Imdex Limited

Annual
Report 2018

IMDEX | Real-time subsurface intelligence solutions

216 Balcatta Road

Balcatta WA 6021

PO Box 1262

T +61 (8) 9445 4010

imdex@imdexlimited.com

Osborne Park WA 6916

F +61 (8) 9445 4042

www.imdexlimited.com

 2 | IMDEX Limited Annual Report 2018    
IMDEX In-field Geoanalysis solution 

Real-time Subsurface 
Intelligence Solutions
We are a global mining equipment, 
technology and services (METS) 
company.

Our IMDEX solutions improve the process of identifying 
and extracting what is below the earth’s surface for drilling 
contractors and resource companies – we let clients know 
where it is and what it is, now. 

Our vision is to be the leading provider of real-time subsurface 
intelligence solutions to the global minerals industry. 

“Our integrated solutions let drillers and resource 
companies know what is going on below the  
ground as accurately and quickly as possible.  
It is this intelligence that enhances the efficiency  
and profitability of their operations at all stages  
of exploration, development and mining.”

Bernie Ridgeway 
IMDEX Managing Director

  Annual Report 2018 IMDEX Limited | 3

IMDEX Limited (IMDEX) 

ABN 78 008 947 813 

Australian Securities Exchange (ASX)  

Listing Date: 24 September 1987  

ASX Code: IMD 

Registered & Head Office

216 Balcatta Road, Balcatta 

Western Australia 6021

Registered PO Box

PO Box 1262 Osborne Park

Western Australia 6916 

T +61 (8) 9445 4010 

imdex@imdexlimited.com 

www.imdexlimited.com

 4 | IMDEX Limited Annual Report 2018    

About this Report

This report is intended to provide IMDEX’s shareholders with 

information about our company, for the financial year ended  

30 June 2018. An online version will be available on our website 

at www.imdexlimited.com/investors. 

All reference to dollars within this report are Australian dollars, 

unless otherwise stated.

Our Corporate Governance Statement, which is also available 

at www.imdexlimited.com/about-us/corporate-governance, 

discloses the extent to which IMDEX has complied with the 

Australian Securities Exchange Corporate Governance Council’s 

‘Corporate Governance Principles & Recommendations –  

3rd edition’.

FY18 Annual General Meeting

Our Annual General Meeting will be held on 4 October 2018 at 

11:00 am (AWST) at IMDEX’s Head Office located at 216 Balcatta 

Road, Balcatta, Western Australia. 

Members of our Board and leadership team will be available to 

discuss the company’s performance and operations.

Corporate Calendar

4 October 2018

Annual General Meeting

15-17 October 2018

Macquarie Western Australia Forum

12-13 November 2018

UBS Australasian Conference

31 December 2018

FY19 Half Year End

18 February 2019

FY19 Half Year Results Presentation 

and Webcast

19-22 February 2019

1H19 Road Show

30 June 2019

FY19 Year End

19 August 2019

Release of FY19 Financial Results

20-23 August 2019

FY19 Full Year Road Show

3 October 2019

FY19 Annual General Meeting

If there are any changes to these dates, the Australian Securities Exchange will be notified.

Contents

06

2018 Highlights  
& Key Data

24

QHSE

08

Our Company

25

Governance & Risk

Leading Brands

Integrated End-to-End Solutions

Corporate Governance

Risk Management

Operational Leverage

Intellectual Property

Client Intimacy

Sustainable Earnings Growth

27 Managing  

Director’s Report

14

Our Operating 
Environment 

30

Executive  
Management Team

FY18 Market Conditions

REFLEX Instruments on Hire 

16

FY18 Financial 
Performance 

Minerals Revenue by Region

Minerals EBITDA

Reconciliation of EBITDA  

to Cash from Operations 

Summary of  
Financial Highlights

IMDEX Board  
of Directors 

18

20

22

Chairman’s Report

34

Our People

Global Workforce

Focus Areas 2018

Diversity & Equal Opportunity

37

38

The IMDEX Way

Objective and  
Strategy for FY19 

39

 Company History

  Annual Report 2018 IMDEX Limited | 5

2018 Highlights

IMPROVED SAFETY 
PERFORMANCE IN FY18

INCREASED REVENUE 24% 
AND EBITDA 35%

MAINTAINED ROBUST 
BALANCE SHEET AND THE 
ABILITY TO DRIVE ORGANIC 
AND TRANSFORMATIONAL 
GROWTH WITHIN THE  
MINING VALUE CHAIN 

CYCLICAL UPSWING 
OF GLOBAL MINERALS 
INDUSTRY CONTINUED 
WITH A STEADY  
INCREASE IN  
DRILLING ACTIVITY 

REFLEX INSTRUMENTS 
ON HIRE AT 30 JUNE 2018 
INCREASED 10% ON  
30 JUNE 2017

CONTINUED INVESTMENT 
IN R&D AND THE 
COMMERCIALISATION OF 
NEW TECHNOLOGIES THAT 
GENERATE ADDITIONAL 
REVENUE 

OPTION TO ACQUIRE 
CoreVIBE™ AND 
MagHAMMER™ DRILLING 
PRODUCTIVITY 
TECHNOLOGIES 

ACCELERATED DRILL AND  
BLAST PROJECT IN 
COLLABORATION WITH ORICA, 
ANGLO AMERICAN AND TECK 
RESOURCES, WHICH WILL 
PROVIDE GREATER EXPOSURE  
TO THE MINING PHASE

PROGRESSED OUR 
TRANSITION TOWARDS 
ONE IMDEX – ONE 
PROVIDER OF INTEGRATED 
SOLUTIONS THAT INCLUDE 
LEADING AMC AND 
REFLEX BRANDS

ADVANCED DIGITAL 
TRANSFORMATION 
PROGRAM 

 6 | IMDEX Limited Annual Report 2018    

Key Data at 30 June

$218.5
million
FY18 Revenue

$42.4 m

FY18 EBITDA

Revenue

EBITDA

NPAT

EPS (cents)

Operating Cash Flow

Net Assets

Market Capitalisation

Shares on Issue 

TRIFR (Per million hours worked)

