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Capital revenue up 35% in Q1 as rising drilling services demand boosts growth
StockMarketWire.com
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Mining services company Capital reported that revenue rose by more than third in the first quarter of 2021 from a year earlier as demand for drilling services boosted new business wins.
Revenue jumped 35.4% to US$44.0 million year-on-year as fleet Utilisation increased to 67%, an increase of 17.5% on Q1 2020, driven by start-up of new contracts.
'The first quarter of 2021 has been the strongest revenue performance in Capital's history, underpinned by significant demand for drilling services in particular, and supported by growth in the Company's non-drilling services,' the company said.
Looking ahead to 2021, revenue guidance remains within the $185 to $195 million range, compared to FY2020 revenues of $135 million, driven by 'higher drill rig utilisation, new contracts and contract extensions and the commencement of the load and haul waste mining contract at Sukari, Egypt,' the company said.
At 9:17am: (LON:CAPD) Capital Drilling Ltd share price was 0p at 64p
Story provided by StockMarketWire.com
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