• Revenue up 15% to $305.6 million
• EBIT and NPAT up 21% to $65.8 million and $46.1 million respectively
• Communications segment revenue grew 22%, exceeding 10-15% target range

Codan Limited has delivered another strong financial result for the first half of FY25, with Group revenues growing 15%, and both EBIT and NPAT up over 20% versus the first half of FY24. The company's Communications segment continues to be the core driver of success, delivering 22% revenue growth versus the prior corresponding period, and importantly demonstrating the operational leverage this business has by expanding segment profit contribution margin to 27%, up from 25% in the prior period. The Metal Detection business also delivered 5% growth in the first half, with Africa being a key contributor to this success. Despite the increase in the expense base due to integration of acquisitions, EBIT and NPAT were both up 21% versus the prior corresponding period. 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 growth of the Communications business. Codan remains focused on improving the quality of its revenue streams and will continue to pursue acquisitions that enhance the Communications segment. The company expects Communications overall revenue growth to exceed 15% for the full year, including the benefit of the Kägwerks acquisition.

Communications segment is expected to deliver organic revenue growth in a 10 to 15% range, with the benefit of the Kägwerks acquisition, overall Communications revenue growth is expected to exceed 15% for the full year FY25.

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.