Number of Employees 

Banking Institutions

Legal Advisors

Auditors

Share Registry 

FY 2018

218.5m

42.4m

21.1m

5.7

15.9m

186.1m

458.4m

369.7m

4.28

529

FY 2017

176.2m

31.5m

3.7m1

1.1

13.1m

159.8m

279.3m

367.5m

6.2

437

Bankwest

Bankwest

Hopgoodganim

Hopgoodganim

Deloitte Touche Tohmatsu

Deloitte Touche Tohmatsu

Computershare

Computershare

1 Includes $16.2m (non-cash $11.5m) of financing costs in relation to the Bain Capital debt which was fully repaid

  Annual Report 2018 IMDEX Limited | 7

Our Company

A Substantial Competitive Advantage

Leading Brands

AMC and REFLEX are 

dominant within the global 

minerals industry and have 

a reputation for quality and 

ease-of-use

Integrated End-to-
End Solutions

IMDEX is a single provider 

enabling clients to increase 

efficiencies and reduce the 

cost of their operations 

Operational 
Leverage

Intellectual 
Property

IMDEX is the leading provider 

IMDEX has world-class 

of real-time subsurface 

research and development 

solutions with an established 

capabilities and a portfolio  

global presence in all key 

of protected technologies 

mining regions of the world 

Sustainable 
Earnings Growth

IMDEX is developing solutions 

for all phases of the mining 

value chain including 

exploration, development  

and mining 

Client Intimacy

IMDEX values its long-

standing relationships with 

resource companies and 

drilling contractors. The 

company collaborates with 

these clients to enhance and 

support their operations

 8 | IMDEX Limited Annual Report 2018    

  Annual Report 2018 IMDEX Limited | 9

COLLECT DATATAKE ACTION1. Traditional Process( TIME )2. IMDEXHUB-IQ™INFOANALYSISDATAACTIONACTIONANALYSISINFODATAIMDEXHUB-IQ™SERVICEPROVIDERSRESOURCECOMPANIESQUALITY DATA & CHAIN OF CUSTODYDrilling Optimisation Downhole Navigation Structural Geology Driller Operable Geophysics In-Field GeoanalysisINTEGRATED IMDEX SOLUTIONSSTREAMLINE PROCESSES & TIMELY INFORMATIONEXPLORATIONMININGDEVELOPMENTLeading Brands

IMDEX has two leading brands – AMC and REFLEX.  
Together they provide a unique product and service offering to clients globally.

Company Structure

AMC redefines the way drilling fluids, equipment, 
technologies and software are used to optimise drilling 

programs – it strives to maximise productivity while 

enhancing safety and sustainability. AMC is also growing 

its presence within the horizontal directional drilling, 

waterwell and civil construction sectors.

For further information, please visit www.amcmud.com

REFLEX technologies include downhole 
instrumentation, data management and analytical 

software for geological modelling. These market leading 

technologies – recognised for their ease  

of use and accuracy – are complemented by  

unrivalled expertise in geo-scientific data analysis  

and interpretation. 

For further information, please visit www.reflexnow.com

 10 | IMDEX Limited Annual Report 2018    

Downhole 
Navigation

Structural 
Geology 

Drilling 
Optimisation 

In-Field 
Geoanalysis 

Driller Operable 
Geophysics

Integrated End-to-End Solutions 

Our company delivers IMDEX solutions that integrate our leading AMC and 
REFLEX brands. We assist clients to reduce their costs and increase their 
productivity by providing end-to-end solutions across the full mining life cycle.

Central to these solutions is our IMDEXHUB-IQ™ – an award winning cloud-based web portal that collects, stores and provides 

critical operational data in real-time. This data is protected through a validated chain of custody and secure database and can 

be accessed from any internet connection to smart phone, tablet or PC.

  Annual Report 2018 IMDEX Limited | 11

At IMDEX we have  
operations in all of the key 
mining regions of the world.

East Sussex - UK

Rastede - Germany

Timmins - Canada

Amsterdam - Netherlands

Smithers - Canada

Vancouver - Canada

Salt Lake City - USA 

San Luis Obispo - USA

Torreón - Mexico
Coahuila - Mexico

 Accra - Ghana

Parauapebas - Brazil

Belo Horizonte - Brazil

Itajai - Brazil

Quito - Ecuador
Lima - Peru

Mendoza - Argentina
Santiago - Chile

Dubai - UAE

 Jakarta - Indonesia

Manila - Phillipines

Johannesburg
South Africa

Kalgoorlie - WA

PERTH - WA

Adelaide - SA

Townsville - QLD
Brisbane - QLD
Mudgee - NSW
Melbourne - VIC

Operating Leverage

Our global presence and comprehensive 
distribution network allow us to: provide local 
support to clients; have greater access to 
international mineral exploration markets;  
and efficiently introduce new solution sets to 
these markets.

 12 | IMDEX Limited Annual Report 2018    

Intellectual Property

Our world-class research and development facilities are located in Perth, Western Australia and San Luis 

Obispo in North America. We engage a team of talented engineers and geoscientists who are leaders in 

their field to develop and commercialise innovative solutions for the global minerals industry.

Managing and protecting this intellectual property (IP) is vital and our company takes all possible measures 

to safeguard and defend our unique and competitive position in the market. These measures include:  

a dedicated IP Manager; registering patents, trademarks and designs; vigilant management of trade secrets 

and confidential information; internal IP training for all employees; ensuring the freedom to operate;  

and scanning the environment for competitor activities.

Client Intimacy 

At IMDEX we support some of the largest resource companies and drilling contractors worldwide. We also 

provide an innovative edge to global collaboration initiatives that are working towards future industry needs. 

Industry research partnerships include the CSIRO, Olympus, DET CRC, MINEX CRC and CRC ORE.

Sustainable Earnings Growth 

Our company has a clear objective of delivering sustainable earnings growth for shareholders.  

To achieve this we have a two-tiered strategy that includes:

Organic growth – protecting and building our core business; and 

Transformational growth – extension into new market segments within the mining value chain,  

for example drilling productivity and drill and blast applications.

