Parkmead Group (AIM:PMG) shares were on the back foot, down just over 5%, after it released financial results that revealed its first-half revenue slipped on lower Dutch gas output and weaker prices.
Nonetheless, Parkmead noted that its cash position has swelled to £16.1 million after a deferred North Sea payment, giving it firepower to advance its Glenskinnan renewable energy project and pursue fresh growth opportunities.
Revenue for the six months to 31 December 2025 fell to £1.5 million from £2.1 million a year earlier, reflecting a natural decline in Netherlands gas production to 143 barrels of oil equivalent per day from 181 boepd.
Average realised Dutch TTF gas prices also eased to €32.14/MWh from €38.16/MWh. Parkmead posted a net loss of £0.9 million, versus a £1.2 million loss a year earlier, while operating cash outflow improved to £1.0 million from £2.3 million.
The group ended December with £8.9 million in cash and £4.0 million in term deposits. That total rose after Parkmead received a £3.1 million deferred payment in February linked to the sale of UK North Sea licences.
A further £3.9 million is due in February 2027, while as much as £120 million in contingent consideration could follow if field development plans are approved for Skerryvore and Fynn Beauly.
Operationally, Parkmead said it is making progress at the proposed Glenskinnan Renewable Energy Park in Aberdeenshire, which is being developed with Galileo Empower and is planned to include up to 98 MW of wind generation, 20 MW of solar PV and 30 MW of battery storage.
In the Netherlands, the company said Drenthe V is being readied for drilling in late 2026, with additional prospects also being advanced across Drenthe VI.
The next key milestone is the planned submission during 2026 of a Section 36 planning application to the Scottish Government for Glenskinnan.