Medserv plc – Approval of Half Yearly Report

Medserv plc – Approval of Half Yearly Report

Medserv plc announced that the Board of Directors has approved the half yearly report of the Company for the financial period January 1, 2011, to June 30, 2011.

The Company registered a decline in Revenue, from EUR 7.2m in 2010 to EUR 3.91m in 2011. Similarly, Profit before tax decreased slightly to EUR 141,137, compared to the EUR 147,753 in the same period last year.

The Directors commented that “the Group’s results for the first half of the year are lower than forecast with turnover substantially lower than that of the comparative six-month period. However profit margins on some of the Group‟s activities were higher than expected due to the uncertainty in Libya which when added to the introduction of strict cost controls and the revised accounting estimates of the useful life of plant and equipment, resulted in the Group approaching the level of profits before tax achieved in the comparative six-month period.”

No interim dividends are being recommended.

To view the Interim Financial Statements, Click Here.