IMDEX shares surge as HY result impresses Citi, UBS
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The news: IMDEX shares rocketed on the ASX after the mining tech firm's first-half result met market estimates.
The numbers: IMDEX shares were up 5.8% to $2.81 by 3pm AEDT, extending gains of more than 20% since the turn of the year.
IMDEX, which provides drilling optimisation products and sensors for the mining industry, reported first-half NPATA of $27 million, down 19% compared to the prior corresponding period but in-line with consensus forecasts.
Revenue rose 1% half over half to $212 million, short of average estimates of $216 million.
The context: Citi analysts said IMDEX delivered a "resilient outcome" despite soft global exploration levels. They noted that a higher portion of revenue came from its sensors and software as a service (SaaS) segments, with "meaningful uplift" across its digital offerings contributing to this "favourable business mix shift".
UBS analysts said they expect IMDEX's outlook for FY26 to be positive, with consensus forecasts seeing revenue growth of 7%.
They also flagged that to reach consensus EBITDA estimates of $130 million for the year, IMDEX would need an 11% uplift on last year's second-half period, and a 4% step up half over half.
The sources: ASX announcement, Citi research, UBS research
