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Mitchell Services Limited (ASX:MSV)

ALERT: Price-sensitive ASX Announcement for MSV
Current share price for MSV : $0.505 -0.02 (-3.81%)+
Announcement
Release
22 Jul 2026 8:25AM
Price at Release
$0.525
Full Release
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Summary
Mitchell Services Limited reported strong financial results for the fiscal year ending 30 June 2026. The company's quarterly revenue was $56.5 million, marking a 12% increase over the previous year's fourth quarter, while EBITDA for the quarter rose by 32% to $10.2 million. For the full fiscal year, EBITDA increased by 67% to $42.8 million, and earnings before tax surged to $20.8 million from $0.7 million in FY25. The company ended FY26 with a net cash position of $3.5 million, a significant improvement from the previous year's net debt of $8.4 million, supported by strong operating cash flows and disciplined capital expenditure. The operating rig count, which had declined in FY25, has been recovering, with 65 rigs in operation by the end of FY26, and is expected to increase further in FY27. The shift in the company's revenue composition continued, with gold accounting for 61% and coal for 30% of FY26 revenue. Mitchell Services also highlighted progress in their Loop Decarbonisation business and anticipates distributing a portion of the year's earnings to shareholders through fully franked dividends.
Key Points
  • Quarterly revenue of $56.5 million, up 12% from FY25 Q4.
  • Quarterly EBITDA of $10.2 million, a 32% increase compared to FY25 Q4.
  • Full-year FY26 EBITDA increased by 67% to $42.8 million.
  • FY26 earnings before tax reached $20.8 million, up from $0.7 million in FY25.
  • Net cash position of $3.5 million as of 30 June 2026.
  • Gold contributed 61% and coal 30% to the FY26 revenue.
  • Operating rig count increased to 65 by the end of FY26.
  • Expected further increase in rig count in FY27.
  • Progress in Loop Decarbonisation business.
  • Plan to issue fully franked dividends to shareholders.
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.