Codan Communications Segment Continues to be the Core Driver of Success

Codan shared its half year results for the period ending 31 December 2024 (H1 FY25).

CEO Alfonzo Ianniello said:

“Codan has delivered another strong financial result for the first half of FY25, with Group revenues growing 15%, and both EBIT and NPAT were up over 20% versus the first half of FY24. We are proud to have delivered sustainable growth across the last four consecutive halves, underscoring our strong operational execution. Our focus remains on strengthening the business and laying the foundation for long-term, profitable growth, ultimately reinforcing a stronger Codan.

The Codan Communications segment continues to be the core driver of our success, delivering 22% revenue growth versus the pcp, importantly demonstrating the operational leverage this business has by expanding segment profit contribution margin to 27%, up from 25% in the pcp. We are pleased with the progress being made in Communications as this business continues to strengthen with an orderbook of $247 million, up 35% versus the pcp.

Our metal detection business delivered 5% growth in the first half, with Africa being a key contributor to this success. The rest of world business has maintained the elevated levels achieved during COVID without the benefit of new product releases in the period, noting that we are in a more challenging environment, demonstrating the resilience and strength of our business.

Our strategy positions us well to capitalise on new opportunities and drive further profitable growth.”