  Annual Report 2018 IMDEX Limited | 13

Our Operating Environment

FY18 Market Conditions

Broad-based recovery in the minerals sector globally 

Recovery spanned all key mining areas – particularly the Americas 

Commodity prices strengthened and were generally at the highest level in a little over three years.  
Potential US – China trade war adversely impacted commodity prices towards the end of FY18

Major, intermediate and junior companies were well funded with increased budgets

Mineral exploration/development drilling increased steadily 

Exploration was principally associated with brownfield projects – some greenfield activity  
was evident

Resource companies continued to focus on increasing efficiencies and cost reductions

New technologies continued to gain momentum in order to achieve efficiencies and drive 
productivity

Mining companies need to replace diminishing reserves 

Increased investment in junior explorers by major resource companies 

Risk appetite of resource companies is likely to increase as mine life remains an issue

REFLEX INSTRUMENTS ON HIRE

Seasonal Holiday
Shut-Down - DECEMBER

JUNE 17 
- 
JUNE 18

10%

REFLEX instruments on hire 
increased despite decrease in 
mineral exploration expenditure.
JAN 14 - DEC 16

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Strong correlation between 
increasing instrumentation 
and activity

Rig utilisation rates and 
driller rates indicate industry 
cycle is in early stages

Quality of rental fleet is increasing. 
New technologies provide 
additional value for clients.

 14 | IMDEX Limited Annual Report 2018    

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
)
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WORLD MINERAL EXPLORATION

Estimated Budget

Annual Indexed Metals Price

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CY18 budgets forecast to increase by 15 – 20% to US$10bn

The Americas attracted >50% of expenditure, Asia/Pacific – 
17.5%, Africa – 14%

Gold/copper represent >70% of global expenditure.  
Gold/base metals >80%

Source: S&P Global Market Intelligence

GOLD IN MAJOR DISCOVERIES (1990 – 2017)

Gold in Major Discoveries

Projected New Gold in Major Discoveries

Gold Price

Gold Exploration Budgets

0
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COPPER IN MAJOR DISCOVERIES (1990 – 2017)

Copper in Discoveries

Projected Copper in Discoveries

Copper Exploration Budgets

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100

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US$54.3b gold exploration past 10 years  
215.5 Moz Au, 41 discoveries 

US$32.2b in the preceding 18 years 1,726 Moz Au 
in 222 discoveries

Easy deposits found – 263 major discoveries in 
past 28 years, 139 in 1990s and contain most of 
discovered gold

New mines – under cover, deeper, more drilling, 
more expensive and longer development time

Mined Au ore grades 2005 – 2015 declined  
from 2.44g/t to 1.83g/t, trending lower

Source: S&P Global Market Intelligence –  
Data as of July 25 2018

US$26.6b spent on Cu exploration over past 10 
years – 140 Mt Cu in 29 discoveries 

US$12.4b spent over preceding 18 years - 862.8 
Mt in 191 discoveries

Mined Cu ore grades 2005 – 2017 declined 
(0.74% to 0.59%)

Declining grades, more material moved and 
processed, water and energy consumption, 
achieve the same unit of produced metal

Size of mines increasing as low grade Cu 
deposits are typically larger ore deposits – 
larger economies of scale, increases waste 
rock removal, explosives consumption, tailings 
generation and area of local habitat disturbance

License to operate remains a challenge

Source: S&P Global Market Intelligence –  
Data as of July 25 2018

  Annual Report 2018 IMDEX Limited | 15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FY18 Financial Performance

Revenue from continuing operations of $218.5 million, up 24% (FY17: $176.2 million)

EBITDA from continuing operations of $42.4 million, up 35% (FY17: $31.5 million)

Net profit after tax of $21.1 million, up 470% (FY17: $3.7 million)

Operating cash flow from continuing operations of $15.9 million (FY17: $13.1 million), up 21%

Strong balance sheet – as at 30 June 2018, net assets increased by $26.3 million and net cash totalled $7.9 million

MINERALS REVENUE BY REGION ($m)

MINERALS EBITDA ($m)

FY18

Americas

Asia Pacific

EMEA

125.4

142.3

145.5

218.5

176.2

42.4

31.5

20.3

15.6

7.4

FY14

FY15

FY16

FY17

FY18

FY14

FY15

FY16

FY17

FY18

BALANCE SHEET

$m

Cash

Receivables

Inventory

Fixed assets

Intangibles

Other assets / deferred tax

TOTAL ASSETS

Payables

Bank loans

HP finance

Other liabilities, provisions, current tax

TOTAL EQUITY

 16 | IMDEX Limited Annual Report 2018    

30 JUN 2018

30 JUN 2017

13.9

49.3

33.6

36.5

59.5

33.3

226.1

26.4

5.9

0.2

7.5

186.1

19.4

41.5

29.9

32.2

60.4

27.5

210.9

30.4

6.5

0.6

13.6

159.8

RECONCILIATION OF EBITDA TO CASH FROM OPERATIONS ($m)

Reported EBITDA $42.4

Working capital investment normalised in 2H18 – FY18 in line with expectations

58.4

(9.7)

Similar working capital ratio expected in FY19

Cash tax increasing in line with profitability

FY19 investment in core product development expected to be similar to FY18

FY19 investment in transformational initiatives expected to be up ~$1.5m on FY18

(6.3)

(14.4)

(4.7)

(6.8)

(0.6)

15.9

EBITDA 
before Core & 
Transformational

Core 1

Transformational 2   Working Capital

Other

Taxes

Financing Costs

Cash from 
continuing 
operations

1 Core - Investment in product development for organic growth. 
2 Transformational - Internal digital transformation program, IMS Drill and Blast and CoreVIBE™ and MagHAMMER™ technologies.

