Capital Limited (LSE:CAPD) has increased its full-year 2026 revenue guidance to between $435 million and $455 million after reporting third-quarter revenue of $115.7 million, representing a 23.2% increase compared with the corresponding period last year.
The mining services group reported revenue of $334.7 million for the first nine months of 2026, an increase of 32.2% year-on-year, supported by higher mining activity and growth in its laboratory services business.
Capital said revenue from its mining operations increased more than threefold during the third quarter, while its MSALABS geochemical analysis division recorded another quarterly revenue record.
Drilling revenue declined during the period as the company redeployed equipment to contracts offering higher returns and prepared rigs for recently secured work.
The revised annual revenue forecast reflects the group’s latest trading performance and expectations for activity across its drilling, mining and laboratory services operations during the remainder of 2026.
Mining and Laboratory Operations Contribute to Revenue Growth
Capital reported increased activity across its mining services operations during the third quarter, with revenue from the division more than tripling compared with the previous year.
The company provides mining services including load-and-haul operations, alongside drilling and maintenance activities for mineral producers.
MSALABS, Capital’s geochemical laboratory business, also reported another record quarter as the group continued expanding its analytical capacity.
The division provides laboratory testing and mineral analysis services to exploration companies and operating mines.
Capital said its laboratory expansion programme is progressing, with additional capacity intended to support customer demand across its operating regions.
Meanwhile, drilling revenue was lower during the quarter, reflecting the movement of rigs between contracts and the preparation of equipment for new assignments.
The company said these redeployments were directed towards contracts with higher expected returns.
Australian Acquisition and Fortescue Contract Expansion
During the quarter, Capital completed the acquisition of Metres Down Under, an Australian underground drilling contractor.
The acquisition expands the group’s underground drilling capabilities and increases its presence in the Australian mining services market.
Capital also secured an expanded two-year drilling mandate at Fortescue’s Belinga iron ore project.
The contract extension provides additional work for the group’s drilling operations and forms part of its existing relationship with the project.
The company did not disclose the financial terms of the acquisition or the expanded drilling mandate in the supplied update.
Capital continues to pursue contract opportunities across its international operations, including exploration, production and underground drilling assignments.
Operational Performance and Management Appointment
Capital reported improvements in its safety performance indicators during the third quarter, alongside continued investment in operational capacity.
The company also announced the appointment of Tim Donnelly as Chief Operating Officer for drilling and mining.
In the role, Donnelly will oversee the group’s drilling and mining operations as Capital manages its existing contracts and expands its service activities.
The company additionally reported that its investment portfolio had outperformed relevant mining sector benchmarks during the period.
No specific portfolio return figures or benchmark comparisons were provided in the supplied update.
Full-Year Revenue Outlook Increased
Following the third-quarter results, Capital revised its 2026 revenue guidance upwards to a range of $435 million to $455 million.
The revised forecast follows nine-month revenue of $334.7 million and reflects the group’s expectations for the final quarter of the financial year.
The company continues to focus on contract execution, equipment deployment and the expansion of its laboratory operations.
Its recent acquisition in Australia and expanded drilling mandate at Belinga form part of its efforts to increase activity across its mining services portfolio.
Capital’s performance for the remainder of 2026 will depend on contract activity, equipment utilisation and the timing of work across its operating divisions.
About Capital Limited
Capital Limited (LSE:CAPD) is a UK-headquartered mining services company providing drilling, mining, maintenance and geochemical laboratory services to the international minerals industry.
The group’s operations include exploration and production drilling, underground drilling, load-and-haul mining services and laboratory analysis through its MSALABS business.
Capital operates across Africa, Australia, North America, Europe and Asia, serving mining and exploration customers in jurisdictions including Armenia, Australia, Canada, Côte d’Ivoire, Egypt, Gabon, Pakistan, Saudi Arabia and Tanzania.
Its customer base includes gold and iron ore producers, with services provided across different stages of mineral exploration, mine development and production.
The company continues to expand its operations through equipment investment, contract awards, laboratory development and acquisitions.
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