Capital Limited (LSE:CAPD) has raised its full-year revenue guidance after delivering strong growth in the first half of 2026, supported by higher drilling productivity, robust mining contracts and improving performance from its MSALABS laboratory business.
Revenue for the period increased 37.6% to $219 million, while adjusted EBITDA climbed 70.4% to $54.7 million. The stronger performance was accompanied by an expansion in margins and an increase in net profit after tax, reflecting improved operating leverage across the group.
Capital also reduced net debt during the period, strengthening its balance sheet as it continued to invest in growth opportunities. Following the first-half performance and an improving contract pipeline, management increased its full-year revenue guidance to between $430 million and $450 million.
The company maintained its interim dividend at 1.3 cents per share, providing continued shareholder returns alongside its investment in operational expansion.
Contract activity remained strong, with Capital securing several long-term agreements across its drilling, mining and laboratory operations. These included new work with Maaden in Saudi Arabia as the group continues to expand its presence in the Middle East.
The company also won grade control and stripping contracts associated with gold projects in Côte d’Ivoire, Egypt and Pakistan, further diversifying its geographic exposure and increasing the proportion of revenue generated from longer-term mining services agreements.
At the same time, Capital has been actively reshaping its drilling portfolio by withdrawing from lower-return operations in Mali and the US. Rigs from these markets are being redeployed into regions offering stronger growth prospects and potentially higher returns, supporting management’s focus on improving fleet productivity and capital efficiency.
MSALABS continued to make progress during the half, expanding its network to 33 laboratories. Higher utilisation and improving margins contributed to the division’s performance, reinforcing Capital’s strategy of offering laboratory and assay services alongside its established drilling and mining activities.
The group’s broader outlook is supported by strong revenue growth, improving operating profitability and a strengthening balance sheet. Valuation also appears relatively attractive based on a low price-to-earnings ratio, complemented by a modest dividend yield.
Technical indicators are less convincing, however, with the shares remaining below important longer-term moving averages and MACD in negative territory. This suggests underlying share-price momentum has yet to fully reflect the improvement in operational and financial performance.
More about Capital Limited
Capital Limited is a London-listed mining services company providing drilling, mining and laboratory services to gold and base metals projects across Africa, the Middle East and other international markets.
The group operates through Capital Drilling, Capital Mining and MSALABS, allowing it to provide customers with services spanning exploration and production drilling, mine-site operations and laboratory analysis.
Capital’s strategy focuses on securing long-term relationships with major mining companies, expanding into attractive geographic markets and increasing its exposure to technology-led laboratory and assay services. This integrated approach is intended to diversify revenue, improve margins and deepen relationships with customers throughout the mining lifecycle.
Focus keyphrase: Capital Limited H1 2026 results
Meta description: Capital Limited raises FY26 revenue guidance to $430–$450 million after H1 revenue jumps 37.6% and adjusted EBITDA climbs 70.4%.
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