20th Aug 2026 14:19
(Alliance News) - Capital Ltd on Thursday announced increased first-half revenue and a near doubling in operating profit, following improved drilling productivity, new contract wins and the trimming of lower-return operations.
Capital shares rose 9.3% to 117.50 pence on Thursday afternoon in London.
The London-based mining services provider reported revenue of USD219.0 million for the half-year ending June 30, up 38% from USD159.2 million a year before.
Pretax profit was USD32.9 million, up 46% from USD22.5 million. Adjusted earnings before interest, tax, depreciation and amortisation rose 70% to USD54.7 million, from USD32.1 million.
Operational net profit after tax jumped to USD15.5 million from USD2.1 million, while operating profit almost doubled to USD31.8 million from USD16.2 million.
Capital said revenue growth was driven by contract productivity; momentum from MSALABS, the global provider of geochemical and assay laboratory services for the mining and exploration sectors; and the execution of its mining services.
The company highlighted an eight-rig diamond drilling contract with Maaden for two years, with a one-year extension option, across several of its exploration projects in Saudi Arabia. Other positive, previously announced contracts included mining projects in Egypt, Guinea, and the Ivory Coast.
Additionally, Capital discontinued drilling operations at Sadiola, Mali and Nevada.
Capital reiterated its capital expenditure guidance of USD55 million to USD65 million, with spending weighted towards the second half.
The company declared an unchanged interim dividend of 1.3 US cents per share, reflecting the company's "continued focus on delivering value to shareholders," Executive Chair Jamie Boyton said.
Following its first-half performance, Capital increased its 2026 revenue guidance to USD430 million to USD450 million, from USD410 million to USD440 million set in March.
Boyton added, "We remain confident in the group's outlook as we mobilise into several new contracts, with robust industry demand and attractive growth opportunities present across all divisions."
On Thursday, Capital announced that MSALABS had secured a new five-year laboratory contract with Tungsten West in the UK and confirmed three new laboratories are expected to be commissioned in the third quarter.
By Niall Holden, Alliance News reporter
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