IMDEX Limited

Leading IMDEX brands | |

Financial Performance

Financial Summary

  • * Including AASB 16
  • + Excluding AASB 16
  • ^ Excluding $2.9m net gain in FY21 on Flexidrill and AusSpec deferred consideration fair value adjustment
  • ** IMDEX uses S&P Market Intelligence global exploration expenditure for nonferrous metals as an industry benchmark for growth
  • ++ Notionally adjusted for inclusion of the impact of AASB 16

  • INVESTMENT IN R&D IN ALL MARKET CONDITIONS
  • ABILITY TO TARGET AND REDIRECT R&D SPEND IN LINE WITH DEMAND
  • DISCIPLINED STAGE GATE PRODUCT DEVELOPMENT PROCESS
  • INCREASING PERCENTAGE OF EXPENDITURE ON SOFTWARE VERSUS HARDWARE
  • R&D IS LARGELY EXPENSED
The strength of IMDEX’s underlying business enabled the Company to take full advantage of buoyant market conditions and outperform expectations.

ANTHONY WOOLES, IMDEX CHAIRMAN

Balance Sheet

  • Interim fully-franked dividend of 1.0 CPS
  • Final fully-franked dividend of 1.4 CPS in line with historical 30% payout ratio
  • Special fully-franked dividend of 0.4 CPS
  • Continued investment in leading technologies to drive future growth
$m 30 JUN 2021 30 JUN 2020
Cash 58.5 38.3
Receivables 58.2 43.5
Inventory 41.5 41.2
Fixed assets 1 78.6 79.6
Intangibles 2 92.9 83.6
Other assets / deferred tax 36.4 31.9
TOTAL ASSETS 366.1 318.1
Payables 37.9 26.9
Borrowings 3 11.1 6.1
Other liabilities, provisions and current tax 4 64.0 63.5
TOTAL EQUITY 253.1 221.6
ROE 13.3% 9.9%
ROCE 15.5% 11.4%
  1. Includes leases assets of $33.0m in June 2021 ($36.5m June 2020)
  2. Includes intangibles of $9.8 arising from the acquisition of AusSpec
  3. Increased USD borrowings to manage our currency exposures
  4. Includes lease liabilities of $38.9m ($41.5m June 2020) and deferred consideration for the purchase of Flexidrill of $12.2m ($14.7m June 2020) and AusSpec $2.5m

SUMMARY OF FINANCIAL HIGHLIGHTS

FY21
$m
FY20
$m
Revenue from continuing operations (excluding interest income) 264.4 237.7
Earnings before interest, tax, depreciation & amortisation (EBITDA) from continuing operations 1 78.4 58.0
EBITDA margin 29.7% 24.4%
Depreciation of property, plant and equipment (20.3) (19.0)
Depreciation of right-of-use assets (6.0) (5.9)
Amortisation of Intangible Assets (4.5) (1.6)
Earnings before Interest & Tax (EBIT) 47.6 31.5
Net interest expense (3.1) (2.4)
Net profit before tax 44.5 29.1
Income tax expense (12.9) (7.4)
Net profit after tax from continuing operations 31.7 27.7
Basic earnings per share from continuing and discontinued operations (cents) 8.0 5.6
Net cash provided by operating activities 56.9 52.4
Cash on hand 58.5 38.3
Net assets 253.1 221.6
Total borrowings 11.1 6.1
Net tangible assets (cents per share) 40.4 35.6
  1. FY21 includes $2.9m relating to the fair value gain on deferred consideration. FY20 contains $3.6m relating to the sale of interest in VES

Quality Revenue Model

Increasing revenue from sensors and software – higher margins and quality recurring revenue

Increasing revenue from mining production phase – a larger addressable market and less-cyclical

Increasing revenue from the Americas

Product offering is commodity agnostic
Critical metals are expected to grow at a faster rate