Codan sales and profits up in communications, detection

HF radio and metal detection manufacturer Codan has announced FY24 group earnings before interest and tax of $113.9 million, up 29 percent on the previous corresponding period.

Group revenue was up 21 percent in the year to $550.5 million on strong performance of its twin businesses in defence communications and metal detection equipment.

Net profit after tax of $81.3 million was up 24 percent.

Codan Chief Executive Alf Ianniello (pictured) said: “It is pleasing to see the business deliver sustainable growth across the last three consecutive halves.

“Our primary focus remains on strengthening the business to achieve sustainable, profitable growth for the future, reinforcing a stronger Codan.”

Ianniello called the communications business the core to the company’s future growth – communications revenue of $326.9 million was up 19 percent while profit was $80.5 million.

“Communications continues to strengthen its position in the market as a solutions provider, with the orderbook growing 21 percent to $197 million.

“The Zetron UK and Wave Central businesses acquired during the reporting period are performing well with integration activities now complete.

“Our strategy remains to continue to invest in the Communications segment to drive revenue growth, enhance predictability and capitalise on opportunities in large addressable growth markets.”

Codan’s Minelab detection business reported revenue of $219.9 million, up 25 percent on the previous corresponding period.

The company continues to invest in metal detection technologies and distribution channels, according to Ianniello.

Picture: Alf Ianniello