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Highlights

  • IMDEX is a global mining-tech company which mainly caters to drilling contractors and resource companies
  • In the latest quarter, the company recorded a significant rise in quarterly revenue
  • IMD is committed to integrate Devico business and invest in complementary acquisitions

An ASX-listed international mining-tech firm, IMDEX Limited (ASX: IMD) offers drilling optimisation products and connected sensors and enables real-time data & analytics. The company mainly caters to drilling contractors and resource companies.

In the financial year 2023, the company delivered a record revenue of AUD 411.4 million, 20.4% higher than the previous year. Itse group revenue includes  4-month contribution made by acquired entity – Devico. IMD also made a 40% strategic investment in Krux Analytics during the reported year.

Moreover, during the reported year, net assets stood at AUD 556.2 million, 87.1% higher than the previous year, while the EBITDA dropped by 1.5% YoY to AUD 100.5 million.

The period witnessed the launch of next-generation technologies, strategic investments, new contracts, increased technology offerings and geographical footprint expansion.

Top 10 shareholders of IMD

The top 10 shareholders of IMD have nearly 42.14% shareholding in the firm, while the top four have around 27.98% stake. L1 Capital Pty Ltd. and Vanguard Investments Australia Ltd. have the highest stake in the company, with a shareholding of ~15.90% and ~5.00%, respectively.

Recent business update

Through a recent business update dated 19 October 2023, the company informed that it has registered a 19% YoY growth  in the unaudited quarterly revenue to AUD 126.1 million in the first quarter of FY24. It includes revenue of AUD 18.2 million from the Devico business.

Outlook

The company is committed to investing in its core business, Digital 2.0 and new business units – Digital and IMT products to increase efficiency. Another focus is on the integration of Devico business.

To increase global market share, the company is committed to targeted R&D, optimising solutions, undertaking strategic acquisitions and extending into mining production.

Share performance of IMD

Shares of IMD closed 1.97% down at AUD 1.49 apiece on 23 October 2023. With this, IMD’s share price dropped by 25.80% in the past one year and decreased by 31.34% in the last six months.

The 52-week high of IMD is AUD 2.64 apiece, recorded on 2 February 2023, and the 52-week low is AUD 1.365 apiece, recorded on 12 October 2023.

 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

 

Note 2: The reference date for all price data, currency, is 23 October 2023. The reference data in this report has been partly sourced from REFINITIV.