by Sabella Ojes
Shares of Parkmead Group Plc fell on Friday after the company reported a fairly wide pretax loss for fiscal 2021 despite higher gas prices.
The oil and gas company posted a pretax loss of £13.4 million ($17.9 million) for the year ended June 30, compared to a loss of GBP792,000 for the same period a year ago.
Revenue fell to GBP4.1 million from GBP4.1 million for the same period a year ago, marked by a 33% increase in the second half compared to the first half on a strong recovery in gas prices from the Covid-19 pandemic .
The company’s gross margin increased from 31% to 49%, it said.
Executive Chairman Tom Cross said, “The substantial increase in gas prices after the end of the year is also creating strong momentum for the Group. We intend to capitalize on this by further balancing the Group’s operations to include other energies. Huh.”
Shares were down 6.10 pence, or 13%, at 40.90 pence at 0816 GMT.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix