Full Year 2024 Capital Ltd Earnings Call Transcript
Key Points
- Capital Ltd (CAPFF) achieved a record revenue of $348 million in 2024, marking a 9% increase year-on-year.
- The company has secured a Letter of Intent for a major mining contract at Reko Diq, which is expected to be among the top 10 copper projects globally.
- MSALABS is expected to see a 30% revenue increase in 2025, with significant contributions from the Nevada Gold Mines laboratory.
- The company has made significant management changes to improve operational efficiency and drive business development.
- Capital Ltd (CAPFF) has a strong demand backdrop with supportive gold and copper prices, enhancing future growth prospects.
- Despite higher revenue, Capital Ltd (CAPFF) experienced a drop in EBITDA, cash from operations, and profits in 2024.
- The early termination of the Gabon contract and the conclusion of the Sukari contract negatively impacted profitability.
- MSALABS faced delays in reaching commercial utilization rates, affecting revenue and profitability.
- The Nevada Gold Mines drilling contract experienced higher-than-expected staff turnover and slower ramp-up, impacting margins.
- The company recorded non-cash impairments and faced a higher effective tax rate of 58% in 2024, affecting net profitability.
Good morning, everyone. My name is Jamie Boyton. I am the Executive Chairman of Capital Limited. With me today, I have Rick Robson, CFO, for the group; and Conor Rowley, Head of Corporate Development and Investor Relations.
I just want to welcome you all today to our 2024 results presentation. I'm going to talk for about 10 minutes to recent developments and results, and then I'll hand over to Rick to run through the company's numbers before we move to a Q&A session. So if I could ask if we could start by just going to slide 3, please.
I won't spend a lot of time on the numbers today because I'll ask Rick to go through that in more detail. And obviously, we provided a company update on March 10, a couple of weeks ago, which included revised guidance for revenue, in particular for 2025.
When we look at 2024, we did have a very good year with respect to revenue growth, hit a record number for the company of $348 million which is a 9% increase year on year. But obviously we had weaker EBITDA -- drop in EBITDA, cash
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