The Imdex (ASX:IMD) share price leaps 7% following AGM

Investors grabbed a hold of Imdex shares today after some new updates from its AGM

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The Imdex Limited (ASX: IMD) share price has finished the day 7.35% higher. It closed the session at $2.63 having earlier hit an intraday high of $2.80.

Imdex shares were on the move after the mining technology company released the presentation of today’s 2021 annual general meeting (AGM), which contained several key updates.

Here are the details.

Promising outlook for FY22

In its AGM, the company detailed several investment highlights that covered its FY21 performance. It also voted on standard resolutions regarding executive renumeration and election of board members.

The company had already covered its performance for the year in its FY21 earnings report released in August, where it also gave some colour on FY22 guidance.

In that report the company noted it had a positive start to FY22, with “strong demand for the company’s IMDEXHUB-IQ technologies”.

It stated that as of 13 August, sensors in use were up 13% from the year ended 30 June 2021. The Imdex share price gained 11% the day of the company’s earnings release.

Today the company provided additional colour on its current progress and FY22 earnings outlook.

The presentation notes Q1 FY22 revenue is up 41% year-on-year from 2021, and revenues have also increased 13% from the prior quarter.

This represents the company’s highest first-quarter result since at least 2018, per the presentation.

Aside from this, the company also covered the impacts of COVID-19 on its end-markets, and concluded there has been a net positive effect from the pandemic on the “demand for IMDEXHUB-IQ cloud-based technologies and software”.

Today’s gains means the Imdex share price has climbed 11% in the past week and 13% over the past month.

Imdex share price snapshot

The Imdex share price has soared 52% this year to date, and 95% in the past 12 months.

At the time of writing, Imdex has a market capitalisation of $971 million.

Its share price return over the past year has also outpaced the S&P/ASX 200 Index (ASX: XJO)’s gain of around 25%.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Imdex Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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