Codan's (ASX:CDA) first-half sales rise 32%

Company News

by Lauren Evans

Metal detection and mining technology company Codan (ASX:CDA) has lifted sales in the first half of financial year 2022 despite global shortages of electronic components and supply chain disruptions. 

First-half sales rose 32 per cent to $257 million, while net profit grew 21 per cent and is expected to be around $50 million. Codan said that despite the impacts, it was able to maintain supply to customers and increase inventory.

Codan added that the decision to invest in increased levels of inventory places the company in a strong position as it enters the second half of FY22. 

The business acquired DTC and Zetron at the end of last financial year, which have both exceeded their expectations, according to the company. 

Shares in Codan (ASX:CDA) are trading 16.3 per cent higher at $9.73. 

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