On 31 January 2024, MedservRegis plc published an Interim Report providing a preliminary overview of the company’s performance during the financial year of 2023.
The company explained that during 2023 there was an increase in exploration and production activities by International Energy Companies driven by the resurgence in oil prices. Furthermore, digitalisation and sustainability efforts gained prominence, while the sector also faced some challenges due to supply chain, geopolitical and macro-economic tensions.
MedservRegis expects revenues to increase by 9% to around €73 million (2022: €66.9 million). In this respect, the revenue for 2023 is anticipated to be 13.2% higher than the previous forecast of €63.8 million provided in the Financial Analysis Summary dated 26 June 2023.
The Group is expected to have held cash and bank deposits in the region of €16 million at the end of 2023.
The Directors commented that the Company has made significant operational progress in 2023 driven by prudent international expansion and a focus on operational margins. The Board remarked that it remains highly confident in the Group’s prospects for the future.