Codan Limited (ASX: CDA) has been granted a trading halt by the Australian Stock Exchange this morning, with its shares placed in pre-open.
Codan requested the halt to provide an update on lower than forecast sales of gold detector products into its three main African markets in the month of November, which may have an impact on the profit guidance for the first half ending 31 December 2013.
The company added that the board and management are currently working to complete the November month end results and complete a review of the first half profit guidance.
During FY13 Codan delivered record sales and profit.
The halt will remain in place until the opening of trade on Thursday 12th December 2013, or earlier if an announcement is made to the market.
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