slight miss to consensus and the blastdog contract seems a bit light... im sure initially they were talking multiples of what the tools are on hire for and I think thats around $10k!? Long term I think its a good bet, would take advantage of weakness

Cracking result from Imdex as they recover from the covid period. Some highlights....

Revenue $264.4m up 11.2% on 2020 (18% constant currency basis) 

EBITDA $75.5m up 38.8% on pcp 

EBITDA margin was 28.5% up on 22.5% in 2020 (2h 30%) - demonstrating strong operating leverage 

Strong net cash position of $47m

Div + special declared 

Organic growth evident as avg products per customer grew from 2.25 to 3.25, and sensors on rent up 35% from pre-covid peak. Some headway with the new tools - 3 new joint developments signed although this is still proving a much longer process than anticipated pre covid

Outlook strong with tool hire up 6% to date and continued focus on new production tools + solution selling. Supportive operating environment as global reserves continue to diminish.

Happy holder for the long term as they continue to demonstrate decent organic growth and we wait to see the impact of the new production tools on the bottom line.

@ Rhin20 - I am also a big fan of Imdex. Ticks a lot of boxes and I think management are excellent (although I would really like to see a higher level of ownership from them). I was also fortunate enough to take advantage of the sell down last year and will likely be a long term holder. 

The company is able to demonstrate organic revenue growth as their tool fleet transitions to the cloud (more expensive vs traditional fleet). Pricing has not changed so there is a lever they can pull here. Customer feedback is very good, and the product is exceptionally sticky - once the tools are imbedded in your workflow its very hard to transition to something else. They are also one of the only competitors to offer a full suite of products.

On top of all this, their "new tools" have yet to come to market and expect once covid has passed and testing can resume in a meaningful way these will add another chunk of earnings to the bottom line. A free option at this stage