London-listed mining services company Capital has increased its groupwide revenue guidance for the full-year to between $320-million and $340-million, compared with the previously guided $300-million to $320-million.

Revenue guidance for its MSALABS division has also been increased to between $55-million and $65-million, compared with the previously guided $50-million to $60-million.

"MSALABS delivered a record quarter with growth driven by increased utilisation across a number of laboratories, in addition to the commissioning of new facilities," chairperson Jamie Boynton said in a July 17 trading update.

MSALABS earned revenue of $17.4-million for the second quarter, a 28.9% increase on the revenue of $13.5-million reported for the first quarter. Revenue for the quarter was also 58.2% higher than the revenue of $11-million reported for the second quarter of 2024.

This takes the division's revenue for the first half of this year to $30.9-million, an 48.8% increase on the revenue of $20.8-million recorded for the first half of 2024.

The higher revenue is the result of new laboratories being ramped up and existing laboratories realising higher utilisations.

Two new laboratories were commissioned during the first half of the year – a commercial laboratory in Elko, in the US, which is equipped with a Chrysos PhotonAssay unit; and Capital's first laboratory in Saudi Arabia with Barrick and Maaden.

"Phase 1 of our Nevada Gold Mines contract continues its ramp up momentum, while Phase 2 construction procurement has commenced," Capital points out.

It adds that MSALABS has been awarded a feasibility consulting study for an on-site laboratory with Rio Tinto at the Oyu Tolgoi mine, in Mongolia.

Groupwide revenue for the second quarter was 21.7% higher quarter-on-quarter at $87.4-million. Revenue for the half-year, at $159.2-million, was, however, 6% lower year-on-year.

"We have seen improved momentum in the second quarter across all business divisions with group revenue up 22% quarter-on-quarter. In drilling, utilisation remained strong and near target levels, with productivity improvements across a number of sites driving increased average revenue per operating rig.

"Our mining division has had a strong start at Reko Diq with revenues expected to increase through the year as we continue to ramp up our activities," commented Boynton.