent payments, payable upon receipt by Serica of approval by the
North Sea Transition Authority ("NSTA") for any field development plan ("FDP")
relating to any development on licence P2400 (containing the Skerryvore
prospect) or licence P2634 (containing the Fynn Beauly oil discovery). These
payments are to be calculated based on £0.8/bbl of the 2P reserves contained
within the respective FDP net to the Subsidiary's current 50% working interest
in each licence, subject to caps of £30 million (in relation to licence
P2400) and £90 million (in relation to licence P2634).
o No contingent consideration has been recognised at the balance sheet date
7. Notes to the statement of cashflows
Reconciliation of operating (loss) / profit to net cash flow from operations
Six months to 31 December 2025 Six months to 31 December 2024 Twelve months to 30 June 2025
£'000 £'000 £'000
Operating (loss) / profit (1,151) (1,041) 7,540
Depreciation 1,356 838 1,701
Amortisation and exploration write-off - - 1,417
Impairment of property, plant and equipment - - 1,185
Non operating cashflows - - (7,322)
Currency translation adjustments (54) 122 18
(Increase) in receivables (8) (56) (6,550)
Increase /(decrease) in payables (1,156) 82 1,705
Net cash flow used in operations (1,014) (55) (306)
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