MedservRegis plc - Interim Report

On 14 December 2023, MedservRegis plc issued an Interim Report providing information about its financial performance in Q3 2023. Revenues amounted to €18.3 million of which €11.2 million (or 61%) were generated from the provision of Integrated Logistics Support Services (“ILSS”) whilst most of the remaining income (amounting to €6.9 million) emanated from the Oil Country Tubular Goods (“OCTG”) segment. EBITDA in the period under review amounted to €2.7 million which translated into an EBITDA margin of 14.8%.

Q1 to Q3 Performance

During the nine-month period ended 30 September 2023, revenue increased by 7% to €50.3 million compared to €47.0 million in the corresponding period of 2022. Revenue from ILSS remained practically unchanged at €29.1 million. Meanwhile, income from the OCTG segment surged by 20.2% to €20.8 million. Management expressed confidence that the positive revenue trajectory will continue throughout the entire year.

EBITDA during the period amounted to €11.7 million which is 33% higher than the €8.8 million reported for the same period last year. The growth in EBITDA is reflective of improved margins from both principal operating segments. In this respect, the EBITDA margin for the first nine months of the year improved to 23.3% compared to 18.6% in the same period last year. Nonetheless, Medserv noted that adverse conditions in foreign exchange rates continue to exert a negative impact on the Company’s bottom line.