REG - Parkmead Group (The) - Preliminary Results Statement 2023
17/11/2023 07:00
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RNS Number : 7592T Parkmead Group (The) PLC 17 November 2023
17 November 2023
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Preliminary Results for the year ended 30 June 2023
Parkmead, the independent energy group focused on growth through gas, oil and
renewable energy projects, is pleased to report its preliminary results for
the year ended 30 June 2023.
HIGHLIGHTS
Increased revenues and cash flow
· Revenues increased by 22% to £14.77 million (2022: £12.13
million)
· Gross profit increased to £12.5 million (2022: £10.8 million)
· Gross margin remained strong at 85% demonstrating very low
operating costs
· Net Cashflow from Operations rose 44% to £6.5 million (2022:
£4.5 million)
· Operating profit before exploration write off and impairments of
£10.6 million (2022: £6.9 million) or 9.7p on a per share basis
· Taxation of £4.7 million and Dutch windfall taxation of £2.4
million
· Cash and cash equivalents as at 30 June 2023 of £11.6 million
(2022: £23.3 million) after decommissioning expenditure in the year of £17.0
million
· Non-cash impairment charges recorded of £46 million relating
primarily to relinquishment of the Core Perth and Athena Licences on the UKCS
· Parkmead's balance sheet remains strong with total assets as at
30 June 2023 of £28.6 million
Netherlands E&P Business - drilling success and excellent operating margin
· Low-cost onshore gas portfolio in the Netherlands produces from
four separate gas fields, with a low average field operating costs generating
strong cash flows
· Average netback for the year from the Netherlands of
approximately $150 per boe
· Average gross production for the period across the Group's
Netherlands assets was 17.5 million cubic feet per day ("MMscfd"),
approximately 3,015 barrels of oil equivalent per day ("boepd")
· The LDS drilling campaign was completed safely, on time and under
budget in early 2023
· LDS-01 successfully encountered commercial gas volumes which were
tied into production within just a few months. A positive outcome, with
higher gas & condensate production than expected, led to the well being
temporarily shut-in for increased processing capacity work to be carried out
· Excellent progress on the potential Papekop development,
targeting gross reserves of 35.6 bcf, with first production planned for 2027
· Major review of the exploration potential on the Drenthe VI
licence has identified multiple new prospects
UK Skerryvore exploration well on track
· Parkmead is Operator with a significant 50% interest in the
project
· Planned well will target the main stacked exploration prospects,
at Mey and Chalk level (Tor Dip and Tor Strat), with Pmean STOIIP of
approximately 43mmbbls, 98mmbls and 566mmbbls respectively
· The sub-surface team believe there is a high geological chance of
success at the Mey of c.47% as this area is surrounded by fields producing
from the same target interval
· Close to early-life infrastructure, giving potential for
accelerated development
UK Renewable Energy Portfolio
· Kempstone Hill delivered record revenue during the period of
£0.7millon
· Production of electricity during the period was 2,446 MWh
· Work is progressing on studies for a wind farm at Pitreadie as
part of a major proposal to create a 90-100MW wind farm joint venture
· Through the relationship with Energy Management Associates, an
area of land suitable for a large solar farm has been identified with Parkmead
executing an option agreement over the proposed site
· The Group is also actively pursuing wind and solar acquisitions
which would be immediately cash-flow enhancing for the Group
Well positioned for further acquisitions and opportunities
· Parkmead continues to pursue acquisitions in the gas, oil and
renewable energy sectors that will build upon its balanced energy portfolio
Parkmead's Executive Chairman, Tom Cross, commented:
"I am pleased to report Parkmead's results for the financial year to 30 June
2023. We have achieved increased revenues and cash flow, whilst ensuring the
Company is forging ahead with new growth opportunities.
The Netherlands assets have continued to deliver consistent and efficient gas
production, with exciting additional prospectivity identified across our Dutch
portfolio. In particular, the maturing exploration targets on the Drenthe VI
licence confirms the high quality of these assets. The Papekop development has
the potential to add significant revenues to Parkmead from 2027 onwards.
