Majestic Corporation reported a sharp rise in first-half revenue and profit, as strong demand for recycled metals lifted the critical minerals urban miner’s earnings.
The UK-based recycling specialist, which recovers precious and non-ferrous metals from end-of-life materials, said revenue more than doubled to $37m in the six months to 30 June, from $18m a year earlier.
Pre-tax profit jumped to US$3.3m from US$0.6m, and its gross margin widened to 12.9% from 8.6%, helped by better metals margins, growth in the UK and strong demand in its printed circuit board services. Earnings per share rose to 16.1 cents.
If today’s half-year results were to be annualised, it would value Majestic at around 10x earnings, with further earnings-enhancing developments in the pipeline.
The company used today’s update to note that its new 50,000 sq. ft. facility in Wrexham is on track to reach full operational capacity by year-end.
Majestic Corporation has previously set a target to process 100,000 tonnes of materials per year by 2030. This figure stood at around 30,000 tonnes in the last financial year.
The company said demand for critical minerals remained strong, driven by supply deficits and the growing need for secondary sources, and that it had navigated volatile commodity prices and shifts in global metal flows caused by US tariff policy.
CEO Peter Lai noted that recent tariff-driven supply bottlenecks were restricting access to certain metals and underscoring the need for higher critical minerals recycling rates. This appears to provide structural support for Majestic Corporation’s business model.
Peter Lai, Chairman and CEO of Majestic Corporation, said: “I am delighted with our performance in the first half of 2026. Doubling revenue and a substantial uplift in profitability show that the decisions we have taken, namely in 2024 and 2025, are now paying off, as we said they would. These results reflect the discipline of our entire team, who delivered them through a volatile market and real external pressure.”
“Looking ahead, Wrexham represents a model — permitted, compliant, and built to replicate — that gives us a clear and tested path to scale. Our in-house R&D is now embedding two decades of proprietary recovery data into our processing infrastructure, work that will define how this business competes for the next decade, not just the next year. Demand for critical minerals shows no sign of slowing, and few operators are positioned to meet it the way we are: profitable today, building infrastructure today, with the intelligence to make every future site smarter than the last.”