Parkmead, a leading energy company, has achieved significant milestones over the past 18 months, generating strong cash flow from its natural gas fields in the Netherlands and venturing into renewable energy with direct sales of electricity to the national grid from its wind turbines in the UK.

With the aim of further expanding its gas and renewables business areas, the company’s Board has conducted a comprehensive review of the skills required to support Parkmead’s growth strategy across its diversified energy portfolio. As a result, Parkmead is delighted to announce the appointment of Andrew Smith MRICS to its Board of directors.

Andrew Smith, who currently serves as Parkmead’s Managing Director of Renewables, will assume the role on the plc board effective from June 15, 2023. With 19 years of business experience, Andrew has been a key member of Parkmead’s leadership team for the past four years, successfully spearheading the company’s foray into renewable energies.

Under Andrew’s guidance, Parkmead has realized £5 million in cash through the sale of non-core land from the Pitreadie acquisition. Furthermore, he played a pivotal role in the acquisition of Parkmead’s first operational wind farm at Kempstone Hill in 2022, which has been delivering valuable long-term income.

During Parkmead’s ownership, the uptime at Kempstone Hill has surpassed 98% in the initial 12 months. As Business Development Director, Andrew will focus on driving new business opportunities, including acquisitions and the expansion of existing assets. Additionally, he will assume the role of Company Secretary.

In other news, Parkmead has announced that Ryan Stroulger’s employment with the company has come to an end by mutual agreement. Donald Wilson CA, Parkmead’s Group Financial Controller, has assumed full responsibility for the Group’s finance function. With training and qualification from PwC LLP and 13 years of experience in the energy sector, including 4 years at NEO Energy prior to joining Parkmead in 2020, Donald brings a wealth of expertise to the role.

As Parkmead evolves from its oil and gas heritage to a future-focused on primary energy production through greener processes in natural gas and renewables, the company is actively reviewing and optimizing its asset portfolio.

The Board is dedicated to maintaining strict financial discipline across all existing energy projects while continuously evaluating potential acquisitions that complement the Group’s objectives and maximize shareholder value.

Tom Cross, Executive Chairman of Parkmead, expressed his enthusiasm for Andrew Smith’s appointment, emphasizing the invaluable knowledge and expertise he brings to the renewable energy sector. Cross stated that this is an exciting time for Parkmead, with numerous attractive opportunities on the horizon. With Andrew’s presence on the Board, the company’s focus on expanding its portfolio of renewable assets will be further enhanced. Cross concluded by reaffirming Parkmead’s commitment to financial prudence and its dedication to evaluating strategic acquisitions that align with the Group’s objectives and deliver optimal value to shareholders.

Parkmead Group announces new gas discovery in the Netherlands