Capital Limited lifted its 2026 Revenue guidance to $435m-$455m in a third-quarter update on 15 October 2026, reflecting the consolidation of an Australian drilling Business it has just bought. Its only announcement since has been a notice of an investor presentation on 27 October.

What happened

Third-quarter revenue was $115.7m, up 23.2% on a year earlier but 1.4% lower than the $117.3m of the second quarter. Revenue for the nine months reached $334.7m, an increase of 32.2%.

The guidance range has moved twice this year. It stood at $410m-$440m with the full-year 2025 results and $430m-$450m at the half year. The latest change follows the Acquisition of Metres Down Under, or MDU, an Australian underground reverse-circulation drilling contractor, which is consolidated from 30 September.

MDU produced about $25m of revenue and $6m of adjusted EBITDA in the twelve months to September, the company said, and it expects the deal to be accretive from day one. Guidance for MSALABS revenue of $85m-$95m and Capital spending of $55m-$65m was left unchanged.

Executive chair Jamie Boyton said "we remain well positioned to deliver on our recently increased 2026 revenue guidance."

Inside the numbers

The divisional picture was mixed. Drilling and associated revenue was $64.5m, down 0.9% year on year and 5.1% quarter on quarter. Fleet utilisation held at 72%, flat on the second quarter but below the 76% of a year earlier, on a closing fleet of 131 rigs. Average monthly revenue per operating rig was $208,000, up 5.1% year on year and down 4.6% on the prior quarter.

Mining services provided most of the annual growth, with revenue up 223.1% to $25.2m. Operations at Reko Diq and Sukari were performing in line with contracts, the company said. MSALABS, the laboratory arm, grew 23.8% to $26.0m, with utilisation at 56%. First samples from Korhogo and Amulsar are expected in the fourth quarter.

A two-year extension and wider scope at Belinga with Fortescue adds five rigs, for a total of ten. The Investment portfolio was valued at $126.7m at 30 September, up from $116.5m three months earlier.

Why it matters for investors

Capital Limited, ticker LSE:CAPD, is a constituent of the FTSE All-Share index. Stock Analysis places it in the materials sector, under other industrial metals and mining, and the group provides drilling, Mining and laboratory services to miners.

As analysis, the update suggests that growth is now being carried by mining services and laboratories, with core drilling flat. It also means part of the latest guidance increase comes from acquired revenue rather than from the existing business. The company did not provide Balance Sheet or cash figures in this update. (LSE:CAPD)

How the shares have performed

The latest quote retrieved predates the update. On 21 September, Stock Analysis showed 115.00p, with a 52-week range of 95.80p to 159.00p and a Market Value of about £261m. A current price could not be retrieved.

The same page showed a trailing price-to-earnings ratio of 4.40 and a forward ratio of 9.50, with a 1.68% Dividend Yield and an ex-dividend date of 27 August. Three analysts gave a notable investment consensus and a 192.41p average target.

What to watch next

Investors can look to fourth-quarter equipment additions at Reko Diq and the first laboratory samples from the two new sites. Fleet utilisation is another measure to follow, after two quarters at or near 72%.

No date for the next results was given in the update. Last year's fourth-quarter update, according to Stock Analysis, was released on 20 January.