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.
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“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
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Dominic is Portfolio Manager of the Montgomery Small Companies Fund – a small-cap Australian equity fund investing in 30 to 50 high quality, undervalued small and emerging companies with strong growth potential. The fund invests outside the ASX100.