Codan presents impressive FY24 results

Codan (ASX:CDA), a leading technology company in communications, safety, and productivity solutions, shared its financial performance for FY24 during its Hybrid Annual General Meeting on October 23, 2024. The highlights include a 21% increase in group revenues, reaching $550 million, and a 24% rise in net profit after tax, amounting to $81 million. Codan also declared a fully franked dividend of 22.5 cents per share, marking a 22% increase from the previous year.

Codan's strategic growth and future plans

Codan's FY24 results reflect its robust financial performance and strategic initiatives aimed at growth and innovation. With a 21% increase in group revenues and a 24% rise in net profit, Codan has demonstrated strong performance across its business segments. The acquisition of Kägwerks is a key part of Codan's strategy to enhance its military communications offerings and expand in the US defense market. The company is committed to a 3-pillar strategy focusing on internal investment, core business strengthening, and disciplined capital allocation. Looking ahead, Codan aims for organic revenue growth of 10-15% in the Communications segment and continues to explore acquisitions to enhance its product offerings. Codan's strong financial position and commitment to ESG principles underscore its dedication to responsible and sustainable business practices.

Executive insights on Codan's achievements

The results delivered in FY24 demonstrate the strength of our business model and our commitment to strategic growth through disciplined capital allocation and acquisitions. We have successfully integrated recent acquisitions and continue to invest in our core segments to drive future growth. Our focus remains on delivering superior returns for shareholders while expanding our market presence.