Medserv plc published its 2009 Half-Year Report on 31 August.
Total revenue generated by the Medserv Group during the first half of 2009 amounted to €8.2 million representing a 38.2% increase over the turnover in the comparative period last year. Pre-tax profit surged to €1.5 million from €0.7 million in the first half of 2008.
The Directors stated in the Half-Year Report that the Group’s 60% owned subsidiary Medserv Misurata has contributed over 35% of the Group’s results and this company is expected to continue to expand and grow its level of activity.
Meanwhile the Malta base continued to remain active as the company serviced various rigs and production platforms. As a result of drilling activity, the company experienced demand for its high margin mud mixing facilities which substantially contributed to the performance achieved in the first half of 2009.
As the company continues to seek new areas for expansion, it was revealed in the Half-Year Report that a Memorandum of Understanding has been signed with Tradewinds Petrotrade of Texas USA to explore the market for services offshore Egypt.
The Directors did not recommend the payment of an interim dividend.
Download a copy of Medserv plc – 2009 Interim Results – 31.08.09