Medserv plc – Updated Financial Analysis Summary

Medserv plc issued its Annual Financial Results for the year ended December 31, 2015.

The company reports an increase in profit before tax from €3.2 million to €6 million – almost double the value recorded in the previous year. Revenue for the period under review stood at €42.2 million, up by 31 per cent from 2014 which is mainly a result of an increase in the volume and portfolio of logistics services provided to international oil companies and sub-contractors throughout their drilling programs.

Despite the challenges brought about by low oil prices, the company’s performance benefited from a strong business flow conducted out of Malta in support of the ongoing operations offshore Libya, the performance of the Cypriot subsidiary and the growth in engineering and maintenance services contracts.

Going forward, the company is currently working on new projects which would expand its operations to new geographical areas.

To view the official Company Announcement, click here.