  Annual Report 2018 IMDEX Limited | 17

Summary of Financial Highlights 

FOR THE YEAR ENDED 30 JUNE 2018 

(AUDITED RESULTS) 

 2018 

 $’000 

 2017 

 $’000 

17-18 Var

%

REVENUE FROM CONTINUING OPERATIONS (EXCLUDING INTEREST INCOME)

 218,475

176,225

24%

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION & AMORTISATION (EBITDA) 
FROM CONTINUING OPERATIONS

 42,384 

31,496

35%

EBITDA margin

Depreciation and impairment

Amortisation

EARNINGS BEFORE INTEREST & TAX (EBIT)

Net interest expense

Net profit before tax

Income tax expense

NET PROFIT AFTER TAX FROM CONTINUING OPERATIONS

19.4%

17.9%

 (12,772)

 (10,692)

 (333)

 (583)

 29,279 

 20,221 

 (688)

 (16,413)

28,591

3,808

 (7,476)

 (1,243) 

 21,115 

2,565

19%

(43%)

45%

(96%)

651%

501%

723%

Profit from discontinued operations

-

1,098

(100%)

NET PROFIT AFTER TAX

 21,115 

 3,663

476%

Basic earnings per share from continuing and discontinued operations (cents)

 5.73 

 1.14

403%

Net Cash provided by Operating Activities

15,900

13,071

22%

Cash on hand

Net Assets

Total Borrowings

13,942

19,379

 (28%)

186,126

159,820

16%

6,076

7,147

(15%)

Net Tangible Assets per Share (cents)

 34.27 

 27.07 

27%

Small % variances may exist within this report due to rounding

 18 | IMDEX Limited Annual Report 2018    

IMDEX In-Field Geoanalysis solution

  Annual Report 2018 IMDEX Limited | 19

IMDEX Board  
of Directors

Our Board has extensive professional expertise, 
business experience and knowledge of the mineral 
exploration, mining and technology industries.  
It also has considerable experience within capital 
and financial markets. 

Members of the Board are well respected in these sectors and play an active role  

in our company’s strategic planning.

In March 2018 the Board attended the PDAC International Convention, trade 

show and investor exchange in Toronto, Canada. The PDAC is the world’s leading 

convention for people, companies and organisations in, or connected with,  

mineral exploration. Members of our Board also visited IMDEX’s facilities in North  

and South America to gain further insight into these high-growth regions. 

Key priorities for the Board during FY18 included: 

Improving our safety performance

Strong Corporate Governance 

Transitioning to One IMDEX 

Driving our two-tiered growth strategy

 20 | IMDEX Limited Annual Report 2018  

“Each Board member has diverse yet complementary skills 
and everyone has extended well beyond their obligations to 
make  meaningful  contributions  to  the  development,  long-
term growth and governance of our company.” 

Anthony Wooles IMDEX Chairman

MR KEVIN 
DUNDO 
Non-Executive  
Director 

Appointed to the Board  
14 Jan 2004

MS SALLY-
ANNE LAYMAN
Non-Executive  
Director

Appointed to the Board  
6 Feb 2017

MR IVAN 
GUSTAVINO 
Non-Executive  
Director 

Appointed to the Board  
3 July 2015

MR BERNIE 
RIDGEWAY
Managing Director

Appointed to the Board  
23 May 2000

MR ANTHONY 
WOOLES 
Non-Executive Chairman 

Appointed as Chairman  
1 July 2016

  Annual Report 2018 IMDEX Limited | 21

Chairman’s Report

On behalf of the IMDEX Board of Directors I’m pleased to present  
the company’s Annual Report for the 2018 financial year (FY18).

FY18 was a positive year for the company. Safety performance 

The IMDEX Board and leadership team have rigorously 

improved, revenue and earnings grew substantially and  

assessed these investments – both organic and 

IMDEX made good progress internally with its objective to 

transformational – applying a balanced yet healthy sense 

achieve sustainable earnings growth for shareholders. 

of urgency. All of the company’s investment decisions and 

development projects are subject to this gateway process. 

Improved Safety Performance

Whilst there are still substantial gains to be made, the 

Board & Leadership Team 

company’s safety performance improved steadily throughout 

Our Board and leadership team have continued to work very 

the year and encouragingly, has become ‘front of mind’ 

well together. Throughout the year we refined and strengthened 

within the organisation. During FY18 the Lost Time Incident 

our leadership team to support our corporate progression. 

Frequency Rate (LTIFR) was 2.57, a 20% improvement  

The Board is confident the company has a strong and talented 

on the previous year. Further information regarding IMDEX’s 

team in place and on behalf of the IMDEX Board, I would like to 

safety initiatives can be found on page 24 of this report. 

thank Bernie Ridgeway and the leadership team for their strong 

Increased Revenue and Earnings 

IMDEX took advantage of improving market conditions  

and achieved strong top line growth. Pleasingly, the  

company also maintained solid margin performance. 

The revenue result of $218.5 million represented a 24% 

increase on FY17 and Group EBITDA was $42.4 million,  

a 35% increase on the previous year.

Sustainable Earnings Growth for our Shareholders

The company maintained its clear objective of delivering 

sustainable earnings growth for shareholders. As a result, 

IMDEX remained focused on a two-tiered strategy;  

focused organic growth of the core business and pursuit  

of transformational growth across the mining value chain. 

performance in FY18.

I would also like to thank my fellow Board members. The Board 

has diverse yet complementary skills and in FY18 each Director 

has made a significant contribution to the development, long-

term growth and governance of our company.

During FY19 our Board will continue to place great emphasis 

on ensuring IMDEX is a safe, high performing and welcoming 

workplace.

Dividends

During FY18 the Board acquired the option to invest in 

transformational technologies that have the potential to deliver 

substantial long-term growth for the business. As a result 

IMDEX will not be paying a dividend for FY18. 

Key elements of this strategy include maintaining the 

Our Valued Shareholders

company’s clear technology leadership, delivering unrivalled 

Importantly, on behalf of the Board, I would like to express  

solutions for clients and driving operational excellence. 

our gratitude to the valued shareholders of IMDEX. 

Progress throughout the year included: the commercialisation 

of new leading products; securing the option to acquire the 

CoreVIBE™ and MagHAMMER™ technologies; solid progress 

Kind Regards

with the digital transformation program and; the establishment 

of global partnerships with major resource companies and 

drilling contractors for our integrated solutions.

Anthony Wooles 
IMDEX Chairman

 22 | IMDEX Limited Annual Report 2018    

IMDEX In-field Geoanalysis solution 

  Annual Report 2018 IMDEX Limited | 23

Quality, Health,  
Safety and Environment

During FY18 we significantly improved our safety performance and successfully 
increased safety awareness in our company. 

We achieved a Lost Time Incident Frequency Rate (LTIFR) of 

• 

Incorporated additional safety measures in our employee 

2.57, which represents a 20% improvement on the previous 

performance and reward system. 

year. This is an excellent result given the diverse and often 

remote, areas, in which we operate. 

