Medserv p.l.c. reported unaudited consolidated earnings results for the first six months ended June 30, 2016. For the period, the company reported revenue of EUR 17.300 million compared to EUR 27.208 million a year ago. Profit from operating activities was EUR 1.086 million compared to EUR 5.277 million a year ago. Profit before income tax was EUR 0.275 million compared to EUR 4.501 million a year ago. Profit from continued operations was EUR 0.218 million or 0.4 cents per basic share compared to EUR 3.227 million or 5.7 cents per basic share a year ago. Profit attributable to owners of the company was EUR 0.222 million or 0.4 cents per basic share compared to EUR 2.626 million or 5.7 cents per basic share a year ago. Net cash from operating activities was EUR 1.604 million compared to EUR 6.195 million a year ago. Acquisition of property, plant and equipment was EUR 0.379 million compared to EUR 2.290 million a year ago. The company reported a reduction in turnover compared to the same period last year, attributed mainly to a slowdown in the provision of share base logistics as a result of exploratory drilling activity in Cyprus being put on hold. The group registered earnings before interest, tax, depreciation and amortization (EBITDA) of EUR 3.3 million.

The group results for the second half of 2016 are expected to be in line with forecast because of a further increase in the business of METS.

However the overall group results for the year 2016 will be lower than forecast. As a result, the group reports that the revised forecast for the year is being restated at EUR 38 million.