Codan targets H1 communications revenue up to $410M

• Codan expects first-half communications segment revenue to reach between $400 million and $410 million.
• Driven by demand in conflict zones, earnings margins for the segment are projected to reach around 40%.
• Sales in the Minelab division are running slightly ahead of second-half FY26 levels.

Codan (ASX:CDA) expects first-half FY27 revenue for its Communications division to reach between $400 million and $410 million amid heightened global demand.

This forecast marks a sharp rise from the $221.8 million generated by the division in the previous corresponding period.

The business noted that elevated demand in conflict regions is expected to account for roughly 50% of segment revenue.

Higher order volumes and product mix will generate operational leverage, pushing the segment's first-half earnings margin to approximately 40%.

Following the announcement, the Codan share price was unchanged at $51.99.

In its metal detection unit, Minelab sales run rates are tracking slightly ahead of the second half of FY26.

Minelab's growth continues to be supported by sales of its GPZ8000 and Gold Monster 2000 devices alongside favourable gold prices.