20/08/2012 - 13:35

Imdex increases dividend on record result

20/08/2012 - 13:35


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Drilling fluids and services provider Imdex has hailed an "exceptional" performance in financial year 2012, with the company lodging record revenue and profit for the 12 months to June 30.

Imdex today announced a 31 per cent spike in revenue, to $269.6 million, driving a net profit jump of 58 per cent, to $45.8 million.

The company paid a fully franked final dividend of 4 cents per share, taking its total FY2012 dividend to 7.2 cents per share, up 61 per cent on the previous year.

“The 2012 financial year has been exceptional on both the financial and operational fronts,” managing director Bernie Ridgeway said.

“Across all key financial metrics Imdex has been able to achieve record results, reflecting the company’s global footprint and growing market position, as well as our unique product range and leading technologies.

“Our strong balance sheet, growing cash flows and attractive growth opportunities have also led to a substantial increase in dividend.”

Imdex’s minerals division, which consists of the AMC and Reflex businesses, contributed 87 per cent of the company’s combined revenue, growing by 36 per cent to $241.7 million.

Mr Ridgeway said the results were driven by strong performances across its operations and ongoing benefits from the company’s regional operating structure, implemented in 2010, were being realised.

Imdex’s regional structure has allowed us to generate operational efficiencies, provide better customer support and enhanced our ability to deliver a broader selection of solutions and products to our customers,” he said.

“Importantly, the benefits generated by the regional structure are expected to continue in the future.”

At 1:30PM, WST, Imdex stocks were up 1.4 per cent, trading at $1.76. 


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