MedservRegis plc - Interim Results

On 30 August 2023, MedservRegis plc published its interim financial statements covering the six-month period ended 30 June 2023.

Revenues surged by 23% to €32 million reflecting the higher level of income from both the provision of ‘Integrated Logistics Support Services’ (+14% to €17.9 million) and the ‘Oil Country Tubular Goods’ (“OCTG”) arm (+37% to €13.9 million), which offset the lower income from the PV Farm (-23% to €0.22 million).

On the expenditure side, total operating costs (net of other income) increased by 9.6% to €28.2 million. Nonetheless, in view of the higher growth in income, the Group registered an operating profit of €3.75 million compared to a marginal operating profit of €0.31 million in the first half of 2022. MedservRegis reported an adjusted EBITDA of just under €9 million, which is more than double than the comparable figure of €3.68 million for the same period last year.

After accounting for net finance costs of €5.54 million, tax charges of €0.17 million, and a loss attributable to minority interest of €0.03 million, the net loss for the period attributable to shareholders amounted to €1.93 million.

The Statement of Financial Position as at 30 June 2023, when compared to the corresponding figures as at the end of 2022, shows that total assets dropped by 3.7% (or €5.6 million) to €146.1 million. Similarly, total liabilities declined by 5% (or €4.5 million) to €86.8 million, as the lower level of borrowings and trade payables offset the increase in lease liabilities. Shareholders’ funds eased by 1.8% (or €1 million) to €56.6 million, which translates into a net asset value per share of €0.557.


In their commentary, the Directors explained that the global landscape of the international and offshore markets is witnessing a promising surge in upstream investment momentum brought by the resilient long-cycle offshore developments, production capacity expansions, revival of global exploration and appraisal, and the recognition of gas as a critical fuel source. This positive trajectory has established a substantial baseload of activity.

The Board noted that MedservRegis stands as a testament to this growth, with the Group’s esteemed clientele choosing MedservRegis as their preferred partner. The latter half of 2023 is expected to see international spending gain even more traction, and this boosts the Directors’ confidence in achieving the financial goals for the year.