During FY19 we will continue to focus on enhancing our 

employee safety behaviours and safety culture as an 

Safety initiatives implemented during FY18 included: 

organisation. Our LTIFR target for FY19 is 2.18 – a 15% 

• 

Increased communication regarding safety – supported by 

the Board and leadership team; 

•  Continued monthly employee safety meetings; 

•  Promotion of lead indicators including hazard, near-miss 

and success alerts; 

improvement on the previous year and our ultimate goal is zero 

harm. To achieve this, additional initiatives will include:

• 

• 

Introducing iAuditor to all IMDEX employees globally; and 

Implementing a learning management system to  

improve the efficiency and effectiveness of our safety 

•  An iAuditor trial – an online safety management tool that 

training methods.

includes digital forms, journey plans and safety inspections; 

During FY18 we we implemented improvements to our quality 

•  Completed HSE Operational Controls Audits globally; and

management system and achieved certification to the revised 

ISO 9001:2015 standard.

“The company’s safety performance 
improved steadily throughout the year 
and encouragingly, has become  
‘front of mind’ within the organisation.” 

Anthony Wooles IMDEX Chairman

 24 | IMDEX Limited Annual Report 2018    

Governance & Risk

Corporate Governance 

Risk Management

The Australian Securities Exchange 
Corporate Governance Council sets 
out best practice recommendations, 
including corporate governance 
practices and suggested disclosures 
(ASX Recommendations).

ASX Listing Rule 4.10.3 requires companies to disclose 

the extent to which they have complied with the ASX 

Recommendations and to give reasons for not following them.

Unless otherwise indicated the ASX Recommendations 

including corporate governance practices and suggested 

disclosures, have been adopted by our company for the 

full year ended 30 June 2018. We also provide a Corporate 

Governance section on our website, which includes the relevant 

documentation suggested by the ASX Recommendations.

www.imdexlimited.com/about-us/corporate-governance.

The identification and proper 
management of risk within IMDEX  
is an important priority for the Board 
and management.

The Board has sought to minimise the business’ risks by 

focusing on the company’s core business. The Board is 

responsible for ensuring that the company’s risk management 

systems are adequate and operating effectively.

Risks are reviewed by Senior Management monthly and by the 

Audit and Risk Committee on a regular basis.

The Board believes that through the Board itself, the Audit, Risk 

and Compliance Committee, the Internal Audit Function and 

external auditors there is adequate oversight of the company’s 

risk management and internal controls.

  Annual Report 2018 IMDEX Limited | 25

REFLEX LOGGER-IQ™

 26 | IMDEX Limited Annual Report 2018    

Managing Director’s Report

Dear shareholders,

I am pleased to provide you IMDEX’s Annual Report for the financial year 
ending 30 June 2018 (FY18).

Market Conditions

REFLEX Instruments on Hire

Throughout FY18, operating conditions were positive for our 

There has always been a strong correlation between our 

company due to the broad-based recovery in the mineral sector 

REFLEX instruments on hire and activity within the global 

globally. The recovery spanned all key mining areas; however,  

minerals market. Our instruments are not commodity  

it was particularly evident in the Americas, which remains a high-

specific, however, as I mentioned earlier, gold and copper 

growth region for IMDEX. 

remain the principal commodities driving activity.

Commodity prices strengthened during FY18 and were generally 

As at 30 June 2018, the total number of instruments on hire 

at the highest level in a little over three years. Recent macro-

was up 10% compared to 30 June 2017. It is important to 

economic developments such as the US Government’s decision 

note that the quality of the rental fleet is increasing, as our 

to impose tariffs on Chinese imports have, however, had an 

newer technologies provide additional benefits for clients and 

adverse impact on commodity prices around the end of FY18. 

command higher rental revenue. The value clients place on 

Data from S&P Global Market Intelligence suggests that the 

2017 calendar year mineral exploration budget of US$8.4 billion 

was up 14% on the previous calendar year and was forecast to 

increase by 15% – 20% to US$10 billion in 2018. In my view this 

increase for calendar 2018 is perhaps a little optimistic, however, 

the number of mineral exploration drill holes is rising steadily.

Gold and copper continue to represent approximately 70% - 75% 

of exploration expenditure and it was interesting to note the 

rising interest in battery metals such lithium and cobalt this year. 

Exploration expenditure remains largely associated with 

brownfield projects, although some greenfield activity was 

evident. 

these technologies is evidenced by the increase in the number 

of instruments on hire during 2014 – 2016, despite the sharp 

decrease in mineral exploration expenditure (see graph on  

page 15).

Financial Performance

I am pleased to report our company benefited from the  

positive market conditions, together with growing interest in 

our leading technologies and our ability to provide integrated 

end-to-end solutions. 

During the full year we generated revenue of $218.5 million, 

which represents a 24% uplift on FY17 (FY17: $176.2 million). 

Our corresponding EBITDA result was $42.4 million, which also 

As I have mentioned throughout the year, a key driver for 

exceeded the prior period (FY17: $31.5 million) by 35%. Further 

exploration is the fundamental need for resource companies 

information regarding our revenue and earnings can be found 

to replace diminishing reserves. An interesting development 

on pages 16 to 19 of this report and our 2018 Financial Report.

throughout FY18 was increased investment in junior explorers 

by major mining companies. Similarly, their risk appetite is likely 

to increase as mine life continues to be an issue.

Resource companies and drilling contractors are continuing to 

focus on achieving greater efficiencies and reducing the cost 

of their operations. Industry disruption and employing big data 

Our cash flow for FY18 was $15.9 million – this represents a 

21% increase on the previous year.

As at 30 June 2018 our balance sheet was in a robust position 

– net assets had increased by $26.3 million and we had net 

cash of $7.9 million.

technology were common themes at key industry conventions 

We remained committed to maintaining the strength of our 

and it was pleasing to see the increasing value placed on new 

balance sheet, while delivering sustainable earnings growth – 

technologies to drive productivity. This is good news for IMDEX. 

via our organic and transformational growth strategy – within 

the mining value chain.

