21st Apr 2026 12:21
(Alliance News) - Capital Ltd hailed strong performance in its first quarter and reaffirmed full-year guidance, despite the impact of "geopolitical tension" on its business.
The London-based mining services provider estimated total revenue had risen to USD101.7 million in the three months ended March 31, up 42% on-year from USD71.8 million, and up 9.7% on-quarter from USD92.7 million.
Mining revenue alone multiplied to USD18.0 million from just USD600,000 a year prior, and was 65% ahead of the USD10.9 million booked in the fourth quarter of 2025.
Drilling and associated revenue was USD62.8 million, 8.8% ahead of USD57.7 million in the first quarter of 2025, and 4.3% ahead of USD60.2 million the prior quarter. Capital said that average monthly revenue per operating rig was USD201,000, up 10% on-year and 7.5% on-quarter.
MSALABS revenue increased 55% to USD20.9 million from USD13.5 million the previous year, but was 3.2% below the USD21.6 million reported the previous quarter.
"Whilst the recent geopolitical tension has not directly affected any of our operating sites, we have had to adapt our personnel and supply chain logistics to accommodate disruptions to our processes, while our investment portfolio was impacted by a general slide in global equity markets," said Chair Jamie Boyton.
Capital's estimated the total value of its investments had fallen to USD94.6 million at the end of March from USD97.5 million at December 31, reflecting unrealised losses of USD3.2 million in the first quarter. Capital plans to continue to focus on "a select few key holdings, namely WIA Gold, Asara Resources and Apollo Minerals," it said on Tuesday.
It was also keen to point out recent contract wins, at AngloGolf Ashanti PLC's Sukari gold mine in Egypt, Robex Gold's Kiniero project in Guinea and Resolute Mining Ltd's Doropo prospect in Ivory Coast. Additionally, the MSALABS division has secured a five-year term providing laboratory services for United Gold's Armenian Amulsar mine.
"We are seeing strong tendering activity on the demand backdrop driven by record commodity prices and increased capital markets activity," the company noted.
Chair Boyton added: "The benefits of the significant momentum generated within the company are now starting to take effect. With full run rates expected at both our mining contracts later this year, alongside the start of new drilling contracts and the commissioning of new laboratories, we expect continued revenue growth to achieve the USD410 - 440 million revenue guidance set at our FY25 results."
Capital shares rose 3.6% to 129.52 pence on Monday morning in London.
By Holly Munks, Alliance News reporter
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