Parkmead has achieved its first full year of revenue from the Kempstone Hill
Wind Farm. This asset complements the Group's low-cost onshore gas operations
in the Netherlands and strengthens our balance sheet position. We will build
upon the success of these two business areas, of natural gas and renewables,
through organic and inorganic growth as the Company transitions to being a
clean energy producer.
In addition, we remain committed to maximizing the opportunities within the
Company's oil & gas portfolio on our pathway towards energy transition. We
are excited by the progress being made on Skerryvore towards drilling. There
is major upside potential, given Parkmead's high equity position in a number
of its prospects and the sizeable tax losses that could be deployed on the
Company's projects in due course.
Parkmead continues to maintain a strong balance sheet which aids the pursuit
of value-adding acquisitions. Our team is working hard on the near-term
opportunities that lie within our existing portfolio, and is focused on the
substantial value-creation that could be achieved for shareholders."
For enquiries please contact:
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
Andrew Burdis / Barney Hayward - ECM
CHAIRMAN'S STATEMENT
The year to 30 June 2023 has been a challenging one for the energy industry.
The UK sector has been facing major uncertainties with respect to government
future direction on UKCS oil & gas, and the significant impact of new
windfall taxes. The Parkmead team has reviewed its strategic direction,
recognising that the global energy landscape is changing. Parkmead
understands the need to reduce the industry's carbon footprint and seeks to
address the requirement for clean energy. We recognise that profitable
business opportunities that arise in the ongoing energy transition away from
oil can be used to further investment in clean energy technologies. The
Company's portfolio provides a low risk and attractive long term steady
cashflow which will underpin the future of Parkmead, as well as provide a
platform to monetise the relatively higher risk, but valuable oil & gas
prospects.
Parkmead has continued to grow its clean energy asset base, increasing revenue
by 22% in the period to £14.77 million. Our Netherlands gas fields have
performed very well and the full integration of our acquisition of Kempstone
Hill Wind Farm complements the Group by providing another revenue stream.
Our Company now looks forward to an exciting next phase of growth as we build
on these two key business areas of renewable energy and natural gas
production.
Netherlands E&P Business
Our Netherlands production remains some of the most efficient and profitable
in Europe, on a per-barrel basis. Production across the fields continues to
perform well, and gross production averaged 17.5MMscfd, approximately 3,015
barrels of oil equivalent per day (boepd), during the period.
The operating costs of the combined fields is low, and these high-quality
assets underpin our Group's outstanding gross profit margin of 85%. This
allows the Company to reinvest in further opportunities, particularly given
the prospectivity within the Netherlands portfolio. Onshore gas production is
considered to play an important role in energy transition policies and we
continue to progress further projects on our licences, in line with government
strategy.
Excellent progress is being made towards a Papekop field development. The
permitting process is underway, with commercial discussions progressing around
transportation and offtake. A potential development of the Papekop field would
target 35.6 Bcf of gross gas reserves with first production targeted for as
early as 2027.
Seismic reprocessing on the highly productive Drenthe VI concession has
identified a number of exciting new leads and prospects. Work to mature this
portfolio of opportunities has continued throughout 2023, with plans to firm
up the JV's exploration strategy for 2024.
The drilling campaign in Q4 2022 resulted in LDS-01 encountering commercial
volumes of gas and the well was tied in to the Diever production
infrastructure within three months. We are pleased to report that both wells
were drilled safely, on time and under budget. Following tie-in and production
testing LDS-01 was temporarily shut-in to allow optimisation works to be
carried out on the processing facilities due to the higher than anticipated
condensate production levels. LDS-01 was recently brought back onstream.
LDS-02 was unfortunately unsuccessful in encountering commercial volumes of
gas. However, the well information has greatly helped the joint venture's
understanding of the regional geology for follow-on prospects. The LDS-02 well
has been successfully suspended and is currently being assessed for potential
re-entry and sidetrack to other nearby prospects.
UK Renewable Energy Portfolio
As we benefit from a full year of revenue and electricity generation from
Kempstone Hill, the Company continues to identify and analyse further
value-adding renewable energy opportunities. Parkmead is investing in the
renewables arena alongside our oil and gas projects. This is with the aim of
continued diversification as we build a balanced portfolio of energy assets.
