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Minelab Full Year 2022 Report


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Minelab/Codan full year report FY22 is on the Codan website. I skimmed through it and they mention a couple of times new product releases for 2023. "FY23 first half sales may not reach the $138 million achieved in FY22. We do however expect improvement in the
second half of FY23, as we generate sales from new product releases and realize the benefits
of our business development and marketing initiatives.

" Later they mention again "The business remains well positioned to drive further
market share growth with new product releases in FY23...." So maybe they will announce something at Detectival. I really hope so anyway.

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https://www.fool.com.au/2022/08/18/codan-share-price-sinks-10-despite-record-profit/

 

Motley Fool article on 2021/22 for Codan/Minelab.

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It's certainly not a company I'd be investing in at the moment, they didn't mention any headwinds from competitors either of which in their recreational market is now huge with Nokta and XP really giving them a workout and now the gold market with the 24k and Axiom from Garrett moving in on their territory.

These are the key points I take from it.

Development of several new metal detector products has progressed well and we are on track for late first half FY23 product releases.

Minelab had a clear focus on improving profit margins and cost efficiencies by passing on price increases to customers and reducing freight expenses

Gold mining sales in FY22 did not reach the record highs of FY21. This was primarily due to lower sales into the Northeast African market. This market was impacted by a number of factors, including geopolitical unrest and a decline in the number of artisanal miners as they returned to more traditional forms of employment post covid.

Recreational markets held up throughout FY22 and were remarkably resilient despite returning to a normalised demand profile post covid, growing inflationary pressures impacting consumer sentiment and the cessation of sales into Russia. Despite these headwinds, sales in North America grew 9% and LATAM grew 35%, largely attributable to the on-going success in penetrating retail distribution channels and the establishment of e-commerce channels. The business remains well positioned to drive further market share growth with new product releases in FY23, new geographies being established and e-commerce distribution channels continuing to develop.

There is a clear global strategy that will be executed over the next three years focussed on marketing, business development and the introduction of our next generation range of products.

It to me seems clearly they're going to focus more on coin and jewellery detectors as that's where the easy money is, perhaps a new Equinox, although I'd personally rather a new CTX, the Equinox is still sitting in a nice position, CTX sales would be low and the CTX has clear advantages over the Equinox on silver coins in my soils so a modern upgraded version of it would be pretty impressive being such an old detector.

It will be very interesting when their FY23 results come in now they're starting to have some competition across the board.

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Yea, people were wondering why the Nox went up in price in the US, they had all these theories as to why it's gone up, turns out Minelab just needed more money as their profit was lagging behind forecast 🙂

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