  Annual Report 2018 IMDEX Limited | 27

Operational Achievements 

IMDEX Mining Solutions

In addition to our continued investment in research and 

Another excellent opportunity for our company is a  

development, which resulted in the commercialisation of  

collaboration project with Orica – the world’s largest provider  

new technologies and additional revenue per month, there  

of commercial explosives and innovative blasting systems  

were a number of exciting operational achievements 

– to substantially enhance drill and blast operations. 

throughout FY18 that support our growth strategy including: 

•  An option to acquire CoreVIBE™ and MagHAMMER™ 

technologies; 

The IMDEX Mining project combines our expertise in  

leading downhole equipment and sensors to acquire  

real-time data, with Orica’s proven success with blasting  

• 

IMDEX Mining Solutions – a collaboration project  

and technology development. Together, we aim to transform 

for drill and blast applications, which provides greater 

the way the industry undertakes the drill and blast process,  

exposure to the mining phase; 

utilising digital and automated technologies to create safer 

and more productive blast outcomes for clients. The project is 

also being supported by multi-national mining company Anglo 

American, Canada’s largest diversified resource company  

Teck and the CRC-ORE, which aims to ‘optimise resource 

extraction’ for the minerals industry.

The mining industry does not currently possess the capability 

to characterise the rock mass in detail, in near real-time 

and accurately design, load, time and fire for targeted blast 

outcomes based on rock variation. Consequently, blasting 

outcomes are variable and carry cost and productivity impacts 

down the mining value chain. 

In July this year, we were proud to be a recipient of funding 

from METS Ignited, which will accelerate this collaboration 

project, which we believe has the potential to revolutionise 

drill and blast activities in both open pit and underground 

operations across all commodities. 

Investment in this important project will enable us to generate 

more sustainable future earnings. 

•  Progress with our transition towards One IMDEX – 

delivering integrated solutions for our clients; and 

•  Advancement with our digital transformation programme.

CoreVIBE™ and MagHAMMER™ 
Technologies 

As announced to the market in January 2018, we entered  

into an exclusive option agreement to acquire New Zealand 

based companies Flexidrill Limited and Flexidrill Construction 

Limited (together “Flexidrill”) and its patent protected 

technologies – the CoreVIBE™ and MagHAMMER™. 

Since then, we have been co-developing these new 

technologies, which are generating considerable interest  

from our industry. 

Should we exercise our option, the CoreVIBE™ and 

MagHAMMER™ are expected to provide a significant additional 

global revenue stream for our company in FY20 and beyond 

and be EPS accretive within 12 months of option exercise. 

The CoreVIBE™ technology has the potential to increase 

average drilling productivity rates by approximately 30% in 

traditional diamond coring applications – results that have 

been supported to date by IMDEX field trials. 

The MagHAMMER™ technology allows for RC drilling to be 

run without compressed air resulting in significant economic, 

safety and operational benefits. It may also be used for blast 

hole drilling applications. 

The CoreVIBE™ and MagHAMMER™ technologies are  

patent protected and align with IMDEX’s rental model.  

These technologies complement IMDEX’s Drilling Optimisation 

Solution and would strengthen our competitive position in  

this market segment. IMDEX is the only company to provide 

such integrated and connected solutions. These are unable to 

be replicated by competitors due to patent protection.

 28 | IMDEX Limited Annual Report 2018    

One IMDEX 

Throughout FY18 we further refined our internal structure 

to support our transition towards One IMDEX – that is, one 

provider offering integrated solutions throughout the mining 

value chain. This offering is currently unique to our market  

and provides us with a significant competitive advantage.

Digital Transformation Program 

During the year we continued to progress our digital 

transformation program, which is being undertaken  

to enhance our systems and processes and enrich our  

client experience. 

As part of this focus we established the role of Chief 

Information and Transformation Officer and welcomed 

Mathew Regan to our team. Mat will support our One IMDEX 

progression and is responsible for the efficient delivery of  

our digital transformation program. 

Outlook

Despite the recent softening of commodity prices, the outlook 

for IMDEX remains positive. 

Rig utilisation rates were approximately 45% - 50% at the  

close of the financial year, drilling contractors are achieving 

some increases to their metre rates and exploration 

expenditure is approximately half of the 2012 peak.  

These factors suggest we are still in the earlier stages of  

the minerals industry cycle. We expect this cycle will continue 

with a steady increase in activity underpinned by the need to 

replace diminishing reserves.

I am confident IMDEX is in a strong position to leverage 

improving market conditions and the unique competitive 

position our global presence, leading technologies and 

integrated product offering provide.

My Thanks to a Great Team

I would like to thank our senior leadership team and all IMDEX 

employees for their hard work and expertise throughout the 

year – it is a pleasure and a privilege working with talented and 

innovative people. I would also like to thank our Board members 

for their counsel and dedication to the long-term growth of our 

company and the safety and well-being of our team. 

Together, we have all created some solid foundations to  

deliver industry changing projects, future growth and a great 

place to work and a company dedicated to increasing returns 

for shareholders. 

Kind Regards

Bernie Ridgeway
IMDEX Managing Director

  Annual Report 2018 IMDEX Limited | 29

Executive Management Team

Mr Bernie Ridgeway
Managing Director

•  Bachelor of Business and Qualified Chartered Accountant 

•  Member of the Institute of Chartered Accountants Australia and New Zealand 

and the Australian Institute of Company Directors 

•  Non-Executive Director of Sino Gas and Energy Holdings Limited 

•  Over 35 years’ experience with public and private companies as a business 

owner, Director and Manager

Mr Paul Evans 
Chief Financial Officer & Company Secretary

•  Chartered Accountant 

•  Fellow of the Institute of Chartered Accountants Australia and New Zealand

•  Chief Financial Officer and Company Secretary since 17 October 2006 

•  Extensive experience in commercial, general management and financial roles 

• 

Industry experience covering the media, manufacturing, mining services and 

telecommunications industries

Mr Paul House
Chief Operating Officer 

•  26 years’ experience in management and operations across the resources 

sector and diversified industrial services markets 

•  14 years with SGS, the world’s leading inspection and testing firm,  

with a dominant presence in the resources geochemistry assay and  

metallurgy sectors 

•  18 years working in resources markets around the world including Africa,  

the Middle East, South Asia, South East Asia, Australia and the USA.  

