MedservRegis plc - Interim Report

On 21 November 2024, MedservRegis plc issued an Interim Report providing information on their financial and business performance during the nine-month period ended 30 September 2024.

The Medserv Group generated total revenue of €50.2 million which was practically unchanged compared to the corresponding period in 2023. The 27.4% increase in revenue from OTCG to €26.5 million (Q3 2023 YTD €20.8 million) fully offset the 20% decline in turnover from ILSS to €23.3 million (Q3 2023 YTD €29.1 million). The directors commented that the increase in activity in Malta and the Middle East compensated for the fact that no revenue was generated from the offshore drilling campaign in Morocco, which was completed last year, as well as the reduced activity in Cyprus.

EBITDA during the nine-month period amounted to €12.6 million which is 7.7% higher than the €11.7 million reported for the same period last year. The growth in EBITDA is reflective of improved margins strengthening the Group’s profitability from its core operations. In this respect, the EBITDA margin for the first nine months of the year improved to 25.1% compared to 23.3% in the first three quarters of 2023.

The Directors anticipate that there will be further growth over the next two quarters driven by key projects in Malta, Libya, Cyprus as well as service expansions in South America. Nonetheless, the Board noted that the Company still faces ongoing challenges from geopolitical instability as well as exchange rate controls.