Codan Limited reported a 26% increase in group revenue to $265.9 million for H1 FY24 compared to the prior corresponding period (pcp).
Net profit after tax (NPAT) rose by 24% to $38.1 million versus pcp.
Communications segment revenue grew by 12.5% to $153.6 million, with a segment profit of $37.8 million, up 9% versus pcp.
The Communications orderbook increased by 12% to $183 million compared to 30 June 2023.
Metal detection revenues surged by 49% versus pcp, with contributions from all divisions.
Net debt stood at $82.5 million as of 31 December 2023, after funding acquisitions worth $30.3 million during the period.
Earnings per share increased by 22% to 20.9 cents versus pcp.
An interim dividend of 10.5 cents, fully franked, was declared.
Acquisitions of Eagle and Wave Central during the reporting period are performing well with integration on track.
The company targets revenue growth in the 10 to 15% range for the Communications segment, excluding the impact of large projects and acquisitions.
Minelab, the metal detection business, targets a second half result similar to the first half, aiming for over 20% revenue growth versus FY23.
The company remains focused on delivering sustainable, profitable growth and strengthening the business for the future.
This announcement is a summary of the company approved ASX announcement on 21/2/2024 and is based on facts.