Medserv plc - Update on Libyan operations

On 25 February Medserv plc issued a Company Announcement making reference to the recent developments in Libya. Medserv remarked that due to the current political turmoil in Libya, Medserv significantly restrained its activities in its 60% owned subsidiary Medserv Mizurata Free Zone Company located in Mizurata. Medserv stated that the exceptional nature of the instability that has been created in Libya is being kept under close review with the aim of obtaining reliable information that should enable the company to assess the possible impact that this may have on its operations both in the short and the longer term. Medserv however noted that the level of uncertainty as well as the integrity of the information being received is such that it is premature to accurately assess the situation at the moment. Meanwhile, the company continues to service its clients from its base in the Malta Freeport.

During 2009 the Libyan base generated total revenues of €6.2 million and accounted for 31% of total after-tax profits of the Medserv Group.

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