MedservRegis plc - Interim Results

On 29 August 2025, MedservRegis plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenue surged by 39% to €44.7 million mainly driven by the higher level of income from the provision of Integrated Logistics Support Services (ILSS) (+86% to €28.0 million), arising from entities operating in Malta and Cyprus which outweighed a slight decline in turnover from the Oil Country Tubular Goods (OCTG) segment (-2.5% to €16.5 million).

On the expenditure side, total operating costs (net of other income) increased by 31.2% to €38.5 million. Consequently, the Group’s operating profit rose to €6.22 million compared to €2.88 million in the first half of 2024. MedservRegis reported an adjusted EBITDA of €10.8 million, which is 34.2% higher than the €8.07 million figure reported for the same period last year. This translates into an EBITDA margin of 24.2% (H1 2024: 25.0%).

Meanwhile, net finance costs fell by 22.7% to €1.96 million (H1 2024: €2.53 million) due to lower foreign exchange losses.

MedservRegis registered a profit before tax of €4.26 million compared to €0.35 million in the same period last year. After accounting for tax charges of €0.85 million, and a profit attributable to minority interest of €0.48 million, the net profit for the period attributable to shareholders amounted to €2.93 million in contrast to the net loss of €0.17 million recognised in the first half of 2024.

The Statement of Financial Position as at 30 June 2025, when compared to the corresponding figures as at the end of 2024, shows that total assets dropped by 2.2% (or €3.2 million) to €142.6 million. Meanwhile, total liabilities decreased by 3.0% (or €1.7 million) to €85.4 million. Shareholders’ funds fell by 1.2% (or €0.7 million) to €55.7 million, which translates into a net asset value per share of €0.548 (31 December 2024: €0.555).

Dividend

The Board of Directors will meet on Monday 29 September 2025 to consider the declaration of an interim dividend.

Update on the Bonds maturing in 2026

The Board of Directors announced that it is evaluating a range of options to refinance the €30 million in bonds maturing on 5 February 2026, including through a fresh issuance of debt securities on the Malta Stock Exchange. Moreover, Medserv stated that it intends to repurchase up to €4 million in bonds, subject to terms that will be communicated in due course.

Outlook

The Board is confident that the company will exceed the recently published 2025 forecast and is optimistic about the company’s business pipeline in view of the significant increase of activity in the Mediterranean basin and the new contracts secured. Medserv is set to benefit from recent agreements between Cyprus and Egypt that enable exports of gas for liquefaction and onward sale. In their commentary, the Directors explained that operations in the Middle East are anticipated to remain stable due to unchanged rig activity. With these factors in place, the Board anticipates a steady level of business volume during the second half of the year and beyond.

The Directors also stated that priorities remain centred around delivery of improved profitability with a balanced approach of dividend payments, reducing debt, and further investment in information systems and market growth.