Additional roles have included strategy, innovation, market entry strategy, 

restructuring and turnaround performance and corporate finance positions 

•  Bachelor of Commerce from the University of Western Australia

•  Fellow of the Australian Institute of Management and a Graduate Member  

of Australian Institute of Company Directors

 30 | IMDEX Limited Annual Report 2018    

Throughout FY18 we further refined our internal structures and re-defined 
roles to support our transition towards One IMDEX – including the creation of 
Chief Operating Officer and Chief Information & Transformation Officer roles 
to drive our integrated AMC and REFLEX operations, digital transformation 
and operational excellence.

Mr Troy Giesler
Global Sales Director

•  Over 30 years’ experience within the drilling industry 

•  5 years in senior management positions at IMDEX 

•  19 years with MI-Swaco, including 7 years as Global Business Line Manager  

for the company’s HDD, mining and waterwell operations 

•  Bachelor of Science from Colorado State University with a major in  

Business Administration

Mr Mathew Regan
Chief Information & Transformation Officer 

•  Extensive management experience in business transformation, strategy, 

innovation, supply chain optimisation and IT communications

•  Bachelor of Computer Science from Edith Cowan University and a Masters of 

Information Technology from the University of Western Australia

•  Stanford University Executive Program 

•  Graduate Member of Australian Institute of Company Directors

Derek Loughlin 
Global Business Development Director

•  29 years’ experience within the drilling industry

•  12 years in executive management positions at IMDEX

•  17 years with leading drilling company Boart Longyear in engineering, 

operations, sales and global exports, working in Ireland, Australia and Germany

•  Honours Degree in Mining Engineering from the Camborne School Of Mines, UK

•  Diploma of Executive Development at the International Institute for 

Management and Development in Lausanne

  Annual Report 2018 IMDEX Limited | 31

Dr Michelle Carey 
Global Manager – IMDEX Product Development 

•  Over 20 years’ experience in the mining industry working for companies 

including BHP and WMC 

•  7 years in executive management roles at IMDEX 

•  Extensive experience in developing innovative products for the mining industry 

•  PhD in Geochemistry from Monash University

Mr Kingsley Weber
Human Resources Director 

•  Over 30 years’ global leadership and consulting experience in: R&D;  

marketing; sales and key account management; international business 

and market development; human resources; organisational design and 

development; and corporate strategy and execution 

•  Diverse industry experience including: chemicals; healthcare; satellite 

communications; environmental management; manufacturing; and banking 

•  Fellow of the Royal Society of Arts 

•  Member Institute of Directors 

•  Graduate Diploma in Marketing (MCIM) 

•  Member Chartered Institute of People Development

 32 | IMDEX Limited Annual Report 2018    

Mr Tim Price
General Manager – IMDEX Product Research

•  32 years’ experience in engineering and product development,  

7 years with IMDEX, 20 years with Scientific Drilling International holding 

positions from Design Engineer to Senior Vice President of Engineering 

•  5 years in Aerospace and Semiconductor Test Industries 

•  Bachelors of Science in Electronic Engineering and Master of Science  

in Electrical Engineering from California Polytechnic State University,  

San Luis Obispo

Dr Dave Lawie
Chief Geoscientist / Chief Technologist – Mining Solutions 

•  Chief Geoscientist for IMDEX since 2012 

•  Global positions in exploration geochemistry and R&D with Pasminco and 

Anglo American before joining ioGlobal as Managing Director in 2004 

• 

ioGlobal provided geochemistry and geometallurgical consulting services, 

cloud based data management and the ioGAS desktop analytics – the 

company was acquired by IMDEX in 2012 

•  PhD in Geosciences from University of New England

  Annual Report 2018 IMDEX Limited | 33

Our People

Global Workforce

During FY18 our global workforce increased by 21% to 529 people  
(FY17 437). Additional personnel were engaged to support the increase 
in activity, our geoscience capability in all regions and IMDEX’s digital and 
transformational projects.

FY18 EMPLOYEES BY REGION

FY17 EMPLOYEES BY REGION

APAC

Americas

EMEA

APAC

Americas

EMEA

Total Employees 529

Total Employees 437

FY18 EMPLOYEES BY GENDER

FY17 EMPLOYEES BY GENDER

Female

Male

Total Employees 529

Female

Male

Total Employees 437

FY18 EMPLOYEES BY BUSINESS UNITS

FY17 EMPLOYEES BY BUSINESS UNITS

Corporate

AMC Minerals

REFLEX

IMDEX Technologies

IMS/Flexidrill

Corporate

AMC Minerals

REFLEX

IMDEX Technologies

IMS/Flexidrill

 34 | IMDEX Limited Annual Report 2018    

Focus Areas 2018

IMDEX’s Global Human Resources (HR) function is evolving to become an 
influencer and strategic contributor in the future success of IMDEX. 

The Global HR team has partnered with the organisation to determine business critical HR initiatives, aimed at ensuring IMDEX 

moves at pace from a state of reactiveness and maintenance to operational excellence. These initiatives form part of a 3-year HR 

Strategic Plan.

Outlined in the table below are the initiatives delivered in FY18, designed to assist in the achievement of IMDEX’s organisational 

strategy and goals.

Review of HR capability and structure to enable future growth and customer outcomes

TALENT 
ACQUISITION & 
ONBOARDING

EMBED 
TECHNOLOGY

BUILD 
ACHIEVEMENT 
ORIENTATED 
CULTURE

FOSTERING 
TALENT & 
LEADERSHIP 
GROWTH

CREATE AND 
MAINTAIN 
ENGAGED 
WORKFORCE

IMPROVED HR 
PROCESSES AND 
REPORTING

Preferred 
Supplier 
Agreement

Improved 
Recruitment 
Processes

Orientation & 
Onboarding

HRIS 
Implementation 
& Change 
Management

Performance 
& Reward 
Strategy

Leadership 
Development 
Framework

Talent Review 
& Succession 
Planning

Climate Survey 
Results & 
Action Planning

HR Policy & 
Process Gap 
Analysis

Underpinned by customer service focus in everything we do

  Annual Report 2018 IMDEX Limited | 35

Diversity & Equal Opportunity at IMDEX 

At IMDEX we value diversity in our workforce. We seek to employ, retain and 
develop employees for the long-term, assisting in their development and the 
development of the culture and values of our company.

