IMDEX up on record year

16/08/2021 - 13:00

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Shares in IMDEX were up by more than 8 per cent today, after the mining technology company reported a significant jump in revenue and net profit.

Imdex provides drilling optimisation products and sensors to companies in the resources sector. Photo: Shane McLendon

Shares in Imdex were up by more than 8 per cent today, after the mining technology company reported a significant jump in revenue and net profit.

Imdex generated record revenue of $264.4 million in the year to June 30, up 11 per cent on FY20.

Its underlying earnings were up 39 per cent to $75.5 million, leading to a net profit after tax of $31.7 million (up 46 per cent).

Based in Perth, Imdex provides drilling optimisation products and sensors to companies in the resources sector that enable real-time rock knowledge and data.

Imdex said it had achieved the highest number of sensors on hire in FY21, with revenue from all regions near or exceeding pre-COVID-19 levels.

The company generated $56.9 million in cash from operations, up 8.6 per cent on FY20.

It ended the financial year with a balance sheet of $47.4 million, up 48 per cent.

Imdex chief executive Paul House attributed the result to the company’s ability in meeting the changing needs of its clients.

“We are proud of the speed with which our global teams have responded to our clients amended priorities, navigated COVID-19 and taken the time to look after each other under the duress of the past year’s pressure,” he said.

“The strong uplift in our earnings reflected the increasing percentage of revenue coming from our higher margin sensors and software business and the increasing ability to deliver integrated solutions to the market.

“The economic benefits of our digital transformation and our commitment to lean service delivery were also evident in our improved margins.”

Chairman Anthony Wooles said the results showed Imdex's ability to perform in all market conditions.

The company has declared a final, fully franked dividend of 1.4 cents per share and a special dividend of 4cps.

Imdex was trading 9 per cent higher at 2:47pm AEST to $2.45 per share.

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