It's been a woeful day for Australian investors, but no company within the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) group has fallen as heavily as Codan Limited (ASX: CDA).
The industrial technology company's shares plunged as much as 17.2%, hitting a low of just 89 cents following the group's 2015 full-year earnings announcement. The company said that total revenue rose 8.8% to $143.9 million while earnings before interest and tax (EBIT) and underlying net profit after tax (NPAT) rose 41.9% and 40.7% respectively compared to the 2014 financial year.
It's possible that investors were disappointed about the growth to the top line (revenue) compared to overall group earnings, while investors could also be responding to the announced retirement of two of the company's directors.
Mr David Klingberg AO has served on the Board for more than 10 years while Mr Peter Griffiths, who has served since 2001, will also depart the business. That's a lot of experience leaving the Board which could be a concern going forward.