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INNOVATION

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IMDEX urges MDEX urges

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more tech adoptionore tech adoption

by Michael Washbourne really went above and beyond in FY2021.
“We’re super proud of how that’s evolved, and I think
MDEX chief executive Paul House has attributed the global ultimately evolved permanently for the better. There’s a
Imining-tech company’s record-breaking results for FY2021 great number of initiatives which were delivered in FY2021
to its ongoing commitment to technology adoption. that I think will be a feature of our business going forward,
not just for our quality of business but also for our customers’
Surging demand for IMDEX products saw the company
experience.”
report an EBITDA of $75.5 million, a 38.8% improvement on
the previous financial year, while record revenue of $264.4 IMDEX reported that the number of rock knowledge sensors
million represented an 11.2% increase on FY2020. NPAT on rent increased 52% for the last financial year and were
was also up 45.5% to $31.7 million. up 35% on the pre-COVID peak, while revenue from the
cloud-connected platform IMDEXHUB-IQ jumped 30% and
The strong set of financial results helped bolster IMDEX’s
licences for geoscience analysis software ioGAS lifted 13%.
net cash position by some 47.7% to $47.3 million. The
company has already indicated record demand for its drilling House said both IMDEX and its clients had found technology
optimisation products has continued into FY2022 with sales adoption to be more critical to business success over the
increasing across all regions, including South America. past 18 months than ever before.
Reflecting on what was a truly unique year for not only IMDEX “Typically, IMDEX finds itself in a position where it is trying
but the entire world due to the COVID-19 pandemic, House to push new technologies into the market and demonstrate
was full of praise for his small but dedicated workforce. to clients the value of changing their existing workflows,”
he said. “The unique thing in FY2021 was that we found
“Everyone around the world ultimately found a way to get
ourselves being pulled into the market and so the lack of
things done, which was wonderful, and within IMDEX and
mobility that was available to people meant that access to
our team, I’m obviously particularly pleased that we’ve been
remote drill sites or mining sites by people around the world
able to not just do that, but also outperform the market during
was severely constrained. Therefore, demand for real-time
that same period,” House told GMJ.
information available in the cloud really accelerated.
“We’re relatively people light and capital light, so
“We saw quite a significant uptick in our online engagement
mobilisation of people has been less of a challenge for
with our IMDEXHUB-IQ platform…whilst revenue increased,
us than maybe some of our clients or some of the other
I think the number of hub-connected tools was up 26% and
mining services companies. Having said that, finding new
the overall metres surveyed in that cloud platform was up
ways to deliver training and to work around supply chain
60%.”
bottlenecks and provide technical advice, I think the team
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