Designer and manufacturer of electronic products and software, Codan Limited (ASX: CDA) shares are up 7% to $2.93 at the time of writing off the back of the company's FY18 profit guidance announcement today.
Codan Limited sell radio communication, metal detection products and mining technology to customers across Australia, Canada, UK, US, Ireland, China, the United Arab Emirates and India.
The profit guidance report shows underlying NPAT expectations in the range of $38 million for the $488 million market cap company, underpinned by continuing strong metal detector sales and a strengthening balance sheet, with $20 million net cash position as at April 30.
Codan is expecting a strong second half with its wholly-owned subsidiary, Minetc, recently awarded a $9.5 million contract to supply BHP Billiton Limited's (ASX: BHP) Olympic Dam project with an underground fleet management system with proximity detection and tracking and task management capabilities.
BHP shares are down 0.9% to $34.12 at the time of writing as peer Rio Tinto Limited (ASX: RIO) also drops back 1% to $85.81.
