Medserv plc – Approval of Financial Statements

Medserv plc approved the audited consolidated financial statements for the financial year ended December 31, 2020. The board resolved that these audited consolidated financial statements be submitted
for the approval of the shareholders at the forthcoming Annual General Meeting (AGM). Subject to regulatory approval of the shareholder circular relating to the share for share exchange transaction with Regis Holdings Limited, the AGM is scheduled to be held on June 11, 2021.

Statement of profit or loss


2019 2020
€68.8 million €32.4 million

Loss before tax

2019 2020
-€2.5 million -€9.6 million

Loss from continuing operating activities

2019 2020
-€3.4 million -€8.8 million

Earnings per share

2019 2020
-€5c4 -€15c5

Statement of financial position

Total assets

2019 2020
€150 million €122 million

Total liabilities 

2019 2020
€136 million €117 million


No reserves are available for distribution by the Company.


Although the oil industry is going through a challenging period, an upside exists for those companies that will survive this challenge. Oil prices are expected to recover as oil demand rebounds on the back of
anticipated global economic recovery combined with the ongoing petroleum supply limitations by the OPEC and the COVID-19 vaccination rates.

The recovery is expected to be gradual. Various energy research firms are predicting both the offshore drilling activity as well as the global oil demand to recover in the second half of 2021, with oil prices
predicted to rise to around $60 per barrel. This is up from the average of $41 a barrel registered during the year. Looking further ahead, various forecasts predict oil prices and global drilling activity to improve further within the next five years.

The Company still enjoys a strong business pipeline across its core markets, being North Africa, Eastern Mediterranean and the Middle East. As the rollout of the COVID-19 vaccination programme continues
worldwide, the long-term energy projects for which the Group is already contracted will resume. The cost of commercialising these projects is relatively low as the investment in the required infrastructure has
already been made by the IOCs. Furthermore, such projects are located close to the market or are needed for national consumption.

The Company continued to secure work in 2020 across the Group. The Company has participated in new tenders in Egypt and Sub-Saharan Africa which are at an advanced stage of being adjudicated.

The Board continues to adopt a dual strategy, that of securing sustainable growth through its pipeline and of strengthening the Company’s balance sheet. Through the announced share for share exchange of Regis Holdings Limited, the board of directors and senior management will be able to secure this outcome.


Click here to download the full financial statement.