Capital Limited (LSE:CAPD) shares are currently trading at 115.5p, up 7%, after the mining services group raised its full-year revenue guidance following a strong first-half performance.
The company has upgraded its annual revenue forecast to between $430 million and $450 million on the back of an improving contract pipeline and higher drilling productivity.
Revenue for the six months to June 2026 increased by 37.6% to $219 million.
Adjusted EBITDA surged by 70.4% to $54.7 million during the same period.
This stronger financial performance was accompanied by wider margins, improved operating leverage, and a reduction in net debt.
Management has successfully secured several long-term agreements across drilling, mining, and laboratory operations.
These new contracts include work with Maaden in Saudi Arabia, which expands the group's presence in the Middle East.
The company also won grade control and stripping contracts for gold projects in Côte d'Ivoire, Egypt, and Pakistan.
These operational wins help diversify geographic exposure and increase the proportion of revenue generated from long-term mining services agreements.
Capital is simultaneously reshaping its drilling portfolio by withdrawing from lower-return operations in Mali and the US.
Rigs from these markets are being redeployed into regions offering stronger growth prospects to improve fleet productivity and capital efficiency.
The MSALABS division continued its expansion during the half, growing its network to 33 laboratories with higher utilisation rates.
The company has maintained its interim dividend at 1.3 cents per share.