This is done by promoting the value of different perspectives, ideas and benefits brought by engaging employees from all  

available talent. Our Diversity Policy can be found on our website at www.imdexlimited.com/about-us/corporate-governance.

Our company is also committed to providing equal opportunities for all employees. We ensure employment decisions are made 

solely on the basis of merit, taking into account relevant skills, qualifications, experience and ability, and without bias or prejudice - 

further information can be found within our Code of Conduct Policy at www.imdexlimited.com/about-us/corporate-governance.

IMDEX Employee Assist Program 
(EAP) 

In December 2017 we launched an Employee Assistance 

Programme (EAP). Our EAP is provided by Optum, a global 

and independent organisation that provides coaching and 

Business Acumen Training 

During FY18 we introduced employee Business Acumen Training 

program to build a team of business partners throughout 

IMDEX – our aim is to listen to, harness and implement ideas for 

innovation and business improvement.

counselling services.

Successful workshops were undertaken in all of our regions and 

The confidential EAP is available 24/7 and is free for all 

IMDEX employees and their immediate families. Optum also 

distributes monthly newsletters, which contain useful advice 

and information for all IMDEX employees.

the initiative will continue during FY19.

“Every IMDEX employee will 
have an opportunity to attend 
and contribute as we deliver 
workshops globally and create  
a pool of creative ideas.”

Kingsley Weber Human Resources Director

 36 | IMDEX Limited Annual Report 2018    

The IMDEX Way

The IMDEX Way sets out 
the key principles and 
expected behaviours that 
govern our company’s 
decision making, business 
practices and employee 
reward programs.

Integrity

Communicating openly and honestly. 

Avoiding activities or organisations  

that are unethical, harm people or  

the environment.

Accountability

Teamwork

Taking responsibility for and delivering 

Working collaboratively, safely and with respect for 

on IMDEX’s commitments to the 

Company, clients and colleagues.

diversity within IMDEX’s Group to achieve the best 

results for the Company, clients and colleagues.

Being Dynamic

Maintaining an efficient global Company 

with the flexibility to provide localised client 

solutions and the adaptability to react 

quickly to new opportunities and change.

Continuous Improvement

Innovation

Pursuing IMDEX’s strategy of ongoing growth and 

Leveraging IMDEX’s advanced technologies 

reward for shareholders, clients and employees 

and research and development capabilities 

through continuous improvement of the Company’s 

to deliver innovative, leading edge products 

products, services and work practices.

and services that optimise client operations.

  Annual Report 2018 IMDEX Limited | 37

Objective and  
Strategy for FY19

We maintain our clear objective of delivering sustainable earnings 
growth for shareholders via a two-tiered strategy, which includes 
organic and transformational growth.

Key elements of this strategy include: maintaining our technical leadership; enhancing our client intimacy;  

and driving operational excellence.

Maintain technical leadership

Next generation core products

Rapid-response frontline innovation 

Transformational products - drilling productivity and drill & blast

Enhance client intimacy

Integrated IMDEX solutions – AMC & REFLEX

Client help desk and service centre

Training – IMDEX Academy 

Enhance strategic partnerships 

Implement key account management 

Drive operational excellence

Enhance safety performance

One IMDEX

Digital transformation

Engage, develop and retain talented people

Streamline distribution and supply chain 

 38 | IMDEX Limited Annual Report 2018   

Company History

December 1980

Australian company Pilbara Gold NL incorporated

July 1985

Pilbara Gold NL changed name to IMDEX Limited

Sept 1987

IMDEX Limited listed on the ASX

1988

1997

2001

Formation of Australian Mud Company

Acquisition of Surtron Technologies Pty Ltd and Ace Drilling Supplies

Joint venture formed with IMDEX and Rashid Trading Establishment (RTE) in Saudi Arabia

July 2005

Sale of IMDEX Minerals

August 2005

Acquisition of African based company Samchem

August 2006

Acquisition of Swedish based REFLEX Group of Companies and United Kingdom based company Chardec

May 2007

July 2007

July 2007

Acquisition of Swedish based company Flexit

Ace merged with REFLEX. IMDEX finalised the sale of its interest in IMDEX Arabia to RTE

Acquisition of Canadian based Poly-Drill and a 75% interest in Kazakhstan based Suay Energy Services

October 2007

Sale of Surtron Technologies

November 2007

Acquisition of Chilean based company Southernland

January 2008

Acquisition of German based company System Entwicklungs

July 2008

Acquisition of the remaining 25% of Kazakhstan based Suay Energy Services

September 2008

Acquisition of Australian based company Wildcat Chemicals Australia

July 2010

New regional structure implemented and business reporting streamlined into Minerals and Oil & Gas Divisions

September 2010

Acquisition of Australian based companies Fluidstar and Ecospin

March 2011

Acquisition of German based company Mud-Data

July 2011

July 2011

Formation of DHS Services joint venture

Acquisition of Australian based company Australian Drilling Specialties Pty Ltd

August 2011

Acquisition of Brazilian based company System Mud Indústria e ComércioLtda

January 2012

Acquisition of Vaughn Energy Services (VES) by IMDEX’s DHS Services joint venture

November 2012

Acquisition of ioGlobal Pty Ltd, ioAnalytics Pty Ltd and ioGlobal Solutions Inc. (together ioGlobal)

December 2012

DHS Services and Vaughn Energy Services rebranded as VES International

September 2014

Acquisition of 2iC

June 2015

Divestment of Suay Energy Services

2016

Divestment of AMC Oil & Gas

January 2018

Option to acquire Flexidrill Limited and Flexidrill Construction Limited (together Flexidrill)

 Annual Report 2018 IMDEX Limited | 39

 40 | IMDEX Limited Annual Report 2018    
IMDEX In-field Geoanalysis solution 

  Annual Report 2018 IMDEX Limited | 41

216 Balcatta Road
Balcatta WA 6021
Australia

PO Box 1262
Osborne Park WA 6916 
Australia

T +61 (0) 8 9445 4010
E imdex@imdexlimited.com

© IMDEX Limited August 2018