Capital Limited (LSE:CAPD) told investors that 2021 revenue came in at US$226.8mln, which is up 68% on last year and slightly ahead of recently upgraded guidance.
Fourth-quarter revenue totalled US$66.5mln which marked another new company record, up 92% versus Q4 2020. Along with a rise in drilling work, non-drilling revenue accounted for around 22% of total revenue, from 9% in the prior year.
The quarter saw 79% fleet utilisation, up 34% on the preceding three-month period, and average monthly revenue per operating rig amounted to US$184,000 which is 7% that in the prior year.
"The last financial year saw Capital deliver three record quarters of revenue growth, delivering the strongest year in our history,” said executive chairman Jamie Boyton. “2021 has been a transformational year for Capital, driven in part by a surge in market activity in our drilling business, but also the increasing contribution from our non-drilling services.”
Boyton added: “As we look to the year ahead, there are a number of growth catalysts to come.”
He detailed that this will be its first complete year with the earth moving contract at full run rate, at Centamin’s Sukari, in Egypt, meanwhile, the MSALABS business is described as being “at an exciting inflexion point” driven by the commissioning of assay units and a new lab hub in in Saudi Arabia.
The company’s core drilling business enters 2022 with its highest ever rig count.
“We are confident in maintaining strong utilisation levels given the increased activity we are seeing from our existing clients as well as the strength we continue to see in commodity pricing,” Boyton said.