Capital (LSE:CAPD), the mining services group, reported record second-quarter revenue of $117.3 million for the period to 30 June, up 34.2% on the same quarter last year and up 15.3% on the first quarter.
First-half revenue reached $219.0 million, up 37.6% year-on-year, driven by mining revenue that surged 264.3% to $25.5 million as its Sukari waste mining contract ramped up faster than expected.
Drilling and associated revenue rose 7.9% to $68.0 million, while MSALABS revenue climbed 36.8% to $23.8 million, with laboratory utilisation up to 55% from 50% a year earlier.
The group demobilised drilling operations at Nevada Gold Mines and Sadiola in Mali during the quarter, redirecting equipment toward higher-returning contracts elsewhere in its portfolio.
"The underlying performance across the broader operating business has exceeded our expectations while we will incur non-recurring termination and demobilisation costs associated with NGM and Sadiola, which will largely offset the better-than-expected performance in this first half period", said Jamie Boyton, Executive Chair.
Operations at Barrick's Reko Diq project continued in line with contract terms despite Barrick's announced slowdown of development activity there until mid-2027.
Capital reiterated full-year revenue guidance of $410 million to $440 million, first issued at its FY25 results, and expects three new MSALABS laboratories to be commissioned in the second half.
