profit accelerating

No wonder stock price is in solid uptrend.

An extract from today Chairman's address....

"The first quarter of FY13 has seen the continuation of the strong business conditions
experienced by Codan in the second half of FY12, with the metal detection division and gold
detector sales in particular, performing strongly. Given the continued strength of our
business, it’s likely that we will post a very strong net profit after tax result for the first half.
The Board is of the view that net profit after tax should reach $25 million dollars for the first
half, which will be more than double that of the first half last year and will be the highest half
year profit number in the company’s history.
For the full year we remind ourselves that we are living in uncertain and cautious economic
times which can continue to delay purchasing decisions. We also have competitors,
including counterfeiters, whose actions could put pressure on revenue and margins.
Although it is early in the year, based on current momentum and a detailed consideration of
management’s full year forecast at this morning’s Board meeting, we would expect to
substantially exceed the company’s previous record underlying profit of $31.1 million and
expect it to be in the region of $40 million, which would represent an increase of more than
40% over the result achieved in 2012."