• Group revenue up 15%, EBIT and NPAT up 21% vs pcp
• Communications business delivers 22% revenue growth, with segment profit margin improving to 27%
• Metal detection revenue up 5%, with Africa contributing to this improvement

Codan Ltd, the Australian-based technology company, has announced its half year results for the period ending 31 December 2024 (H1 FY25). The company delivered a strong financial performance, with Group revenue up 15%, earnings before interest and tax (EBIT) up 21%, and net profit after tax (NPAT) up 21% compared to the prior corresponding period (pcp). The Communications business was the key driver of the Group's result, with revenue increasing 22% and segment profit up 31% versus the pcp. The segment profit contribution margin also improved to 27%, up from 25% in the pcp. The Communications business continues to strengthen, with an orderbook of $247 million, up 35% versus the pcp. The Metal Detection (Minelab) business also saw a 5% increase in revenue compared to the pcp, with Africa being a key contributor to this success. The company's net debt increased by $48.7 million during the half to $124.1 million, primarily due to the acquisition of Kägwerks and increased working capital requirements to support the growing Communications business. Codan remains focused on improving the quality of its revenue streams and pursuing acquisitions that enhance the Communications segment. The company expects the Communications business to deliver overall revenue growth exceeding 15% for the full year, with the Minelab business expected to maintain revenue levels similar to the first half.

Communications segment to deliver overall revenue growth exceeding 15% for the full year FY25, with the benefit of the Kägwerks acquisition made during the year.

Codan will continue executing its strategic growth plan by investing in the development of next-generation products and solutions, and pursuing strategic acquisitions in the Communications segment to enhance revenue quality and improve predictability. These initiatives position Codan for sustained long-term growth.