Results Are In For Codan Fy21 Investor Report

[phrunt]

Here is Codans FY21 shareholder report.

https://codan.com.au/wp-content/uploads/2021/08/Presentation_CDA_FY21-full-year-investor-presentation_19.08.2021.pdf

A few interesting notes, highest full year sales in the companies history, pretty impressive during a pandemic.

Metal Detecting sales growth of 38%, however interestingly the recreational detector growth was 42% which I can guess is attributed to the Vanquish and Equinox.  Gold Mining detectors up 37%.  Also an increased distribution into big box retailers which seems to be a pattern I'm even seeing here in NZ with hunting and fishing and outdoors stores starting to hold product.

A good thing about Minelab pointed out in that report is 30% of employees are engineers and they have 700+ employees so that's a decent amount of engineers. a good sign for the future of their detectors, although there are no indications in the report of any new detectors coming out in the next financial year like there were in the previous report with the GPX 6000 and MF5.

Some key images.

And now the FY20 Global footprint, you'll see the excellent growth.

 

Although it may not look it overall, the growth in Asia and South America is massive but by far the biggest market is Africa, and we saw the focus there with the 6000 release.  You can't blame them.

They should have at least put a dollar figure for NZ on the map, my purchases alone should at least deserve a figure there.  Come on now!  

And another key image from the report for us detectorists 🙂

 

Go the mighty Vanquish, exceeding expectations, with it's performance for the price I'm not surprised.

I wonder how long they can hold the position of the Gold Monster being the entry level gold detector of choice, someone is coming biting at their heels for that title soon.

So nothing new in the next year likely from Minelab.... It'll be a while yet until we see an Equinox 1000.  

[longbow62]

I hope it's not another year before they put out a new flagship detector. I had been keeping tabs on the stock inventory on the big sites that sell detectors. The Etrac is out of stock every place I look. CTX sold out in several places. Could be COVID parts shortage related or the increased sales have just depleted stock. I was hopeful it was due to a phase out of those detectors due to a introduction of a new top of the line detector.

[phrunt]

9 minutes ago, longbow62 said:

 I was hopeful it was due to a phase out of those detectors due to a introduction of a new top of the line detector.

I would not hope for a new model in the next year, the investor reports have proven to be very reliable indicating if there is any releases coming up. 

I am torn now if they'll even do a new FBS type model, it depends how much further than can push Multi-IQ I guess as I think they've possibly pushed FBS as far as it can go with the CTX so all they could do now if I'm correct is use modern electronics to speed it up a bit perhaps and make it a lighter detector and so on.  It seems most people have moved on and now use the Equinox, for coins I went the other way from the Equinox to the CTX as it is very suitable for my hunting area. 🙂

I would assume there is more they can do with multi-IQ seeing it's new.

[☠ Cipher]

It took me so long to get a CTX-3030 that I’m half happy that it’ll remain where it is for another year. Truth be told I could’ve bought one sooner, but felt other machines were more important to have first, like equinox. Now having both, I’m split between wanting to enjoy being at the top of the line for a little while, yet, wanting to see a CTX with Multi-IQ. CTX-3030s still seem to be in demand, so it might take a significant drop off in sales to motivate them to wrap it up.

Pretty sure that Tom Dankowski indicated he’s testing or helping development in some way with the next generation for Minelab, so unless I’ve misinterpreted him there’s working prototypes in the wild, but seemed to be in very early stages going by how he’s talking. It’s all a bit cryptic so don’t hold me to it.

Im surprised the equinox hasn’t hurt CTX sales more than it has. In some ways it’s more capable than CTX. If I had to choose one of the two it would be tough, but not if I were paying retail. When I was in that situation I chose equinox. I just didn’t and don’t see the $2,500 price tag. I payed $1,100 for the machine and its accessories. Then for $250 more I bought the 13x17 coil and grey ghost waterproof headphones. I’m very happy at those prices, but not much more. I think it helps that Gary Drayton used one on Oak Island. Now everyone watching wants one or has bought one. That was the story behind mine and I see it come up again and again. 

Im going to speculate that even when the CTX with Multi-IQ comes out it won’t discontinue the CTX-3030. Either sit along side it as a different top of the line animal or drop it down a notch, but my gut tells me it will hang around a while more as long as parts remain available. 

[phrunt]

I was a bit like that, I waited until I knew it wasn't going to be replaced to buy a CTX, I thought it might be one of the new products coming out in 21 and i would have been annoyed buying one when it was replaced straight away.  Once I knew it wasn't I felt comfortable buying it and I'm glad I did, I really like it a lot so I bought all the coils for it but my favourite is the 17x13" for my relatively junk free hunting conditions with deep coins.

[kac]

Not for nothing but approx 210 engineers and they haven't solved the leak in the Nox or the broken ears on coils yet?

Just saying :0

[Joe D.]

  Sounds like an aftermarket opportunity for an enterprising "young" person to create in their shop!🤔🤣👍👍

 

[schoolofhardNox]

The CTX has one advantage over the Equinox that I appreciated and now miss with the Equinox .... It's ability to numerically separate targets better. The Equinox numbers are all crunched together. On the beach, the CTX can ID a target (within it's depth range) very fast. So after a good storm, you can detect and just pick up coins, being fairly comfortable and confident in knowing what you are about to dig. The Target ID was just more user friendly as I see it.

[GB_Amateur]

On 8/20/2021 at 4:30 AM, phrunt said:

A good thing about Minelab pointed out in that report is 30% of employees are engineers and they have 700+ employees....

700+ employees at Minelab (or is that number for Codan)?

[phrunt]

1 hour ago, GB_Amateur said:

700+ employees at Minelab (or is that number for Codan)?

It appears that is the full Codan umbrella.   The best I can tell Minelab has approximately 300 employees.