Acquisitions add to Imdex growth levers

Richard Roberts

Editor in chief

The company is underplaying the potential gains from the Devico union

On the back of a record first half of FY23, Imdex CEO Paul House would be pleased with the progress markers the billion-dollar ASX-listed company is checking ahead of this month’s A$334 million merger with Norway’s Devico. He’d be more than thrilled, though, with the increasing range of growth levers he has in front of him.

The drilling information and sensing technology leader this week reported significant improvement in underlying net profit and EBITDA on an 18.4% year-on-year increase in revenue to A$198.8 million for the six months to the end of December.

The half-year revenue was 56% higher than Imdex’s FY20 pre-COVID peak, while EBITDA was more than double the pre-COVID level.

With Devico and other acquisitions on board, Imdex will be tracking hard towards $500 million a year of high-margin sales, driven predominantly by drill sensing and navigation tools, and software-as-a-service (SaaS) offerings.

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