Medserv yesterday said it has posted a €3 million profit before tax for 2014, an increase of €0.8 million over the published forecast.

In a statement, the group reported revenues of €32.4 million, a significant increase on 2013, attributable to the commencement of oil major drilling contracts awarded during the year.

The board proposed payment of a net dividend of €1.4 million, €0.056 per ordinary share.

Chairman Anthony Diacono said the group had not only positioned itself to consolidate its position in the Mediterranean region but was now well placed to expand to other regions.

Medserv is present in Libya and Cyprus and has recently developed a 43,000 square metre solar farm at its headquarters in Hal Far.

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