- Orcoda (ODA) posts record earnings and total income for FY23
- The company’s share price is up more than 300 per cent YoY
- Management pointed to strong SaaS contract performance as a booster for its FY23 metrics
- Orcoda’s fleet now comprises more than 7000 vehicles
- Shares last traded at 28 cents
Leading smart transport technology solutions provider Orcoda (ODA) has reported a 148 per cent increase in cash flow from operations YoY for FY23.
The company also announced a 25 per cent increase in total income YoY to $20.7 million; underlying earnings of $2 million, up 80 per cent, and profit after tax up 118 per cent.
FY23 witnessed a historic high in total income for the company, as well as record-breaking underlying earnings.
Orcoda concluded FY23 with $22.3 million in assets and remained cash-positive, holding $4.5 million as of June 30.
Management pointed towards the company’s implementation of large Software as a Service (SaaS) contracts as a driver behind the result.
“In the Resource Logistics Division Betta Group led by the new management team delivered strong profitable growth and record revenue despite its electrical services division’s sales and profitability being negatively impacted by legacy issues and team restructuring particularly in the first half,” Orcoda Chairman Nicholas Johansen wrote.
Orcoda’s share price has increased by 2.3 times since the beginning of the year, with share price returns surging by 366 per cent over the past twelve months.
In FY23, the company managed three million transport movements across 280 customers, operating a fleet that expanded to in excess of 7000 vehicles.
“The Healthcare and Transport Logistics Division operates under a SaaS business model, offering tailored solutions to clients to manage and optimise their transport operations,” Mr Johansen added.
He noted Orcoda’s strategy continues to be one that combines smart acquisitions with roads to revenue growth – seen in the company’s recent buyout of FFI.
“In June we announced the acquisition of Future Fleet International Pty Ltd (Future Fleet) and the transaction was settled in July … overall Orcoda achieved strong financial results and commercial successes in FY2023.”
ODA shares last traded at 28 cents.