Business
Q4 2019 Trading Update
Q4 2019 Trading Update.
About this update from Capital Limited
[{"type":"text","content":"\n \nRNS Number : 0012A Capital Drilling Limited 16 January 2020 \n\n\n\n\n\nFor Immediate Release\n\n\n16 January 2020\n\n\n\n\n \nCapital Drilling Limited\n(\"Capital Drilling\", the \"Group\" or the \"Company\")\nQ4 2019 Trading Update\nCapital Drilling Limited (CAPD: LN), a leading mining services company focused on the African markets, today provides its Q4 2019 trading update for the period ended 31 December 2019 (the \"Period\"), ahead of announcing its full year results on 19 March 2020.\n \nFOURTH QUARTER (Q4) AND FULL YEAR 2019* KEY METRICS\n\n\n\n\n \n\n\nQ4 2019\n\n\nQ3 2019\n\n\n% change from Q3 2019\n\n\nFY 2019*\n\n\nFY 2018\n\n\n% change from FY 2018\n\n\n\n\nRevenue ($m)\n\n\n30.7\n\n\n29.3\n\n\n4.8%\n\n\n114.8\n\n\n116.0\n\n\n-1.0%\n\n\n\n\nARPOR# ($)\n\n\n167,000\n\n\n174,000\n\n\n-4.0%\n\n\n176,000\n\n\n194,000\n\n\n-9.3%\n\n\n\n\nAverage utilised rigs\n\n\n55\n\n\n48\n\n\n14.6%\n\n\n50\n\n\n47\n\n\n6.4%\n\n\n\n\nFleet Utilisation (%)\n\n\n59\n\n\n52\n\n\n13.5%\n\n\n54\n\n\n51\n\n\n5.9%\n\n\n\n\nAverage Fleet\n\n\n93\n\n\n92\n\n\n1.1%\n\n\n92\n\n\n93\n\n\n-1.1%\n\n\n\n\nClosing fleet size\n\n\n95\n\n\n92\n\n\n2.2%\n\n\n95\n\n\n91\n\n\n3.3%\n\n\n\n\nAll amounts are in USD unless otherwise stated\n# Average revenue per month per operating rig \n* Unaudited numbers\n \nFinancial Highlights\n· Q4 2019 revenue of $30.7 million, a 4.8% increase over Q3 2019 ($29.3 million) and a 0.7% increase over Q4 2018 ($30.5 million);\n· Full year 2019 revenue of $114.8 million, in line with guidance of $110 to $120 million;\n· Increase in cash flow generation over the quarter despite ongoing growth CAPEX, with net cash of $4.4 million as at 31 December 2019, up from $2.5 million in Q3 2019;\n· Strong balance sheet provided capacity to fund full year CAPEX of $20 million, with the Group acquiring eight new rigs and mining equipment in 2019, with four rigs due for commissioning in Q1 2020. \n \nOperational Highlights\n· Outstanding safety achievement - 12-month rolling All Injury Frequency Rate (AIFR) result of 0.14, significantly below industry standards and a record for the Group;\n· Increased rig utilisation in Q4 2019...