Imdex’s long-serving managing director, Bernie Ridgeway, will finish up with the drilling technology company in June after 20 years at its helm.
“With such a strong development platform in place, and my length of service, it is the right time to signal my impending retirement,” said Mr Ridgeway, who has run Imdex since May 2000.
The announcement did not include a succession plan. Instead, Imdex will launch a search for a replacement, looking at both external and internal candidates.
Imdex also today disclosed a 31 per cent increase in annual net profit to $27.6 million, aided by a record fourth quarter on the back of stronger demand for its drilling rigs from mid to large mining companies.
“Drilling activity moderated early in calendar 2019, principally due to concerns regarding the global macro environment, which had a short-term impact on capital expenditure and exploration plans,” Imdex said.
“Despite these concerns, the fourth quarter was the strongest quarter on record for Imdex and we remain confident that major and intermediate resources companies are increasing their exploration and development expenditure.”
The profit result was supported by record revenue of $243.7 million, up 12 per cent.
Directors declared a fully franked final dividend of 1.4 cents a share.