Business
Q4 2017 Trading Update
Q4 2017 Trading Update.
About this update from Capital Limited
[{"type":"text","content":"\n \nRNS Number : 5957D Capital Drilling Limited 01 February 2018 \n\n\n\n\n\nFor Immediate Release\n\n\n1 February 2018\n\n\n\n\n \n \nCapital Drilling Limited\n(\"Capital Drilling\", the \"Group\" or the \"Company\")\n \nQ4 2017 Trading Update\nCapital Drilling Limited (CAPD:LN), a leading drilling solutions company focused on the African markets, today provides its Q4 2017 trading update for the period ended 31 December 2017 (the \"Period\"), ahead of announcing its full year results on 16 March 2018.\n \nFOURTH QUARTER (Q4) AND FULL YEAR 2017* KEY METRICS\n\n\n\n\n\n\n\nQ4 2017\n\n\nQ3 2017\n\n\n% change from Q3 2017\n\n\n2017*\n\n\n2016\n\n\n% change from FY 2016\n\n\n\n\nRevenue ($m)\n\n\n27.1\n\n\n30.0\n\n\n-10%\n\n\n119.4\n\n\n93.3\n\n\n28%\n\n\n\n\nARPOR# ($)\n\n\n198,000 \n\n\n198,000\n\n\n0%\n\n\n194,000\n\n\n177,000\n\n\n10%\n\n\n\n\nAverage utilised rigs\n\n\n43 \n\n\n48\n\n\n-10%\n\n\n49\n\n\n42 \n\n\n17%\n\n\n\n\nFleet Utilisation (%)\n\n\n47%\n\n\n52%\n\n\n-10%\n\n\n53%\n\n\n45%\n\n\n18%\n\n\n\n\nAverage Fleet\n\n\n92 \n\n\n93\n\n\n-1%\n\n\n93\n\n\n94\n\n\n-1%\n\n\n\n\nClosing fleet size\n\n\n93\n\n\n92\n\n\n1%\n\n\n93\n\n\n92\n\n\n1%\n\n\n\n\nAll amounts are in USD unless otherwise stated\n# Average revenue per operating rig\n* Unaudited numbers\n \nFinancial Highlights\n· Q4 2017 revenue of $27.1 million reflecting traditional seasonal slowing from Q3. Revenue down marginally from Q4 2016 of $27.8 million\n· Full year 2017 revenue of $119.4 million, representing a 28% increase over 2016\n· The company returned to profitability as the sector emerged from a four year cyclical downturn\n· Maintained and improved the Group's strong balance sheet, driven by enhanced discipline around capital expenditure and improved cost management\n· Finished the period with $4.9 million in net cash, up from $0.6 million as at 31 December 2016, after investing $2.85 million in MS Analytical and paying $2 million in dividends during 2017\n· Successfully refinanced the Group's debt facility with leading African lending institution Standard Bank, signing a new $12 million revolving credit facility with a thr...