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Capital Limited reports lower first-half revenue, earnings
(Sharecast News) - Capital Limited reported lower first-half revenue and earnings on Thursday, but said improving momentum across all divisions supports upgraded full-year guidance. For the six months ended 30 June, revenue fell 6% year-on-year to $159.2m, while adjusted EBITDA dropped 25% to $32.1m and adjusted operating profit declined 33% to $17.9m.
Net profit after tax rose 54% to $14.8m, helped by $19.3m of investment gains, but excluding portfolio effects and exceptional items, NPAT fell 82% to $2.1m.
The London-listed firm said EBITDA margins narrowed to 20.2% from 25.3%.
Capex more than halved to $20.4m, and net debt dropped 36% to $55.4m.
An interim dividend of 1.3 cents per share was declared, unchanged from last year.
"Through the first half of 2025, the group has seen improved momentum across all business divisions and looking forward we see a clear pathway that will continue to build on this - both in revenue growth and a recovery in margins, returns and cash flows," said executive chair Jamie Boyton.
"We had also highlighted at the 2024 results that margins would bottom in the first half of 2025, and the performance in the second quarter supports this."
The drilling division increased average rig utilisation to 74% from 69% a year earlier, aided by new exploration contracts, though average monthly revenue per operating rig fell 6.9% to $190,000.
Recent wins included long-term grade control contracts with Allied Gold and Barrick, and a three-year borehole drilling deal with Reko Diq Mining.
Mining operations at Reko Diq have begun ramping up, with full capacity targeted for mid-2026.
MSALABS posted a record quarter in the second quarter, commissioning new laboratories in the US and Saudi Arabia and continuing to expand its network of Chrysos PhotonAssay units.
Contract wins included a feasibility study with Rio Tinto and new work in Namibia and Mauritania.
Capital said it now expected 2025 revenue of $320m to $340m, up from previous guidance of $300m to $320m, with MSALABS revenue seen at $55m to $65m.
The company said it anticipated a stronger second half, supported by new drilling contracts, the Reko Diq ramp-up, and further growth in laboratory volumes.
At 1037 BST, shares in Capital Limited were down 2.08% at 92.24p.
Reporting by Josh White for Sharecast.com.
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