At the Annual General Meeting held in October 2020, we stated that the company had made an excellent start to the first four months of the year and we expected that last year's record first-half result of $30 million would be exceeded in FY21.
The demand for our metal detectors across both recreational and artisanal mining markets has been exceptional. During the first half, we continued to realise the benefits from an expanding geographic spread, increased distribution into mass market retail channels and an investment to increase manufacturing capacity. Despite our Tactical Communications business being significantly down on the record first half FY20, the Board expects the net profit after tax for the six months to 31 December 2020 to be in the order of $40 million.
Given the strength of our metal detector sales in the first half, it is too early to determine if our traditional second-half weighting of sales (where the second half is typically stronger than the first) will occur this year. However, there is strong market anticipation about the launch of our new feature packed detector in Q3 of FY21 and the Communications business will enter the second half with an order book in excess of $30 million. Both will contribute to an expected strong full year result.
We will continue to keep shareholders updated as the year progresses.
On behalf of the Board
Michael Barton
Company Secretary
This announcement was authorised by the Board of Directors.
Codan is a technology company that develops robust technology solutions to solve customers' communications, safety, security and productivity problems in some of the harshest environments around the world.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:-
Michael Barton
Kayi Li
Company Secretary & CFO
Manager, Investor Relations
Codan Limited
Codan Limited
(08) 8305 0392
(08) 8305 0392
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Codan Limited published this content on 16 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2020 08:24:04 UTC
Codan Limited is an Australia-based international company that designs, develops and manufactures technology solutions. The Company also develops rugged and reliable electronics solutions for government, corporate, NGO and consumer markets across the globe. The Companyâs segments include Communications and Metal Detection. The Communications segment includes the design, development, manufacture, and marketing of communications equipment. The Metal Detection segment includes the design, development, manufacture, and marketing of metal detection equipment. Its metal detection business includes Minelab. Its Communications business includes Domo Tactical Communications and Zetron. It provides tactical communications solutions that enable its customers to be connected, ultimately to support critical missions worldwide. The Company also provides mission critical control room communication and workforce management solutions to emergency services and transport customers.
CODAN LIMITED 
