Medserv debt programme heavily oversubscribed

Oil logistics group Medserv plc's €20,000,00 debt programme was heavily oversubscribed and had to be closed within minutes of it opening, the company reported.

The company is currently processing all the applications received following which it shall issue a further company announcement detailing the allocation policy as well as the results of the offer. 

Medserv plc is a holding company currently owning 100% of Medserv Libya Ltd; 100% of Medserv East Africa Ltd; 100% of Medserv Operations Ltd; 100% of Medserv International Plc, which in turn owns 60% of Medserv Misurata FZC; 100% of Medserv Eastern Mediterranean Ltd, which in turn owns 55% of Medserv (Cyprus) Ltd; and 100% of Medserv Italy Ltd, which in turn owns 50% of Medserv Italia S.R.L.

The firm declared an interim 2013 group turnover of €3,703,489 at the end of June 2013, compared to €2,545,888 registered in the comparative period, an increase of 45%.

Pre-tax profits returned to a healthy €566,485, compared to a loss of €680,589 sustained in the six-month period ended 30 June 2012. After accounting for taxation, the net profit amounted to €504,450, compared to a profit of €9,765 for the six-month period ended 30 June 2012.