Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Mining services company Capital upgraded its revenue outlook after reporting a rise in first-half revenue amid an improvement in fleet utilisation.
After a strong H1 2021 and better than anticipated drilling utilisation rates, the group increased guidance on anticipated revenues for the current financial year to $200-to-210 million, up from $185-195 million originally guided at the FY20 results.
For the six months to 30 June, revenue was up 51.7% to $98.7 million year-on-year, with average fleet utilisation rising to 73%, an increase of 28.1% on H1 2020.
Average monthly revenue per operating rig was up 5.9% to $180,000.
Looking ahead, the company said it expected to 'see very robust demand conditions for drilling services which should keep utilisation rates high through H2 2021.'
First half 2021 results will be released on 19 August 2021.