Since the integration of Kempstone Hill, we have achieved outstanding
operational uptime of 98%, as well as benefitting from a large increase in
wholesale electricity export prices. This has resulted in 2,446MWh of
electricity being generated and record revenue from the wind farm of £0.7
million during the period.
At Pitreadie, commercial discussions continue to progress with potential joint
venture partners. Following positive results of initial studies, further
environmental surveys and planning work are ongoing in support of a joint
venture for a major 100MW wind farm planning application.
Parkmead, through its strategic relationship with EMA, has agreed an option
over land at Brachmont where initial screening studies have been completed for
a major solar energy project which is in line with the Scottish Government's
commitment to install 4-6 GW of solar energy by 2030.
Apart from the organic development of renewable projects, Parkmead is actively
seeking opportunities to acquire renewable projects both in production and/or
under development.
UK Oil and Gas Projects
Greater Perth Area ("GPA")
The UK North Sea upstream industry is facing unprecedented challenges
associated with volatile oil and gas prices, ageing infrastructure and rising
capital and operating costs. This, combined with the sharp increases in
taxation in the last 18 months and the related exodus of key equipment and
human resources from the UK North Sea, has resulted in a large number of
drilling campaigns and investment decisions on new field developments being
delayed, curtailed or cancelled. A further major consideration has been the
significant increase in the cost of capital made more difficult by a lack of
appetite from traditional funding sources to support oil and gas projects.
These factors are affecting all companies active on the UKCS, from major
multi-nationals to independents.
The Parkmead team has worked extremely hard in recent years to progress the
unique and challenging GPA potential development which included problems
handling sour gas through ageing nearby infrastructure. This work included
extensive transportation, engineering and processing studies and commercial
negotiations with infrastructure owners including INEOS and the Scott Area
owners. Latterly, Parkmead was encouraged with the positive initial findings
from a NetZero feasibility study, conducted in conjunction with CNOOC and
Worley, which demonstrated that a technical solution was possible using the
Scott platform for the reinjection of associated sour gas into a nearby
depleted reservoir. However, updated development capital costs for Perth,
including the significant additional costs of achieving net-zero requirements,
climbed to over one billion US dollars.
In addition to large capital requirements, important concerns were highlighted
over the longevity of potential nearby host infrastructure, the inability to
pursue a stand-alone FPSO development option under the NetZero requirements
and, in particular, the recent fiscal changes which has led to a large
increase in effective taxation. Such an increase materially damages project
economics, undermining the usual risk-reward equation associated with making
major offshore oil and gas field investment decisions. These factors, combined
with a lack of public and political support for new oil projects, resulted in
a very cautious and conditional approach from industry during partnering
discussions. Throughout this in-depth and extensive process, it became clear
that without full and committed engagement from industrial partners it was not
practical to progress the Perth development to FID, particularly recognising
the massive level of capital investment required. The Company therefore
relinquished licences P588 and P2154 licences containing the Perth discovery.
Skerryvore
Skerryvore remains a key focus for Parkmead over the next 12 months. The
Company's detailed technical work programme has confirmed the considerable
multi-interval potential at Mey and Chalk intervals that the exploration well
will target. The licence also contains additional prospectivity at the Ekofisk
and Jurassic levels. A successful discovery will result in a tie back to
nearby infrastructure in line with the NSTA's MER and Hub Strategy for new
developments.
During the period, Parkmead increased its stake in the high-impact Skerryvore
project from 30% to 50% and gained regulatory approval to progress into the
next phase of the licence. Parkmead's joint venture partners on the licence
are Serica Energy (UK) Limited (20%) and CalEnergy (Gas) Limited (30%).
The area around Skerryvore is currently seeing important activity on several
fronts, with Harbour Energy now in the execute phase of the adjacent Talbot
development project, and NEO Energy proceeding with the redevelopment of
Affleck. Further development activity is also taking place in the Norwegian
sector in close proximity to Skerryvore, and Tommeliten A came into production
recently.
