Oil and gas-focused investor and adviser Parkmead Groupís revenues jumped in the year to June 2010 thanks to the November 2009 purchase of energy sector consultancy Aupec.
Revenues grew from £161,000 to £2.35m and the loss was cut from £6.33m to £1.41m. The losses and write-downs on investments fell from £4.18m to £464,000. Net cash was £291,000 and non-current financial assets were £5.38m at the end of June 2010.
Cost savings have been made by moving the Parkmead operations into Aupecís Aberdeen office. Aupec, was a spin out from the University of Aberdeen in 1986, has a customer base of major oil companies, governments, financial institutions and oil services companies. Three-quarters of its revenues are from a three-year contract with a government in the developing world.
Parkmeadís main investments are in Faroe Petroleum, exploration technology company Reservoir Exploration Technologies ASA and Transeuro Energy Corporation, a Canadian explorer. It also has some technology investments from the past when the company was known as Interregnum. Those investments have been completely written down.
At 1.375p a share, Parkmead is valued at £8.3m.
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