Capital Limited (LSE:CAPD) reported stable revenue of $345.8 million for 2025 but delivered a significant increase in profitability, supported by stronger investment gains and improved operating margins. Net profit after tax rose sharply to $71 million compared with $17 million in the previous year. Adjusted EBITDA increased slightly, while operational earnings remained broadly steady. Lower capital expenditure and reduced net debt also strengthened the company’s balance sheet, allowing it to maintain its full-year dividend.
Operationally, the group expanded its drilling fleet and improved rig utilisation rates during the year. It also progressed key mining contracts at the Sukari and Reko Diq projects. MSALABS, the company’s laboratory testing division, achieved record performance while expanding its global network of laboratories and enhancing its technology offering. At the same time, Capital Limited’s investment portfolio more than tripled in value to $97.5 million.
Looking ahead, the company expects revenue to grow by around 23% in 2026. Planned capital expenditure will increase to support the ramp-up of mining services, the addition of new laboratory facilities and the deployment of additional drilling rigs. These initiatives reflect the company’s strategy to expand across its core service segments.
Capital Limited’s outlook is supported by strong cash flow generation and positive technical indicators in the share price. A recent equity raise has also strengthened its ability to fund growth initiatives. However, concerns remain around slowing revenue growth trends and pressure on operational margins, while valuation metrics are viewed as moderate.
More about Capital Limited
Capital Limited is a London-listed mining services company that provides drilling, mining and laboratory testing services to gold and other resource projects around the world.
The group’s main operations include contract drilling, mine development and waste stripping services, alongside the MSALABS global laboratory testing network. In addition, Capital Limited maintains a growing investment portfolio focused on selected mining and exploration companies, complementing its core services across the mining sector.
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