As well as posting record underlying earnings for its financial year ending June 30, 2023, IMDEX made significant strides with deploying its newest technology, the company says.

This is the first set of financial results to include revenue from global directional drilling and sensor technology company, Devico, which IMEX acquired in February.

Revenue for the 2023 financial year was A$411.4 million (265.1 million), an increase of 20.3% on the previous year, which included four months of Devico revenue.

Underlying earnings, normalised for the Devico transaction costs as well as exceptional legal costs, was a record at A$122.6 million and delivered at a sustained margin of 30%, notable given the rising cost environment experienced more broadly in the mining industry, IMDEX noted.

IMDEX Chief Executive Officer, Paul House, said: “We are especially pleased at the record performance of the business and the sustained margins. This is a testament to the relentless effort by our teams around the world; the strength of our business model; and a reflection of our prior investment in our digital 1.0 platforms. This allowed us to ward off the rising cost environment while at the same time continue our investments in R&D and our IMDEX Mining Technology business unit.”

As well as the Devico acquisition, IMDEX took a 40% investment in drilling analytics software company Krux Analytics and increased its stake in geoscience image analysis company Datarock.

IMDEX continues to grow its suite of mining technologies including IMDEX BLAST DOG™ which remains in the commercial prototype phase with three units now on rent with trials in Western Australia, Queensland and South America.

Underground production hole survey technology IMDEX BOLT™ and blast hole stabiliser IMDEX BHS™, both commercial prototypes, have been installed in four sites with two trials underway and installed in 11 sites with five trials underway, respectively, it says.

During the financial year, the company achieved the commercial launch of its automated spectral mineralogy technology IMDEX aiSWYFT™, the advanced IMDEX OMNIX 38 & 42 GYRO™ and its core logging solution IMDEX LOGGERX™.

“IMDEX is well positioned to leverage the robust industry fundamentals and the unique competitive position its global presence, leading technologies and integrated solutions provide,” House said.