A record half-yearly revenue and progress with new technologies such as COREVIBE™, XTRACTA™ and MAGHAMMER™ has IMDEX riding a positive wave.
The company recorded revenue of A$127.9 million ($86 million) in the six months ending December 31, 2019, up from A$125 million a year ago.
IMDEX said it was present on around 70% of drilling programs globally, providing an opportunity to market a wider range of products to clients. Some 35% of its revenue in the six-month period was generated in Asia Pacific, 45% in the Americas and the balance in Africa and Europe, it explained.
And the company also singled out its cloud connectivity platform IMDEXHUB-IQ™ – which provides secure access to validated data, seamlessly transmitted from a range of sub-surface instrumentation, analytical instruments and mobile form data inputs – during the results. At the end of December 2019, IMDEX said 58 of its top 100 clients were “HUB-enabled”, up from 49 clients as at June 30, 2019.
The company completed its acquisition of Flexidrill in January and it provided an update on the status of the patent-protected drilling productivity technologies that came with this addition, COREVIBE and MAGHAMMER, in its results.
It said successful client trials with COREVIBE were undertaken throughout its financial year first half. “These trials continue to validate the significant benefits of this unique technology, including substantial increases in productivity,” it said. For the balance of its 2020 financial year, IMDEX said it has a full pipeline of client trials and was confident of converting trials into active rentals.
XTRACTA, which complements COREVIBE and MAGHAMMER by allowing drillers to change the bit when core is retrieved, has been extensively trialled at IMDEX’s test site in New Zealand for the past 12 months and client trials are scheduled to commence late in the March quarter, it said.
Development of the MAGHAMMER at its test site is also progressing well, IMDEX said, and the company intends to commence client trials in the June quarter.