ADELAIDE, Australia — Shares in Codan Ltd. jumped 7.51% to $48.94 on Wednesday, adding $3.42, extending a remarkable run for the Adelaide-based technology manufacturer that has seen its stock price more than double over the past year on the back of surging demand for its defence communications and gold detection equipment.

Wednesday's gain builds on what the company itself has described as the strongest set of full-year results in its history. Codan's fiscal 2026 results, released August 20, showed group revenue climbing 30% for the year, with earnings before interest and tax rising even faster and net profit after tax surging 69%, a pattern of operating leverage that has become a defining feature of the company's recent performance. Both of Codan's core divisions, Communications and Metal Detection, delivered record results for the year, with management crediting strong scale benefits and operational discipline for translating revenue growth into disproportionately larger profit gains.

The company's Communications division, which includes its Codan Communications and Defence Electronics businesses, has benefited from sustained government and defence spending on communications modernization across its export markets, particularly demand for software-defined radios and unmanned systems tied to broader geopolitical tensions. Codan had previously guided investors toward reaching a 30% profit margin in that segment by the end of fiscal 2027, but the company said its fiscal 2026 results showed it had already........

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