Medserv plc today announced a profit for the year ended 2013, a strong turnaround from 2012.

The company will also be proposing the payment of a 2c4 dividend per share at the next annual general meeting.

Group chairman Anthony Diacono said he considered 2013 the most successful year for Medserv’s management team.

“This bold statement is made not because the company has returned to positive territory as reported in the financial statements, but because the company has managed to meet the two main targets set in the previous year.”

The company had diversified both its product and markets. Although Libya remained an important market, the current instability would need time to improve.

So replacing Libya and North Africa as the largest geographical area contributing to the company’s revenue with a new area of operations was high on the company agenda.

This target was achieved with the award of a multimillion contract to Medserv (Cyprus) Ltd. The new maintenance unit also managed to secure significant business offshore Libya from the base in Malta.

Revenue for the year was lower than forecast but this was mainly due to the postponement of two projects that were expected to commence in the second and third quarter this year.

Another significant development was the issuing of the first tranche of €13 million notes pursuant to the €20 million debt issuance programme.

The issue was heavily oversubscribed and the company has announced that, subject to MFSA approval, it intended to issue the second tranche of notes amounting to €7 million in the near future.

The solar farm project was nearing completion and would be commissioned before the end of the year. This €5 million investment was expected to generate steady returns over the next 20 years.

2014 was expected to be a very busy year for the group and the company reported that expansion plans for the Malta base were at an advanced stage.