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On the back of a material contract win in mining and company announcement today confirming its strong full-year net profit target (circa A$38 million) and balance sheet, Codan shares rose 7.3% by mid-afternoon and have picked up 8.5% in the past week.
The company's current market capitalisation is around $524 million.
Codan's Minetec business, the focus of considerable investment in the past five years, won the Olympic Dam order "after a highly competitive tendering process".
"Minetec … provides high-precision tracking, productivity and safety solutions for underground hard-rock mines," the company said.
Half the $9.5 million contract is expected to be delivered in FY18 and the balance in FY19.
