Mining technology manufacturer and supplier Codan (ASX:CDA) is on track to deliver a net profit after tax in the range of $20 to $22 million for the first half of the 2019 financial year.
Codan reported net profit after tax of $39.8 million for the last financial year.
Today's optimistic forecast is based on a successful diversification of Codan's product range, heavy investment in product development and the expansion of their footprint into new markets.
CEO Donald McGurk says they expect the sales of Codan's mining technology subsidiary Minetec to be around $15 million in the 2019 financial year and believe that business could double in size over the next few years.
Shares in Codan (ASX:CDA) are trading 2.01 per cent higher to $3.05