On 8 April, Medserv plc published its 2009 full-year results. The Preliminary Profit Statement shows that the Medserv Group achieved a record pre-tax profit of €3.1 million as turnover grew by 12.6% to €17.5 million. Medserv explained that the Group companies operating from the Malta and Libyan bases were successful in servicing a number of rigs and other specialised vessels and supported various off-shore exploration operations. The Libyan base within the Misurata Free Trade Zone contributed to 31% of the total profits attributable to shareholders of €2.3 million.
The Medserv Group managed to register a strong rise in its EBITDA to €3.9 million (2008: €1.6 million) as the increased turnover mostly translated into higher profitability as the overall cost base only grew marginally. The EBITDA margin increased to 22% in 2009 from 10% in the previous year as the Group focused on higher margin business. Profits attributable to shareholders of €2.3 million give an earnings per share of €0.233. The Group’s net asset value rose by 27.1% to €0.89 per share.
The Directors recommended a final net dividend of €0.135 per share (2008: €0.039) to those shareholders as at close of trading on Tuesday 20 April. The dividend will be payable on 31 May following approval by shareholders during the Annual General Meeting scheduled for 18 May.
With respect to the outlook for the current financial year, the Directors stated that they expect positive results should all projects in the pipeline materialise and commence according to the dates forecasted. Nonetheless the Directors remain cautiously optimistic on the realisation of the forecasted projects in the current financial year. Moreover, Medserv noted that it intends pursuing the entry into other markets including Egypt and Italy.
Download a copy of Medserv’s 2009 Preliminary Full-Year Results