Parkmead actively on hunt for acquisitions

Tom Cross, the industry veteran who heads Aberdeenbased oil and gas firm Parkmead, yesterday said the firm was assessing potential acquisitions to accelerate its growth.

His comments came as the firm reported revenues rose by 70 per cent in the year to 30 June although higher exploration costs saw losses also increase.

Executive chairman Cross said the increase in revenues had been underpinned by increased gas production in the Netherlands which he said had created a “strong foundation from which to build momentum”.

Turnover increased to £7 million and although gross profits more than trebled to £4.06m, increased exploration and administrative expenses led to operating losses rising to £5.3m from £3.8m.

“As we move towards 2019, Parkmead maintains its appetite for acquisitions and is looking carefully at a number of opportunities,” he said.