London-listed mining services company Capital achieved strong results for the year ended December 31, 2025, marking a clear transition from the challenges of the prior year, executive chairperson Jamie Boyton says.

“The group has emerged stronger, more diversified and with significantly enhanced flexibility,” he highlights.

During the period under review, the group advanced projects to drive its next phase of growth.

Boyton highlights that Capital’s Reko Diq mining contract, in Pakistan, is ramping up well alongside its restarted mining contract at the Sukari gold mine, in Egypt, both expecting full-run operations during this year.

MSALABS achieved its highest yearly revenue to date, of $73.5-million, and started contributing to the group’s profitability.

“Our drilling business secured several long-term contract wins and is well placed to take advantage of the current demand cycle. Our investment portfolio achieved exceptional performance with a $66-million gain during the year,” Boyton informs.

PERFORMANCE
Full-year 2025 revenue was $345.8-million, down 0.6% year-on-year.

Adjusted earnings before interest, taxes, depreciation and amortisation was $79.5-million, up 1.1% from $78.6-million.

The group’s investment portfolio value increased to $97.5-million from $30.3-million, achieving investment gains of $66-million.

Operating profit of $46.6-million was up 23% year-on-year.

Capital declared a final dividend of $0.013 apiece, to be paid on May 12, which, together with the interim dividend of $0.013 apiece brings the total dividends declared for 2025 to $0.026 apiece. 

OUTLOOK
Boyton says the sector is entering a major growth phase, driven by high commodity prices and strong capital inflows, with the group well positioned to benefit from this as miners and explorers deploy record levels of cash flow from operations and capital markets funding.

“Looking ahead, 2026 will be another important year for Capital. With ramp‑ups at Reko Diq and Sukari, continued MSALABS expansion and a healthy pipeline of drilling opportunities, we are well positioned to deliver further growth.

“Our revenue guidance of $410-million to $440-million, a 23% increase on 2025 at the midpoint, reflects the increasing scale and diversification of the business,” he informs.

The group’s drilling business will focus on expanding across key growth areas while consolidating into preferred markets.

Its mining business will look to achieve full run-rate operations at Reko Diq in the second half of this year and continue the ramp-up at Sukari.

MSALABS will build on its expanding global footprint through new laboratory ramp-ups. It is expected to deliver another year of strong growth with guidance of between $85-million and $95-million and continued contributions to group earnings.

The group’s capital expenditure (capex) is expected to be $55-million to $65-million in full-year 2026.

This will fund additional equipment related to the Sukari mining contract, construction of new labs for MSALABS, new growth rigs and typical sustaining and replacement capex across the group.