Medserv - A platform for growth
FY18 results met revenue and company-defined adjusted EBITDA guidance, although accounting changes and impairments led to higher depreciation charges than we expected. As a result, the adjusted pre-tax loss was a little below our estimate. The Suriname offshore base management contract is a prime driver of significant improvement in FY19, with group revenues set to almost double. However, even in other territories underlying progress is occurring, notably in Egypt, Cyprus and Malta, with potential for significant new opportunities to land this year for both the ILSS and OCTG operations. These may have helped to progress the major shareholders’ intentions to sell to a strategic partner.
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