Codan delivers record sales, profit and dividend

Defence radio and metal detection manufacturer Codan has delivered a record underlying profit of $100.5 million in the latest year, a three percent rise on FY21.

This was achieved on sales up 16 percent to $506 million, partly reflecting the first year of the acquisition of the DTC and Zetron communications businesses.

CEO Alf Ianniello said the result has been delivered despite the challenging operating environment.

“We have been able to successfully execute on our strategy and as a result, the business has grown and diversified its sales base.

“The business today has much stronger foundations and with a well-balanced portfolio of sales, there is more stability in the business.”

During FY22 the Minelab metal detection business for detecting precious metals or land mines achieved its second highest sales on record, despite geo-political disruptions and unprecedented demand.

The Minelab countermine business achieved record sales of $22 million.

During the year Minelab ceased selling in the Russian market.

Codan’s communications business, which produces equipment for military, public safety and commercial applications, increased its sales by $146 million, driven by the newly acquired DTC and Zetron businesses.

Both companies exceeded operating profit targets for year one.

“The communications division is now a more globally relevant, robust, diversified business and is well positioned to serve high growth markets.”

Picture: Codan/Minelab metal detection

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