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Mitchell Services Limited (ASX:MSV)

ALERT: Price-sensitive ASX Announcement for MSV
Current share price for MSV : $0.475 0.145 (43.94%)+
Announcement
Release
14 Oct 2025 8:23AM
Price at Release
$0.330
Full Release
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Summary
Mitchell Services Limited (ASX: MSV) reported a strong financial performance in the first quarter of fiscal year 2026, ending 30 September 2025. The company's quarterly EBITDA increased significantly by 68% to $11.8 million compared to the same period in FY25, driven by improved weather conditions and reduced client-related delays. Net debt was reduced by 93% to $0.9 million, providing a robust pathway to a net cash position. The company also highlighted a material equity investment by Sumitomo Corporation into the Loop Decarbonisation joint venture. The revenue for the quarter was $53.4 million, with approximately 50% derived from gold and 40% from steelmaking coal, although demand in the coal sector remains subdued. The management expressed optimism for growth opportunities, particularly in the gold sector due to high gold prices.
Key Points
  • Quarterly EBITDA of $11.8 million, up 68% vs FY25 Q1
  • Net debt reduced by 93% to $0.9 million
  • Strong operating cashflows with a 70% increase in operating cashflow
  • Material equity investment in Loop Decarbonisation by Sumitomo Corporation
  • About 50% of revenue from gold and 40% from steelmaking coal
  • Demand for drill rigs in gold sector appears positive
  • Company operated an average of 62 rigs from a fleet of 90
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.