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Strong demand for IMDEX’s drilling services

 

Strong demand for IMDEX’s drilling services

IMDEX Limited (ASX:IMD) recently delivered a solid first quarter update to the market after delivering a record revenue in the period to March 2020. In the latest small cap management video series, Dominic Rose catches up with Chief Executive Officer, Paul House to discuss the outlook for the company and the optimism they see in the mining sector.

The operating constraints of COVID-19 are well known to everybody and the mining industry was not immune.  The business is now seeing demand for exploration and the opportunity to use technology to solve ever more complex geological problems has the company in a strong space today.

IMDEX started on the path of significant investment in technology about four years ago.  The IMDEXHUB-IQ platform allows customers to be in touch with geology projects around the world, from anywhere in the world. They have had a 70 per cent increase in IMDEXHUB tenants over the last 12 months, which is a reflection of the need to get quality data and be able to analyse it from anywhere in the world.

“IMDEX is almost a 30 year old company and it is the largest mining technology company that you might not have heard of. We are present in every mining jurisdiction around the world and have products today on some 70% of exploration and drilling projects in the world. We’re a significant technology investor with very smart products that we invest a substantial amount of R&D in.” Paul House, Chief Executive Officer

If you are learning about IMDEX, you can listen to our previous interview about IMDEX technologies and how they enable successful cost-effective mining operations: IMDEX A TRUE INNOVATOR – HOW IS TECHNOLOGY LEADING GROWTH?

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Dominic is the Portfolio Manager of the Montgomery Small Companies Fund. Dominic joined Montgomery in August 2019 after spending thirteen years specialising in smaller companies in portfolio management and equities research. Most recently, Dominic was a Portfolio Manager and Senior Research Analyst at MHOR Asset Management in Sydney for three years. Prior to this, he ran Deutsche Bank’s Small Caps Equity Research Team in Sydney for six years. He was also previously Head of Research at Foster Stockbroking.  

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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