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Codan up on 1H results, Cat deal

ASX-listed Codan’s (CDA) share price has surged nearly 12% this week on the back of encouraging financials and the company’s mining technology deal with US equipment giant Caterpillar, which may signal a big shift in fortunes for the company’s nascent mining business.

Staff reporter

Mets Investor > Stocks-market-insight

Codan up on 1H results, Cat deal

ASX-listed Codan’s (CDA) share price has surged nearly 12% this week on the back of encouraging financials and the company’s mining technology deal with US equipment giant Caterpillar, which may signal a big shift in fortunes for the company’s nascent mining business.

Staff reporter

Codan up on 1H results, Cat deal

Codan's Minetec technology is building market traction

The company, a significant supplier of military communications hardware, and metal and mine detectors, reported a A$15.8 million net profit on $94.7 million of revenues for the six months to December 31, 2017. The first-half results included another modest result from the mining tech arm - $2.3 million sales and a "small loss" - but CEO Donald McGurk said the loss was due to ongoing investment "in preparation for scaling this business".