Full Year 2024 Imdex Ltd Earnings Call Transcript
Key Points
- Imdex Ltd (ASX:IMD) reported a record group revenue of $445 million for FY24, an 8% increase despite a 24% decline in exploration drilling activity.
- The integration of Devico was completed ahead of schedule, contributing $70 million in revenue and achieving greater synergies than initially anticipated.
- Normalized EBITDA stood at $131 million, maintaining a stable margin of 29.4%, reflecting disciplined cost management and improved gross margins in sensors and fluids.
- The company declared a final fully franked dividend of $0.013 per share, consistent with its capital management policy targeting a 30% normalized NPAT payout ratio.
- Significant progress was made in sustainability, including a dedicated Sustainability Board Committee and improvements in recyclable and reusable packaging, with over 95% of product packaging now meeting these criteria.
- Exploration activity declined by 24%, impacting overall market conditions and posing challenges for future growth.
- The company recognized a $7.4 million impairment for MAGHAMMER due to global macroeconomic uncertainty and a slowdown in M&A activity within the mining-tech sector.
- Net debt stood at $35 million, although the company is on track for an accelerated paydown of its $120 million debt facility.
- Revenue from Australia and Canada declined by about 15% and 12% respectively, due to market slowdown, partially offset by strong performance in the US and South America.
- The full-time employee count decreased from 851 to 816, reflecting the outcomes of the organizational redesign and cost management efforts.
Thank you, Darcy. Welcome, everyone, to IMDEX's 2024 full-year results presentation. Iâm delighted to be joined by Paul Evans, our CFO, Linda Lim, our incoming CFO and current Global Head of Finance, and Kym Clements, who heads up our Investor Relations.
Throughout this call I will be referring to the investor presentation slides that have been released on the ASX this morning.
Slide 3 highlights our purpose. IMDEX is a leading global mining-tech company, distinguishing itself from the broader mining services sector in the following ways. We prioritize technical leadership as a key pillar of our growth strategy. We achieve this through consistent, disciplined investment in R&D. Our business model is characterized by being neither capital-intensive nor labor-intensive.
We are truly global, with minimal contract, commodity, and geographic risks in our business models. And finally, we develop integrated solutions that collectively build a high-quality revenue base with resilient EBITDA margins. These strengths
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
