Highlights

  • Capital reported a 6.0% year-on-year decline in H1FY25 revenue to USD 159.2 million
  • Net profit increased 54.2% YoY in H1FY25, supported by one-off gains from the investment portfolio
  • Management raised FY25 revenue guidance, signalling expectations of a better second half
  • New drilling contracts, the Reko Diq project, and MSALABS expansion are expected to underpin growth visibility

Capital Limited (LSE:CAPD) is a United Kingdom-based mining services provider listed on the FTSE All-Share Index. The company offers drilling, mining, maintenance, and geochemical laboratory services to the minerals industry, with operations primarily focused on African markets.

For the half year ended 30 June 2025 (H1FY25), the company reported revenue of USD 159.2 million compared to USD 169.4 million in H1 FY24, reflecting a year-on-year drop of 6.0%. Operating profit for H1 FY25 was USD 16.1 million versus USD 24.9 million a year earlier, a decline of -35.3%. Profit for the period rose to USD 14.8 million from USD 9.6 million in H1 FY24, a YoY change of 54.2%, with management stating that revenue and operating profit declined while net profit increased due to one-time gains from the investment portfolio.

Company Outlook

The company’s management has raised full-year 2025 revenue targets for both the Group and MSALABS, indicating confidence in a second-half recovery and growth trajectory. Key growth drivers are progressing, with new drilling contracts, the Reko Diq mining project, and MSALABS laboratories expected to support improved financial performance through the second half of the year. The company reports sustained demand and an active tendering pipeline across all divisions, supporting continued growth opportunities beyond the current guidance period.

Top 10 Shareholders

The company’s top ten shareholders collectively account for about 63.16% of the total share capital. Aegis Financial Corporation Limited and Boyton (Jamie Phillip) are the largest shareholders, holding roughly 9.90% and 9.76% stakes, respectively.

Stock Information

The shares have risen by around 2.2% over the past week and by approximately 11.5% over the last three months. The stock’s 52-week trading range stands between GBX 58.20 and GBX 130.00, and it is currently trading above the midpoint of this range.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 07 January 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.