London-listed mineral drilling and mining contractor Capital expects solid growth momentum drivers to continue in 2026 after record drilling and laboratory services revenues left it just shy of its US$348 million FY2024 turnover total in the 12 months to December 31, 2025.
Capital said FY2025 group revenue of $345.8 million was at the upper end of its $335-350 million annual guidance.
MSALABS ($73.5 million) and drilling ($245.9 million) were both up year-on-year, while mining slipped but is expected to rebound in 2026.
“Alongside record commodity prices and increasing exploration and capex expenditure by our customers, we expect this solid momentum to continue in 2026 across all our divisions, supported by multi-year contracts and strong growth pipelines,” Capital said.
Chair Jamie Boyton said Capital’s Reko Diq mining contract in Pakistan was “ramping up well with full run rate earnings contribution expected from H2 2026”.
Capital’s share price is up about 5.75% in 2026, capitalising the company at GBP275 million. The shares are up nearly 60% in the past 12 months.
