CODAN FY24 RESULTS

FY24 HIGHLIGHTS:

• Strong Group financial performance:
• Group revenue of $550.5 million, up 21% versus prior corresponding period (“pcp”);
• Earnings before interest and tax of $113.9 million, up 29% versus pcp; and
• Net profit after tax of $81.3 million, up 24% versus pcp.
• Strong Communications performance continues:
• Communications revenue of $326.9 million, up 19% versus pcp, segment profit of $80.5 million, up 19% versus pcp; and
• Expanding communications orderbook of $197 million, up 21% versus 30 June 2023.
• Strong metal detection performance:
• revenue of $219.9 million up 25% versus pcp, segment profit $77.9 million, up 37% versus pcp; and
• All divisions growing versus pcp.
• Net debt of $75.4 million as at 30 June 2024, having funded $37.2 million for acquisitions and $36.3 million of dividends paid during the year.
• Earnings per share of 45.0 cents, up 24% versus pcp.
• Annual dividend of 22.5 cents, fully franked (interim dividend 10.5 cents, final 12.0 cents) versus 18.5 cents in FY23.
• Results briefing was held at 11:00am AEST today, Thursday 22 August 2024.

Codan Limited (“ASX:CDA”, “Codan”, “Group” or “the Company”), the Australian-based technology company, today announced its full year results for the period ended 30 June 2024 (“FY24”).

Commenting on the results, Chief Executive, Alf Ianniello, said:

“Codan has delivered a strong FY24 result, with Group revenues up 21%, EBIT up 29% and NPAT up 24%. 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.

"Our Communications segment remains core to our future growth and continues to perform strongly, with revenues up 19% versus pcp. Communications continues to strengthen its position in the market as a solutions provider, with the orderbook growing 21% to $197 million versus 30 June 2023. 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.

Our metal detection business also delivered a strong FY24, with each of Minelab’s divisions delivering increased revenues, collectively up 25% versus FY23. Our strategy remains to invest in metal detection technologies and distribution channels, to drive revenue growth and enhance financial returns.”

Click here to view the full results release

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Problems? What problems? All good here. [Back on track!]

Codan up over $14/share today and have been as high as $14.56. Pity I reduced my exposure here on SM yesterday...

Very good company with quality management. Not sure if they're cheap up here however, but they do seem to know how to keep growing.

Results Presentation

Disclosure: Held here, but sold out of real-money portfolio in June (unfortunately).