Drilling services company Imdex has returned to profit in the year to June 2011 and said the outlook for the 2012 financial year was positive.
The drilling fluids and chemicals supplier's net profit was $29 million for the 12 months to June 30, compared with a loss of $21.5 million a year earlier, Perth-based Imdex said in a statement.
Revenue increased 53 per cent to a record $205.2 million and the company declared a final dividend of 2.75 cents per share, fully franked.
Chief executive Bernie Ridgeway said the outlook for financial 2012 was positive for Imdex.
"Subject to global financial markets stabilising, the underlying market fundamentals are likely to continue to fuel demand for commodities and drive exploration expenditure which is very encouraging for the continued growth of Imdex," Mr Ridgeway said.
Mr Ridgeway also said the company's investment in the oil and gas industry was a logical diversification for the business and Imdex expected an improved performance from this sector.
