London-listed mining-services company, Capital Ltd, has announced a rise in revenue for the third quarter of this year. Despite experiencing a decrease in drilling and associated revenue, the company remains confident in its guidance for the full year, expecting positive momentum in the fourth quarter.
Strong Revenue Performance
Capital Ltd saw its revenue increase to $79.7 million, up from $73.1 million during the same period last year. This marks an improvement from the second quarter’s $76.5 million. However, drilling and associated revenue experienced a decline, falling to $51.2 million compared to $52.3 million last year and $52.6 million in the second quarter.
Growth in Mining Revenue
Revenue from mining operations showed significant growth, rising by 38.5% to reach $18 million.
Positive Outlook and Future Plans
Despite seasonal impacts, Chief Executive Peter Stokes expressed satisfaction with the increase in revenue during the quarter. Stokes also emphasized the high quality and diverse nature of the company’s services. Capital Ltd has projected its revenue guidance for 2023 to be in the range of $320 million to $340 million. Looking ahead to 2024, the company anticipates continued momentum as it begins operations with Nevada Gold mines in the United States.
At 07:33 GMT, shares were down 0.20 pence (0.3%) at 77.40 pence.