Investments treble Capital profit despite lagging operations in 2025
Capital Ltd on Thursday announced its pretax profit almost trebled year-on-year despite broadly flat revenue, as investment gains offset headwinds in its operations.
Capital shares were down 9.4% to 126.00 pence each on Thursday afternoon in London.
The London-based mining services provider reported full-year revenue of $345.8 million in 2025, down 0.6% from $348.0 million in the previous year.
Pretax profit grew almost three-fold to $93.5 million from $32.9 million in 2024. Net profit after tax was $71.0 million in 2025, more than tripling in a year from $17.0 million.
However, operational net profit after tax fell 3.9% in a year to $12.4 million in 2025 from $12.9 before, causing the operational earnings per share to decrease by almost 12% to 5.4 US cents from 6.1 cents in 2024.
Earnings per share otherwise more than trebled to 34.9 cents in 2025 from 8.2 cents.
The mixed results are due to investment gains which grew over fiver five times in a year to $66.0 million from $12.1 million, despite adjusted earnings before interest, tax, depreciation, and amortisation growing by only 1.1% in a year to $79.5 million from $78.6, representing a 23% margin 1.8% higher than in 2024.
The company’s mining business kept its fleet utilisation steady and increased its rig count by 7 to 137 net of depletion, and has two contracts underway.
Its MSALABS business, which represents a Canada-based assay services company reporting to the group, which achieved its best annual performance to date, posting revenue of $73.5 million from $43.7 million in 2024, a 68% yearly growth.
The company kept its final and total dividends flat from 2024 at 1.3 cents and 2.6 cents per share respectively.
It is guiding revenue for the current year in the range between $410 and $440 million, which would represent a 23% year-on-year increase at the midpoint.
It also expects to sustain capital expenditures between $55 million and USD 65 million to fund additional equipment related to a mining contract and new laboratories for MSALABS. It spent $47.1 million in capex in 2025, 30% less than in 2024 when it spent $67.2 million.
Capital Executive Chair Jamie Bolton said: ‘The sector is entering a major growth phase, driven by high commodity prices and strong capital inflows. The group is well positioned to benefit from this favourable backdrop as miners and explorers deploy record levels of cash flow from operations and capital markets funding’.
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