Shares of the Australian tech company Codan rise by as much as 3.7% to A$7.9, which is their highest value since July 20, following an announcement that the firm’s fiscal year revenue of A$457 million ($294.54 million) surpassed the IBES estimate of A$431.9 million.

In response to the news, analysts at Canaccord Genuity raised their price target to A$8.63 from A$8.46, while maintaining a ‘buy’ rating.

According to the brokerage, the significant achievement of the Metal Detection segment and a 9% growth of the communications order book entering FY24 should be highlighted.

Despite the lack of detailed information, it appears that margins declined slightly in 2H23.

Nonetheless, the FY23 result exhibited substantial margin expansion, notes Canaccord.

As of last close, Codan’s stock has surged 86.83% this year.

Codan (ASX:CDA) is an Australian technology firm widely known for its metal detection and communication solutions.