Gamma East
Despite relinquishing the majority of the GPA licences, Parkmead retained its
interest in a key part of P218 which contains the Gamma East prospect with
dual targets in the Piper and Scott formations. Following recent technical
work, the mean STOIIP has been assessed at 9.5mmbbls and 20.8mmbbls for the
respective formations with mean recoverable reserves of 4.9mmbbls and
9.5mmbbls respectively. Parkmead has approached nearby infrastructure owners
to open discussions on the anticipated processing and transportation tariffs
in the event of a successful well.
UKCS 33rd Offshore Oil and Gas Licensing Round
Despite industry concerns over the imposition of the UK Energy Profits Levy,
Parkmead remains committed to the UKCS oil and gas sector. We have therefore
made selective applications in the UKCS 33rd Offshore Oil and Gas Licensing
Round, to target material value-adding opportunities. The relevant licensing
round results are expected to be announced early in 2024.
Decommissioning
Parkmead has successfully completed legacy decommissioning liabilities on the
UKCS in order to capitalise on lower supply chain costs, agreed with our
supply chain partners before significant inflation hit the offshore market.
The Company is pleased to report that well plugging and abandonment activities
across P218, P1242 and P1293 have been completed safely, on time and on
budget. Additionally, post year end the subsea removal scope on P1293 has been
successfully completed safely and on budget. The completion of this work
leaves Parkmead with no remaining decommissioning liabilities on the UKCS.
Financial Performance
The Group's revenue for the year to 30 June 2023 increased 22% to £14.77m
(2023: £12.13m). The increased revenue in the year reflected excellent
operating performance coupled with Dutch TTF gas prices which continued to
remain above historical averages. An outstanding gross margin of 85% was
realised, resulting in a gross profit of £12.5m (2022: £10.8m). This gross
profit demonstrates the continued low-cost, high-performance nature of our
asset base across the Netherlands. Parkmead remains 100% unhedged and
therefore directly benefits from any higher gas prices.
Operating loss for the year was £35.2 million (2022: £5.2 million profit),
because there were £33m (2022: £1.1m) in E&E asset write offs and
impairment charges of £13m during the period. These were primarily comprised
of carrying values associated with the P588 and P2193 licences in the UK. Loss
before tax was recorded of £35.3 million (2022: £5.2 million profit). Due to
aggressive taxation imposed by the Dutch Government on gas production during
the period, the Group suffered a tax liability of £5.8 million partially
offset by £1.1 million movement in deferred tax (2022: £4.7 million) plus an
additional £2.4 million windfall tax liability. The imposition of this
windfall tax reflects the high quality of the assets in the Netherlands and
the strong operating margins achieved.
The Group's reported net loss for the period was £42.3 million (2022: £0.8
million). Parkmead continues to maintain a strong balance sheet with total
assets of £28.6 million (2022: £86.3 million) at 30 June 2023. Cash and cash
equivalents at year-end decreased to £11.6 million (2022: £23.3 million)
primarily due to a cash spend of £17.0 million on decommissioning work
carried out across the UKCS and taxation in the Netherlands. As a result,
short term decommissioning provisions reduced significantly to £2.8 million
(2022: £19.2 million). Interest bearing loans receivable were £2.9 million
(2022: £2.9 million). Debt was strictly maintained at the low level of just
£0.9 million (2022: £0.9 million). This debt was inherited as a result of
the acquisition of Kempstone Hill Wind Energy Limited.
Group administrative expenses were £1.8 million (2022: £2.2 million).
Underlying personnel costs, before share-based payments, remained unchanged at
£1.7m (2022: £1.7 million).
Outlook
Parkmead has delivered promising results through a period of significant
change, as we build a balanced energy portfolio. The Company remains in a
healthy cash position with valuable revenue streams from our onshore producing
Dutch gas fields and our onshore UK renewable energy assets. Together these
will provide long term, low risk core revenues for the Group.
Parkmead has a number of carefully selected opportunities across the UK and
Dutch energy sectors, which it is actively working on to maximise returns.
Additionally, the Group has a very significant pool of UK tax losses, which
total in excess of £188 million. This tax position means Parkmead is
exceptionally well placed in respect of making potential acquisitions, at a
time when UK oil and gas taxation for larger producers is at such high levels.
