Medserv plc – Interim Financial Report

The Board of Directors of Medserv plc have approve the half year report of the Company, covering the six months ended June 30, 2016. 

The Group registered a profit before tax of €275.9K, compared to €4.5 million over the comparable period in 2015. This was mainly attributable to a slow-down in the provision of shore base logistics as a result of exploratory drilling activity in Cyprus being put on hold. Such a decline was not supplemented to the same extent by revenue from the recent acquisition of the Middle East Tubular Service group (METS), whereby only four months of revenue are reflected in the reporting period. The Group’s turnover declined from €27.21 million to €17.3 million, a 34% decline from 2015. Earnings per share decreased to €0.004 from €0.057.

The board of directors is not recommending any interim dividend distribution. 

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