On 18 May 2011 Medserv plc published its Interim Statement covering the first quarter of 2011. During the period under review, the Group stated that it experienced an upturn in activity out of its base in Malta as a direct result of the extraordinary activity due to the current situation in Libya. The Directors explained that this increased activity had a positive effect on the Group’s financial results for the period under review. According to the Directors, currently indications point to a profitable situation for the first half of 2011. However the continuing uncertainty in the Group’s main market of Libya make it extremely difficult to formulate any reliable forecast for the second half of the year. The Directors confirmed that operations out of the Misurata base remain suspended.
Meanwhile, the Group stated that it is continuing with its efforts to develop new markets in the Mediterranean, particularly in Sicily whilst it continues to closely monitor the current situation across North Africa (especially Libya) to be able to respond to market requirements at the first possible opportunity.