• Group revenue down 10% on 1H24, up 1% on 2H24
• EBITDA Normalised down 10% on 1H24, up 7% on 2H24
• Maintained 30% EBITDA margin, strong cash conversion and balance sheet performance

IMDEX reported a 10% decline in group revenue for 1H FY25 compared to 1H FY24, but a 1% increase on 2H FY24. EBITDA Normalised was down 10% on 1H FY24 but up 7% on 2H FY24. The company maintained a 30% EBITDA margin through strong operational discipline and cost management. IMDEX delivered robust cash flow conversion of 93% and ended the period with a strong balance sheet, with net debt of $46m and a leverage ratio of 0.6x. The company continued to invest in growth initiatives, including new business development, technology leadership, and integrated solutions. Key highlights included market share gains in the core business, increasing contributions from growth businesses, and strong uptake of next-generation technologies. IMDEX also made progress on its ESG agenda, including consolidated modern slavery reporting, GHG emissions data collection, and a focus on safety, diversity, and community engagement.

IMDEX expects to achieve net cash in FY26. The company maintained its 30% NPAT payout ratio for the full year dividend.

IMDEX sees positive industry signals pointing to increased activity in FY26, driven by factors such as supply-demand imbalances, strong commodity prices, and increased exploration budgets and capital raisings. The company's strategy remains unchanged, focused on core business growth, new business development, technology leadership, and integrated solutions.