London-listed mining services provider Capital says it delivered a strong finish to the year ended December 31, 2025, with full-year revenue having been at the upper end of revised and raised guidance.

Group revenue totalled $345-million, which met the guidance range of between $335-million and $350-million.

The company’s assay services business, MSALABS, delivered a record revenue performance as numerous new laboratories were commissioned and use rates were improved at existing sites.

MSALABS generated revenue of $73.5-million in the reporting year, which marked a 68.2% year-on-year increase.

MSALABS recently commissioned its newest laboratory in Namibia during the quarter ended December 31, 2025, with four new laboratories having been built during the full year.

Meanwhile, Capital’s total rig count was 137 as of December, with utilisation rates averaging 75%.

Average monthly revenue per operating rig was $187 000 as of December.

Executive chairperson Jamie Boyton says the Reko Diq mining contract for Barrick Mining, in Pakistan, is ramping up according to expectation with full run rate earnings anticipated from the second half of the year. “Our drilling division also delivered its best yearly performance to date in 2025.”

He adds that, alongside record commodity prices and increasing exploration and capital expenditure by customers, this solid momentum of revenue generation will continue this year across all divisions, supported by multi-year contracts and a strong growth pipeline.

Some of the company’s new contract wins include grade control drilling work at the Nevada gold mine, in the US; a one-year diamond drilling contract with Alpha Centauri at the Minkebe project, in Gabon; and an exploration diamond and reverse circulation drilling contract with Santa Fe Minerals at the Satama project, in Côte d’Ivoire.

“As we enter the new financial year, the group is well positioned to build on the 2025 financial year’s momentum. Improving financial performance at MSALABS, achieving full run-rate at Reko Diq and consistent contract execution across our drilling business are expected to drive growth,” Boyton states.

He concludes that Capital will benefit from the demand backdrop being created by record commodity prices and increased capital markets activity, as currently demonstrated by the company’s high level of tendering activity.