16th Aug 2023 09:33
(Alliance News) - Capital Ltd on Wednesday left its interim dividend unchanged, as its reported half-year results that were in line with the guidance it provided last month.
The London-based mining services firm reported pretax profit of USD23.4 million for the six months that ended June 30, up 55% from USD15.1 million a year before, on revenue of USD154.3 million, up 12% from USD138.1 million.
Earnings before interest, tax, depreciation and amortisation, adjusted for the accounting treatment of leases, was USD43.9 million, up 10% from USD39.9 million a year before, though Ebitda margin narrowed marginally to 28.5% from 28.9%.
Looking ahead, Capital guided for full-year revenue of USD320 million to USD340 million. This would be up from USD290.3 million in 2022. Both Capital Drilling and Capital Mining expect to see revenue growth in the second half of the year, it said, due to the start or ramp-up of existing contracts. These include the potential restart of disrupted operations at the Meyas gold project in Sudan.
Capital guided for Ebitda margins of 25% to 30% in 2023 and beyond.
The company kept its interim dividend unchanged at 1.3 US cents.
Shares were down 2.3% at 83.48 pence on Wednesday morning in London.
By Tom Waite, Alliance News editor
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