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Capital Ltd on Thursday reported a decrease in interim profit, but said the tender pipeline ‘remains buoyant’ and raised its full-year revenue outlook.
Pretax profit in the six months to June 30 fell to $15.1 million from $24.3 million a year ago. This was despite revenue increasing 40% to $138.1 million from $98.7 million.
The mining services company posted a $10.3 million loss on investments at fair value, turning from a gain of $5.7 million a year prior. Administrative expenses widened to $19.7 million from $14.3 million while depreciation, amortisation and impairments widened to $13.4 million from $8.2 million.
Capital declared an interim dividend of 1.3 US cents per share, up from 1.2 US cents.
The company increased its revenue guidance for 2022 to between $280 million and $290 million from $270 million to $280 million seen previously. ‘Tendering activity across all business units remains robust, with a number of opportunities progressing,’ it explained.
Executive Chair Jamie Boyton said: ‘The underlying demand in the market continues to be encouraging, as is evident from the high utilisation rates the group delivered in the first half. While there will be some seasonal slowdown through the third quarter, the tender pipeline remains buoyant across drilling, mining and laboratories.’
Capital shares were 0.5% higher at 96.44 pence each in London on Thursday.
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