Medserv plc – Approval of Financial Statements

Medserv plc announced its approved audited consolidated financial statements for the financial year ended 31 December 2015.

The Group reported a profit before tax of €6m, compared to the €3.1m recorded in the previous year. The positive performance for 2015 was as a result of strong business flow conducted out of Malta in support of the ongoing operations offshore Libya, the performance of Medserv (Cyprus) Limited and growth in engineering and maintenance services continued in 2015.

Revenue for the year amounted to €42.2m – up by 31 per cent from the previous year. The significant revenue growth is attributable to the increase in the volume and portfolio of logistics services being provided to the oil majors and their sub-contractors throughout their drilling programs. Earnings per share stood at €0.092.

Moreover, no final dividend is being recommended due to the substantial expansion program. 

To view the official Company Announcement, click here.