MedservRegis plc has marked the 50th anniversary since the inception of Medserv, now MedservRegis, way back in 1974.

The company marked the occasion with an intimate event where various stakeholders and people instrumental in its success got together to celebrate and commemorate this occasion.

The event was followed by the company’s Annual General Meeting where the financial statements for 2023 were approved.

The group reported a strong performance for 2023 where revenues were up over 10 per cent, gross profit also up 68 per cent over 2022, and EBITDA up 53 per cent.

MedservRegis also just issued its interim report for 2024 which again showed a strong revenue growth with revenues of €17.2 million in Q1 2024, up 15.4 per cent on Q1 2023.

The EBITDA reported also jumped significantly - a 70 per cent increase, a reflection of improved operational margins.

In a press release, the group said that over the past five decades it has “consistently strived for excellence, innovation, and growth.”

It highlighted the resilience shown by the group, “despite the many international and natural challenges it had to face,” describing it as “a testament to the strong goodwill developed by the company in the industry over the years.

“It also validates the sound, long term strategic decisions adopted.”

The company listed on the Malta Stock Exchange in 2006. In 2013/14 it issued the first €20 million secured notes to finance expansion plans.

After building what was then Malta’s largest solar farm in 2014, the firm set its eyes on breaking into the Middle East and identified METS as a perfect fit into allowing the group to penetrate the Middle East and diversify their service product by offering tubular services to clients.

This acquisition was financed through a dual issue of €30 million unsecured bonds and a rights issue in 2016.

By 2018 it had successfully penetrated Portugal for a one-time job using their base in a box concept, set up bases in Egypt and even secured a large contract in Suriname, South America.

2021 saw the merger with Regis, and MedservRegis was created.

The integration with Regis has been a testament to their forward-thinking vision and collaborative spirit. The results now being reported, well as the new opportunities being reported clearly demonstrate the successful merger of the two Groups, creating an exciting and strong future ahead for the Group.

“Together, Medserv and Regis have forged a powerful alliance, combining expertise, resources, and values to create a unified entity that continues to set new standards in our industry,” said David O’Connor, CEO MedservRegis plc.

“This integration has strengthened our ability to serve our clients, advance our mission, and expand our impact globally. To this end, we can now proudly pronounce that the group is fully operational in 14 locations across nine countries, ranging from Malta to Mozambique, Iraq to Egypt, the UAE to Uganda, with two new countries recently added: Guyana and Namibia.

“These two countries are no doubt the most talked about in terms of recent discoveries and potential in the years ahead.”

He continued: “Discussions are ongoing on how best to position our group in the broadest manner possible. Be it restructuring of the group, management evolution, cost optimisation, investment in technology and even divestment of business units if circumstances demand. All of this to be aligned with the aim to deliver, in a constant manner, value to our stakeholders.”

Despite ongoing challenges, the world's demand for oil has reached a record high of over 100 mbpd (thousand barrels per day) for the first time ever in 2023. Growth is expected to continue in 2024, albeit with less momentum, said the firm.

“MedservRegis plc is looking forward to the future with enthusiasm and confidence. Onwards to another 50 years of activity!”