MedservRegis plc recorded €50.3 million in revenue in the first nine months of 2023, it announced on Thursday.
This figure represents a notable upturn in revenue when compared to the figures from the same period last year (2022Q3: €47 million). The company’s management confirmed that it is “reasonably confident” that this positive trajectory will “persist” throughout the rest of 2023.
MedservRegis is an integrated logistics specialist that primarily services the energy and mining sectors. The company was formed in 2021 following a merger between Medserv Group and Regis Holdings Limited. It has key positions across different markets, with specialist business acumen in Africa, the Mediterranean, and the Middle East.
During the reporting period, integrated logistics support services (ILSS) remained relatively stable, only marginally going down to €29.1 million (2022Q3: €29.2 million).
On the other hand, revenue from oil country tubular goods (OCTG) amounted to €20.8 million during the nine-month period, reflecting a sharp rise of 20.2 per cent of €3.5 million from the previous year’s performance.
Revenue from the company’s photovoltaic farm experienced a minimal decrease, going from €0.5 million in 2022 to €0.4 million in the corresponding period this year.
MedservRegis stated that improvements in operational margins reflect the company’s “enhanced profitability” from its core business activities. However, “adverse conditions in foreign exchange rates” continued to exert a negative impact on its bottom line.
During the reporting period, earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €11.7 million, a 33 per cent rise from the €8.8 million that was registered in the same period last year. The EBITDA margin stood at 23.3 per cent (2022Q3: 18.6 per cent).
The company stated that ILSS and OCTG both contributed “significantly” to bolstering EBITDA margins, “further reinforcing the company’s overall financial performance”.
