13th Oct 2020 21:44
Capital Ltd - mining services company - Revenue in three months to September 30 up 20% year on year to USD35.3 million, with closing fleet size up 6.5% to 98. Mine-site services continue to underpin revenue streams, Capital said. Average monthly revenue per operating rig down 1.7% year on year to USD171,000. Maintains its revenue guidance, with expected revenue of USD130 million to USD 140 million for 2020, versus USD114.8 million in 2019.
Executive Chair Jamie Boyton said: "The third quarter saw further progress in our drilling services operations, from production to exploration, with continued excellence in our safety record as well as a strong pick up in rig utilisation.
"Our West African strategy continued to deliver growth through existing client projects, and we look forward to expanding our reach with the forthcoming expansion into the Guinea-Conakry market. In terms of our broader mining services businesses, Capital made significant progress with the development of our load and haul fleet and capability, while MSALABS, our laboratory business, continued to grow its presence in Africa, leveraging off the well-established Capital network."
Current stock price: 65.37 pence
Year-to-date change: down 1.6%
By Paul McGowan; [email protected]
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