Parkmead falls as losses deepen
Shares in independent oil and gas firm Parkmead took a tumble after pre-tax losses more than doubled for the year ended 30 June.
Shares in independent oil and gas firm Parkmead took a tumble after pre-tax losses more than doubled for the year ended 30 June.
Despite half-year revenue rising from £2.36m last year to £3.74m in the first half of 2011, increased costs and administrative expenses led to a surge in pre-tax losses from £1.4m to £3.45m.
Executive chairman Tom Cross said: "The last year has been a period of strategic transformation for the group. 2011 has been a successful year and I believe we are now well positioned with the essential skills and resources to build a significant new independent oil and gas company.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We remain focused on the pursuit of value-adding acquisitions, at both asset and corporate levels, in line with the group's strategy. The board is pleased to be able to report that our first asset transaction in our core target market was completed earlier this month. In addition, the group is now fully funded for its forward programme of drilling activities and is well positioned to capitalise on further strategic opportunities."
Group cash at the end of the year rose to £1.27m compared to £0.3m at the same date the previous year.
The share price fell 11.11% to 12p by 12:51.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
A break from the excitement: three boring but good investment themes in Asia
-
How to find lost pensions, savings or investments
Losing track of money is easy to do when moving house or changing jobs so if you’ve lost touch with your cash, we outline some simple steps to find lost pensions, investments, savings accounts and Premium Bonds