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

| More on:
A female dancer dressed in red soars over the earth after taking a giant leap.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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%.

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.

More on Share Gainers

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another disappointing day for ASX investors this Thursday.

Read more »

two men smiling with a laptop in front of them, symbolising a rising share price.
Share Gainers

Why Pinnacle, PWR, Race Oncology, and Vulcan shares are flying today

These shares are having a good session on Thursday. But why?

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Boss Energy, Emeco, Mineral Resources, and Plenti shares are pushing higher today

These shares are having a good time on hump day. But why?

Read more »

Three small children reach up to hold a toy rocket high above their heads in a green field with a blue sky above them.
Share Gainers

3 ASX 300 shares going gangbusters on Wednesday

Investors are bidding up these three ASX 300 shares today. But why?

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a huge Tuesday for ASX shares, with the index resetting its record high.

Read more »