Orcoda (ASX:ODA) increases revenue by 381pc in FY21

• Transport logistics company Orcoda (ODA) posts 381 per cent increase in revenue to $8.8 million in FY21
• The company also made a total net profit of $456,996 — a 107 per cent leap from its $6.95 million net loss in FY20
• In late 2020, Orcoda acquired transport services business, Betta Group, for $5 million which netted over $9.5 million in unaudited revenue for FY21
• At the end of FY21, Orcoda had $2.37 million in cash which is a notable increase from the $1.37 million it started with
• Company shares are trading steady at 16 cents

Transport logistics company Orcoda (ODA) has posted its preliminary financial results for the 2021 financial year.

The company reported a major 381 per cent increase in revenue from $1.8 million in FY20 to $8.8 million in FY21. Following suit, the company made a total net profit of $456,996 — a 107 per cent leap from its $6.95 million net loss in FY20.

In terms of cashflow, Orcoda recorded a $1.79 million outflow for operating activities in FY20 and generated $336,939 in FY21. Despite spending nearly double on suppliers and employees in the financial year just gone, it also received $8.48 million in customer receipts compared to the $2.17 million in FY20.

However, cash used in investing activities increased from $197,356 in FY20 to $740,797 in FY21 which is largely due to the acquisition of Betta Group.

Orcoda officially acquired the transport services business in mid-December for $5 million in cash and equity.

According to Orcoda’s managing director Geoff Jamieson the deal was “another milestone in our strategy to create a diversified transport logistics and services business based on expertise and technology”.

The company also expected the acquisition would contribute positively to its annual result.

Soon after the financial year came to a close, Betta Group announced netting over $9.5 million in unaudited revenue — an 8 per cent year-on-year increase.

Orcoda also struck a memorandum of understanding with several parties for its national Smart Pole pilot. The technology offers services such as surveillance, data tracking, wireless charging and access to payment platforms.

Additionally, Orcoda’s subsidiary, Orcoda Healthcare Logistics, signed a $900,000 contract with TransitCare to supply its vehicles and drivers for up to 40 months.

At the end of FY21, Orcoda had $2.37 million in cash which is a notable increase from the $1.37 million it started with.

Company shares were trading steady at 16 cents at 11:19 am AEST.