The ASX Growth Portfolio holds Codan, which reported its FY26 full year result on 20 August 2026, covering the twelve months to 30 June 2026.
Revenue reached $875.0 million, up 30% on FY25 and ahead of the $849.3 million consensus figure. Net profit after tax rose 69% to $175.2 million against consensus of $169.9 million. Earnings before interest and tax climbed 67% to $244.1 million, putting the EBIT margin at 27.9%. Codan had set a margin target of that order for FY27, so it arrived about 18 months early. Earnings per share came in at 96.5 cents.
The board declared a final dividend of 29.0 cents fully franked, taking the full year payout to 48.5 cents, up 70% and above the 46 cents analysts had pencilled in.
| Metric | Actual | Comparison |
| Revenue | $875.0m | Consensus $849.3m; up 30% |
| NPAT | $175.2m | Consensus $169.9m; up 69% |
| EBIT | $244.1m | Up 67%; margin 27.9% |
| EPS | 96.5c | Up 69% |
| Full year dividend | 48.5c fully franked | Consensus 46c; up 70% |
Communications did most of the work. Segment revenue rose 22% to $506.2 million and segment profit rose 45% to $156.0 million. Defence now accounts for 58% of communications revenue, up from 38%, and the orderbook sits at $380 million, 50% higher than a year ago. Unmanned systems contributed roughly $215 million, more than double the prior year. Metal detection revenue rose 42% to $362.0 million behind the GPZ8000 and Gold Monster 2000 launches, with segment profit up 65% to $162.4 million. The balance sheet swung to net cash of $35.7 million from net debt of $88.2 million at December. Codan closed its acquisition of US anti-jamming specialist Adaptive Dynamics in July.
Management guided to FY27 revenue growth of about 20%, implying roughly $1.05 billion, subject to supply chain constraints. The company’s standing annual target is 10% to 15%. Chief executive Alf Ianniello told the call that “market conditions remain positive across both comms and metal detection. Elevated defense spending and ongoing geopolitical tensions globally continue to generate strong demand for unmanned systems,” and said Codan expects “the first half of FY 2027 to significantly exceed the first half of FY 2026.”
Codan shares closed 12.4% higher at $48.88, a record close, after trading as high as $49.41 during the session.
