Treasure hunting backs top SA company’s ‘outstanding’ results
One of the state’s top companies saw its results boom with hobby treasure hunters and defence tech buyers among those boosting the bottom line.
South Australian tech giant Codan recorded a major uptick in revenue and profit in the 2026 financial year, driven by heightened demand for its unique portfolio of tech products ranging from metal detectors to radio systems.
Codan – ranked third in InDaily’s 2025 SA Business Index – reported a 30 per cent rise in revenue to $875 million and a whopping 69 per cent uplift in profits to $175.2 million.
The company attributed the boom to high demand for unmanned radio systems and its new gold-detector products, with CEO and managing director Alf Ianniello describing the results as “outstanding”.
“The group’s performance reflects disciplined execution of our strategic plan, the strength of our differentiated technology and product portfolio, and our ability to capitalise on the long-term structural growth opportunities across our target markets globally,” Ianniello said.
“Our communications segment continues to deliver high-quality growth, with 22 per cent revenue growth exceeding the top end of our FY26 target range, while Metal Detection delivered excellent performance, driven primarily by strong gold detector demand globally.
“These results reinforce Codan’s strategy of building a stronger, more diversified earnings base while investing for long-term growth.”
Its communications portfolio – a suite of radio products targeted at the defence industry – now makes up close to 58 per cent of total group revenue.
Communications revenue grew 22 per cent in the year, driven by strong demand for unmanned radio systems. Defence customers represented 58 per cent of total segment revenue, which the company said reflected “the global tailwinds of sovereignty and increased defence spending commitments”.
This part of the business was expected to grow following the July 2026 $21 million acquisition of US-based engineering business Adaptive Dynamics, which specialises in anti-jamming tech crucial for resilient technical capabilities.
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Metal detection makes up 41.4 per cent of total revenue – up from 37.9 per cent last year – with its products now used by both hobby treasure hunters and mining companies alike.
The business’s revenue rose 42 per cent to $362 million after the launch of four new products in the financial year in the gold and recreational markets, including the ‘Gold Monster 2000’.
Market conditions for both arms of the business remain positive, Codan said, with elevated defence spending and ongoing geopolitical tensions globally generating “strong demand” for its products.
Shares in Codan were up 11.8 per cent in early trade.
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