MedservRegis plc - Interim Report
On 17 May, Medserv plc issued its Interim Directors statement covering its performance during the first quarter of 2013.
Similar to the trend in the last quarter of 2012, the Group’s turnover continued to recover during the period under review, even leading to a profit for the first three months of the year. The Directors highlighted the commencement of works in relation to a second maintenance project which is expected to be completed within the next few months.
The Directors also noted the new opportunities available for the Group following the investments made in strengthening the management team. In this respect, Medserv has been shortlisted for the substantial contract in Tanzania made in conjunction with a European partner. Furthermore, Medserv has been invited by major UK based oil company to tender for the setting up and operation of a logistic supply base in India.
In the meantime, the Malta base is registering increased income from storage and from activities on the quay given the continued preparations by oil companies for upcoming projects in the Mediterranean. On the other hand, the Misurata base is still suffering from the lack of new business activity from the international oil companies who remain reluctant to return to operational activity in Libya. Nonetheless, the Misurata base maintains a break-even position as the operating costs are being counterbalanced by the rental income generated from equipment storage.
In regards to the other bases of the Group, the Directors noted that the facilities and capabilities of the Cyprus base are being marketed whilst the base in Sicily (and also the Malta base) could benefit from the favourable stance taken by the new Italian government with respect to fossil fuel exploration offshore Italy.