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Parkmead Group revenue halves as gas price collapses
StockMarketWire.com
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Energy company The Parkmead Group's revenue halved in the 12 months to 30 June 2020 as gas prices fell to record lows.
Parkmead recorded a revenue for the year of £4.1 million for its financial year in a preliminary results statement, down from £8.3 million a year earlier.
The company achieved a profit of £1.3 million for the period, which it said showed the 'robustness' of its gas assets despite being significantly lower than the previous year (£5.7 million).
Net profit before tax and non-cash impairment charges was £0.8 million.
Gas prices fell from approximately €25.70 per megawatt hour (MWh) in October 2018 to around €5.00 per MWh, reflecting 'lows not seen in over a decade', the company said.
This was due to the oversupply of liquefied natural gas into the European market and the unprecedented effect of COVID-19.
However, gas prices have since rebounded strongly to approximately €14.00 per MWh in November 2020, Parkmead reported.
In addition, its Dutch operations were uninterrupted by the Netherlands' lockdown that began in March.
Story provided by StockMarketWire.com
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