Minerals sector underlines Imdex profit
21st Aug 2012
AUGUST 21: Australian drilling fluids and instrumentation supplier Imdex reports FY 2012 net profit after tax by 58% to a record $A45.8M (FY 2011: $29M) on the back of a 31% revenue jump to $269.6M ($205.2M).
Earnings before interest, tax and amortisation rose 56% to $75.2M ($48.1M). Net assets also rose, up 34% to $168.1M ($125.4M).
MD Bernie Ridgeway says Imdex achieved record results across all key areas, with increased market share in all global regions. Highlights included the acquisition of Brazilian-based System Mud Industria e Comercio Ltda and record Reflex downhole instrumentation rental fleet levels.
Ridgeway says the company is focused on expansion into growth markets, particularly oil and gas.
Despite recent softening in the resources sector, largely reflecting junior companies conserving cash, 80% of revenue is generated from major and intermediate resource companies including 70% from development and production phases.
Also in the August 15 - 21, 2012 edition
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- CONSULTING
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- Consulting firm urges reality check
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- EUROPE
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- EVENTS
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- EXPLORATION
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- FINANCE
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- The rise of computer trading on the ASX – are mum and dad investors getting burned?
- GOLD
- Moolart Well returns likely to overflow
- INTERCEPTS
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- Allied Nevada on schedule for Hycroft expansion
- Altura expands Indonesian coal interests
- AMEC wins new Dundee work
- Anglo completes De Beers share deal
- Arrium to double iron output
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- Ausenco boosts half year profit
- Battling Mincor turns small profit/div
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- Berkeley lines up Zambian ore
- BHP drops project after profit fall
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- CDB covers Gindalbie mine currency shortfall
- Clancy seeks exodus of Genesis directors
- Clean-up continues at Gold Fields KDC complex
- Cleveland raises cash for Brazilian projects
- Cleveland, BCI team up in Brazil
- Conference delegates to get Rio auto-mining latest
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- Doray secures 100% of Andy Well
- Edenville lifts Tanzanian interest to 90%
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- Haranga gets positive Selenge review
- Illegal strikers stop Bafokeng mine
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- Kootenay lifts Promotorio silver resource
- Krucible wins Getax support for Korella project
- Liontown raising for imminent drilling
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- Mutiny increases Deflector resources
- Ncondezi power station green light
- Netscher joins Bullabulling board
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- NWI enters integrated infrastructure agreement
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- Orsu wins approval for Kazakh project
- Ortac steps up Slovak gold project
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- Striking Lonmin workers face dismissal
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- Zhaojin set to join global gold rush
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- MINING INTELLIGENCE
- Closing the gaps in performance
- PEOPLE
- People on the move: SNC-Lavalin, Candente Copper, Torquoise Hill Resources, Stellar Securities, Quintiq
- SOUTH AMERICA
- Attention will turn soon enough to Brazil
- TECHNOLOGY
- Technology company moves beyond remote range
