- REVENUE UP 44%, EBITA UP 81%

Imdex Limited (ASX: IMD) is pleased to announce that it has performed strongly over the first half of the 2012 financial year (1H12).

The headline unaudited results for 1H12 are:

• Revenue up 44% to $138.5 million (1H11: $95.9 million), comprising:
  • Minerals Division revenue up 52% to $124.0 million (1H11: $81.5 million)
  • Oil & Gas Division revenue of $14.5 million (1H11: $14.4 million)
• EBITA up 81% to $38.3 million (1H11: $21.2 million).

Revenue of $138.5 million is a new half year record for Imdex, and exceeds the previous half year high of $109.3 million in 2H11 by 27%.

The strong revenue growth generated by the Minerals division reflects the continued strength in global drilling activity and increased mineral exploration expenditure. Metals Economics Group, Canada indicated in late November 2011 that they expected calendar 2011 non ferrous expenditure to be up by more than 50% to a new all time high of US$18.2bn due to commodity prices remaining relatively strong.

Oil & Gas division revenue of $14.5 million is slightly up on the prior corresponding period. However, this result does not include revenue from Imdex's DHS joint venture as this investment is equity accounted. As a result, there was no revenue included for the Company's down hole survey instrumentation business in 1H12 whereas there was revenue included in 1H11 prior to the formation of the joint venture.

The very strong growth in EBITA to $38.3 million reflects robust business activity present in all four major mining regions of Asia Pacific, Africa, Canada and Latin America, as well as in Europe.

Commenting on the first half performance, Imdex's Managing Director Bernie Ridgeway said, "The Directors are pleased with the first half results that demonstrate Imdex's market leading products and capabilities, and the strength of the Company's business model.

"While commodity prices and activity levels in both the minerals and oil and gas sectors are strong at the current time, we are well aware that global economic concerns remain. Nevertheless, we remain optimistic about the balance of the 2012 financial year and continue to explore opportunities to grow and diversify the business as seen with the DHS joint venture's acquisition of Vaughn Energy Services.

"Activity levels following the traditional end of calendar year seasonal slowdown have been equal to or better than the same period in 2011, which provides a positive lead indicator for a strong second half of the 2012 financial year."

Imdex is scheduled to release its 1H12 audited results on Monday, 20 February 2012 via webcast/conference call. Full details of the call will be released closer to that time.