20/02/2012 - 13:52

Imdex announces record half-year results

20/02/2012 - 13:52


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Imdex has lodged a record-half year result, raking in $22.7 million in net profit, up from $12.1 million the previous corresponding half year.

The drilling technology and services firm saw its revenue spike by 4 per cent to $138.5 million over the six months to December 31, contributing to the record result.

Over the period, Imdex completed the $US100 million acquisition of US-based Vaughn Energy Services, which it said would support its strategy to increase oil and gas revenue to 30 to 40 per cent of the group’s revenue over the next three to four years.

Imdex declared a fully franked interim dividend of 3.25 cents per share.

Managing director Bernie Ridgeway said the directors were pleased with another “excellent set of results.”

“Commodity prices and activity levels in both the minerals and oil and gas sectors are currently robust, and we remain optimistic about the balance of the 2012 financial year and continue to explore opportunities to grow the business,” Mr Ridgeway said.

“Following the traditional end of calendar year seasonal slowdown, activity levels have been quick to bounce back, providing a positive lead indicator for a strong second half of the 2012 financial year.”


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