Our experienced management team will continue to maintain strict financial
discipline across the Group's portfolio. Therefore, we are refocusing our
offshore UK efforts on acquisitions and also on attractive projects such as
Skerryvore, which are simpler and lower cost than GPA and so present clear
opportunities to build increased value for shareholders.
Tom Cross
Executive Chairman
17 November 2023
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.
Notes:
1. Tim Coxe, Parkmead Group's Managing Director, North Sea, holds a
First-Class Master's Degree in Engineering and over 30 years of experience in
the oil and gas industry. Tim is accountable for the company's HSE,
Subsurface, Drilling, Production Operations and Development Project functions
and has approved the technical information contained in this announcement.
Reserves and contingent resource estimates have been produced by Parkmead's
subsurface team and are stated as of 30 September 2023. Parkmead's evaluation
of reserves and resources was prepared 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.
Group statement of profit or loss
for the year ended 30 June 2023
Jun-23 Jun-22
Continuing operations Notes £'000 £'000
Revenue 14,769 12,129
Cost of sales (2,237) (1,370)
Gross profit 12,532 10,759
Exploration and evaluation expenses (33,009) (1,116)
Impairment of goodwill - (2,174)
Impairment of property, plant and equipment (13,030) -
Loss on sale of assets 36 (31)
Administrative expenses 2 (1,753) (2,231)
Operating profit/(loss) (35,224) 5,207
Finance income 192 73
Finance costs (267) (1,317)
Profit/(Loss) before taxation (35,299) 3,963
Taxation (4,661) (4,777)
Windfall taxation (2,374) -
Loss for the period attributable to the equity holders of the Parent (42,334) (814)
(Loss) per share (pence)
Basic 3 (38.74) (0.75)
Diluted 3 (38.74) (0.75)
Group statement of profit or loss and other comprehensive income
for the year ended 30 June 2023
2023 2022
£'000 £'000
(Loss) for the year (42,334) (814)
Other comprehensive income
Income tax relating to components of other comprehensive income - -
Other comprehensive income for the year, net of tax - -
Total comprehensive (loss) for the year attributable to the equity holders of (42,334) (814)
the Parent
Group statement of financial position
as at 30 June 2023
2023 2022
£'000 £'000
Non-current assets
Property, plant and equipment: development & production 4,503 15,843
Property, plant and equipment: other 5,600 6,636
Goodwill 1,084 1,084
Exploration and evaluation assets 1,966 34,346
Interest bearing loans - 2,900
Deferred tax assets - 187
Total non-current assets 13,153 60,996
Current assets
Trade and other receivables 941 2,018
Interest bearing loans 2,936 -
Inventory 16 42
Cash and cash equivalents 11,576 23,263
Total current assets 15,469 25,323
Total assets 28,622 86,319
Current liabilities
Trade and other payables (2,673) (3,545)
Decommissioning provisions (2,773) (19,228)
Current tax liabilities (2,263) (1,432)
Total current liabilities (7,709) (24,205)
Non-current liabilities
Trade and other payables (942) (1,181)
Loans (767) (948)
Windfall taxation (2,374) -
Deferred tax liabilities (641) (1,925)
Decommissioning provisions (1,529) (1,066)
Total non-current liabilities (6,253) (5,120)
Total liabilities (13,962) (29,325)
Net assets 14,660 56,994
Equity attributable to equity holders
Called up share capital 19,688 19,688
Share premium 83,625 83,625
Merger reserve 3,376 3,376
Retained deficit (92,029) (49,695)
Total Equity 14,660 56,994
Group statement of changes in equity
for the year ended 30 June 2023
Share capital Share premium Merger reserve Retained deficit Total
£'000 £'000 £'000 £'000 £'000
At 30 June 2021 19,688 83,625 3,376 (48,968) 57,721
Loss for the year - - - (814) (814)
Total comprehensive loss for the year - - - (814) (814)
Share capital issued - - - - -
Share-based payments - - - 87 87
At 30 June 2022 19,688 83,625 3,376 (49,695) 56,994
Loss for the year - - - (42,334) (42,147)
Total comprehensive loss for the year - - - (42,334) (42,147)
Share capital issued - - - - -
Share-based payments - - - - -
At 30 June 2023 19,688 83,625 3,376 (92,029) 14,660
Group statement of cashflows
for the year ended 30 June 2023
2023 2022
Notes £'000 £'000
Cashflows from operating activities
Continuing activities 4 11,414 8,038
