Capital’s (CAPD) shares are sitting around their all-time high, and are up by over 60 per cent over the past year. The mining equipment provider, which is headquartered in Mauritius, saw its shares briefly retreat after releasing its latest full-year results in March, but they have since spiked.
Those results – for the 2021 financial year – benefited from improvements in rig fleet utilisation and robust non-drilling postings. Revenue soared by 68 per cent to $227mn (£173mn), as utilisation hit 75 per cent against the prior year’s 59 per cent, and mining services, aided by the Sukari gold mine in Egypt outperforming contract targets, helped non-drilling sales contribute over a fifth of total revenue.
David Payne, commercial executive, has benefited from the company’s recent performance and the share price movement. He sold half a million shares at 96p a share on 25 March, which came shortly after he offloaded 1mn shares on 22 March at 95p a pop. This means that he has sold £1.4mn-worth of shares in recent weeks.
It is feasible that the upward trend of the company’s shares could continue. Management’s guidance is for revenue of $270mn-$280mn this year. There are 11 net new rigs and capital expenditure of around $45mn expected for 2022, and the load and haul project at Sukari operating at full capacity for 12 months won’t hurt. Exploration budgets for the industry are expected by sector analysts to continue to rise in the short term.
Recent contract wins highlight that the company isn’t resting on its laurels. New projects include a three-year drilling contract in Tanzania, which is forecast to bring in $33mn in revenue. Broker Peel Hunt recently upgraded its forecasts but said that “the market does not seem to share management’s optimism over the improving outlook”.
| Buys | ||||
| Company | Director/PDMR | Date | Price (p) | Aggregate value (£) |
| ActiveOps | Kuljit Bawa (PDMR) | 28 Mar 22 | 95 | 646,765 |
| ActiveOps | Richard Jeffery (ce) | 28 Mar 22 | 95 | 149,253 |
| Baltic Classifieds | Trevor Mather (ch) | 24 Mar 22 | 136 | 487,153 |
| Baltic Classifieds | Edmund Warren Williams | 29 Mar 22 | 134 | 500,100 |
| Bank of Cyprus | Constantine Iordanou | 29 Mar 22 | 75 | 375,000 |
| Circassia | Ian Johnson (ch) | 29 Mar 22 | 36 | 54,075 |
| Eco Animal Health | Christopher Wilks (cfo) | 29-31 Mar 22 | 161 | 82,080 |
| Flowtech Fluidpower | Jamie Brooke | 29 Mar 22 | 130 | 103,720 |
| Flutter Entertainment | Atif Rafiq | 24 Mar 22 | 4,472 † | 171,431 † |
| Greggs | Roger Whiteside (ce) | 25 Mar 22 | 2,421 | 189,394 |
| Greggs | Richard John Hutton | 25 Mar 22 | 2,421 | 100,084 |
| Hiscox | Aki Hussain (ce) | 25 Mar 22 | 958 | 67,060 |
| Hostelworld | Michael Cawley (ch) | 31 Mar 22 | 77 | 134,225 |
| IWG | François Pauly | 25 Mar 22 | 258 | 129,000 |
| Kasei Holdings | Jane Thomason Abigail (ch) ** | 25 Mar 22 | 20 | 150,000 |
| Parsley Box | Chris van der Kuyl (ch) */ ** | 30 Mar 22 | 20 | 1,876,250 |
| Parsley Box | Kevin Dorren (ce) ** | 30 Mar 22 | 20 | 1,100,000 |
| Polar Capital Holdings | Andrew Ross | 29 Mar 22 | 591 | 88,575 |
| PZ Cussons | Jonathan Myers (ceo) * | 30 Mar 22 | 196 | 100,252 |
| Watches of Switzerland | Tea Colaianni | 25 Mar 22 | 1,122 | 98,916 |
| Watches of Switzerland | Robert Moorhead | 28 Mar 22 | 6,557 | 74,430 |
| Watches of Switzerland | Ian Carter (ch) | 28 Mar 22 | 1,146 | 99,687 |
| Wickes | David Wood (ce) | 25 Mar 22 | 179 | 99,464 |
Sells | ||||
| Company | Director/PDMR | Date | Price (p) | Aggregate value (£) |
| Capital | David Regan Payne (PDMR) | 25 Mar 22 | 96 | 480,000 |
| Cyba | Steve Bassi (PDMR) | 01 Apr 22 | 2 | 716,820 |
| Cyba | Nick Davis (PDMR) | 01 Apr 22 | 2 | 131,838 |
| Cyba | Ben Schmidt (PDMR) | 01 Apr 22 | 2 | 113,851 |
| London Stock Exchange | Daniel Maguire (PDMR) | 24 Mar 22 | 7,814 | 173,627 |
| Mattioli Woods | Ian Mattioli (ceo) | 01 Apr 22 | 780 | 1,170,000 |
| Somero Enterprises | Howard Hohmann (PDMR) | 28-29 Mar 22 | 490 | 147,036 |
| *Spouse/Family/Close Associate. ** Placing / Open Offer † Converted from € / $ | ||||
