On behalf of the IMDEX Board of Directors (the Board) I’m pleased to present the Company’s Annual Report for the 2021 financial year (FY21).
FY21 was another positive year for IMDEX. The Company protected its people, performed strongly, delivered on its growth strategy and maintained its sustainable dividend policy.
PROTECTING OUR PEOPLE
IMDEX’s focus on its people and its broad approach to their wellbeing, was particularly evident this year.
Pleasingly, the Company’s safety performance improved considerably and its lost time and total recordable injury frequency rates reduced by half.
Other notable achievements included: the introduction of an IMDEX Diversity Policy and a global diversity program; new employee entitlements that deliver greater workplace flexibility; targeted training and capability development; a formal employee recognition program; and a new reward and remuneration framework.
All of these important initiatives enhance IMDEX’s employee value proposition and align with the Company’s strategic milestones.
Further information regarding IMDEX’s safety performance and people can be found on pages 41-43 of this report. Similarly, the Company will expand on these topics in its first Sustainability Report, due to be released in September 2021.
The Board and Executive Leadership Team are committed to enhancing IMDEX’s ESG related disclosure. We have adopted a stepwise approach to ensure this disclosure is material and supports informed decision making by all stakeholders.
The strength of IMDEX’s underlying business enabled the Company to leverage buoyant market conditions and perform strongly.
The revenue result of $264.4m represented an 11.2% increase on FY20, and EBITDA was $75.5m, a 38.8% increase on the previous year.
A SUSTAINABLE DIVIDEND POLICY
The Board declared a fully franked final dividend of 1.4 cents per share. This in line with the Company’s historical 30% payout ratio. In light of the strong growth and cash balance a special dividend of 0.4 cents per share was also declared. This brings the full year dividend total to 2.8 cents per share.
IMDEX maintains a sustainable dividend policy, while continuing to invest in technologies and software that have the potential to deliver substantial growth for shareholders. Dividend record and payment dates are 28 September and 12 October 2021, respectively.
A RESPONSIVE AND TALENTED TEAM
Earlier this year, we were pleased to welcome Trace Arlaud as a Non-executive Director. Trace is a very practical and candid professional who has slotted in seamlessly with our Board. Her industry experience, technical knowledge and geographic network enable her to provide valuable counsel and client insights. Further information regarding Trace’s appointment and her complementary expertise can be found in IMDEX’s market announcement on 11 February 2021.
My sincere thanks to all of our Board members. Everyone has continued to do a terrific job, well above and beyond what is required. It is a true pleasure working with you.
I would also like to express my gratitude to Paul House, who settled in impeccably and did an excellent job during his first year as CEO. The Executive Leadership Committee and all of IMDEX’s global team should be congratulated for their unwavering commitment, particularly in uncharted operating conditions.
The Board is excited about the prospects for IMDEX as the Company continues to evolve as a leading Mining-Tech company with considerable global reach.