Imdex Limited Reports Audited Earnings Results for the Year Ended June 30, 2017; Provides Earnings Guidance for the Year 2017
September 15, 2017 at 02:43 am EDT
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Imdex Limited reported audited earnings results for the year ended June 30, 2017. For the year, the company reported revenue from continuing operations (excluding interest income) of $176.255 million against $143.346 million a year ago. Earnings before interest, tax, depreciation & amortisation (EBITDA) from continuing operations were $31.496 million against $15.078 million a year ago. Earnings before interest & tax were $20.221 million against $5.656 million a year ago. Net profit after tax from continuing operations was $2.565 million against loss after tax from continuing operations of $3.861 million a year ago. Net profit after tax was $3.663 million or 1.14 cents per basic and diluted share against net loss after tax of $56.253 million or 23.11 cents per basic and diluted share a year ago. Net cash provided by operating activities was $13.071 million against net cash used in operating activities of $6.567 million a year ago. Operating cash flow was $20.7 million against $10.0 million a year ago. The company exceeded financial targets for the year, achieving a 23% increase in revenue and a 55% increase in EBITDA. This positive outcome was due to improving market conditions globally, regional expertise and further market penetration for differentiated technologies. Net profit before tax was $3.808 million against net loss before tax of $4.396 million a year ago.
The outlook for IMDEX remains positive and the company anticipates a stronger financial performance in 2018. The global minerals industry is in the early stages of a cyclical upswing and activity has increased across all major mining regions. Furthermore, across the industry there remains a fundamental need to replace diminishing reserves; resource companies are generally well-funded; and new technologies are gaining momentum within the industry to drive greater efficiency and productivity the company are delivering these real-time or near real-time technologies and have a significant first mover advantage.
IMDEX Limited is a mining technology company engaged in developing drilling optimization products and sensors to provide real-time rock knowledge and data. The Companyâs product offering includes an integrated range of drilling optimization products, cloud-connected rock knowledge sensors and data and analytics. Its geographical segments include Americas, Asia Pacific and Africa/Europe. The Companyâs solutions include software, mining technology, drilling optimization, downhole navigation, structural geology, in-field geo-analysis and driller operable geophysics. Its products include IMDEXHUB-IQ, ioGAS, IMDEX aiSIRIS, IMDEX SURVEY-IQ, REFLEX XRF CONNECT, REFLEX IQ-LOGGER, Geosensing (IoG), IMDEX COREVIBE, XTRACTA. Its brands include AMC and REFLEX technologies. AMC develops, manufactures and supplies a range of drilling fluids, equipment, technologies and software. REFLEX technologies include downhole instrumentation, data management and analytical software for geological modelling.