Australia's Imdex dips as dividend below expectations, average sensors on hire slows

Imdex

13/02/2023 01:08

** Shares of Imdex Ltd  IMD.AX  slips as much as 4.4% to
A$2.37 to hit their lowest since Jan. 23
    ** The mining services provider posts a 5.5% drop in H1
EBITDA to A$53.4 mln ($36.88 mln), revenue jumps 18.4% to
A$198.8 mln
    ** Declares interim fully franked dividend of 1.5 Australian
cents per share, that Citi brokerage says is 32% below its
expectations
    ** Analysts at Jefferies and Citi flagged concerned about
slowed growth in sensors on rent for Q2, which rose 6% for the
half
    ** Citi expects management to clarify co's growth strategy
particularly from capital management perspective and its focus
around acquisition
    ** Co also signed a binding deal to acquire another mining
tech firm Devico AS for an implied enterprise value of A$324 mln
    ** "Devico acquisition should provide the company with more
cross-selling opportunities and this could see reversion to
strong volume growth" - Citi
    ** Stock sees worst session since Feb. 6
    ** YTD, IMD up 14%
($1 = 1.4480 Australian dollars)
 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))