Taxation paid (4,881) (3,508)
Net cash generated by/(used in) operating activities 6,533 4,530
Cash flow from investing activities
Interest received 192 73
Acquisition of exploration and evaluation assets (519) (548)
Disposal of property, plant and equipment 654 874
Acquisition of property, plant and equipment: development and production (950) (123)
Acquisition of property, plant and equipment: other (87) (3,114)
Decommissioning expenditure (16,983) (1,667)
Net cash on acquisition of Kempstone Hill - 360
Net cash generated by/ (used in) investing activities (17,693) (4,145)
Cash flow from financing activities
Interest paid (136) (45)
Lease payments (229) (375)
Repayment from loans and borrowings (88) (542)
Net cash (used in) financing activities (453) (962)
Net (decrease) in cash and cash equivalents (11,613) (577)
Cash and cash equivalents at beginning of year 23,263 23,378
Effect of foreign exchange rate differences (74) 462
Cash and cash equivalents at end of year 11,576 23,263
Notes to the financial information for the year ended 30 June 2023
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 2023 or 30
June 2022.
The financial information has been extracted from the audited statutory
accounts for the years ended 30 June 2023 and 30 June 2022. 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 2022 have been delivered to
the Registrar of Companies. The
statutory accounts for the year ended 30 June 2023 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 2022 and the statutory
accounts for the year ended 30 June 2022 and have been prepared in accordance
with UK-adopted International Accounting Standards ("IFRSs").
2. Administrative expenses
Administrative expenses include a credit in respect of a non-cash revaluation
of share appreciation rights (SARs) and share based payments totalling
£1,200,000 (2022: a charge of £505,000). The SARs may be settled via shares
or cash and are therefore revalued with the movement in share price. The
valuation was impacted by the decrease in share price between 30 June 2022 and
30 June 2023.
3. Profit / (loss) per share
Profit/(loss) per share attributable to equity holders of the Company arise
from continuing and discontinued operations as follows:
2023 2022
(Loss) / profit per 1.5p ordinary share from continuing operations (pence)
Basic (38.74)p (0.75)p
Diluted (38.74)p (0.75)p
The calculations were based on the following information:
2023 2022
£'000 £'000
Loss attributable to ordinary shareholders
Continuing operations (42,334) (814)
Total (42,334) (814)
Weighted average number of shares in issue
Basic weighted average number of shares 109,266,931 109,266,931
Dilutive potential ordinary shares
Share options - -
Profit/(loss) per share is calculated by dividing the profit/(loss) for the
year by the weighted average number of ordinary shares outstanding during the
year.
Diluted profit/(loss) per share
Profit/(loss) per share requires presentation of diluted (loss)/profit per
share when a company could be called upon to issue shares that would decrease
net profit or increase net loss per share. When the group makes a loss the
outstanding share options are therefore anti-dilutive and so are not included
in dilutive potential ordinary shares.
4. Notes to the statement of cashflows
Reconciliation of operating (loss) / profit to net cash flow from continuing
operations
2023 2023
£'000 £'000
Operating profit / (loss) (35,224) 5,207
Depreciation 722 726
Amortisation and exploration write-off 32,834 860
Loss on sale of property, plant and equipment (36) 31
Provision for share based payments - 87
Currency translation adjustments 74 (462)
Impairment of property, plant and equipment: developed and produced 13,030 -
Impairment of goodwill - 2,174
Decreases / (increase) in receivables 1,077 (667)
Decrease in stock 26 24
Increase/(decrease) in payables (1,089) 58
Net cash flow from operations 11,414 8,038
5. Approval of this preliminary announcement
This announcement was approved by the Board of Directors on 16 November 2023.
6. Publication of annual report and accounts
Copies of the Annual Report and Accounts will be made available shortly on the
Company's website www.parkmeadgroup.com, along with a copy of this
announcement.
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