- Orcoda (ASX:ODA) posts its 1H FY24 result
- The company saw customer receipts climb to nearly $16 million
- ODA was also profitable on a pre-tax basis
- ODA shares last traded at 24 cents
Fleet management junior Orcoda (ASX:ODA) has posted its half-year results to 31 December 2023, logging a 41 per cent jump in customer receipts.
Customer spend jumped to $15.898 million in 1H FY24, a 41 per cent jump from the prior corresponding period (pcp), 1H FY23.
Cash flow was up to $1.93 million vs $434,000 pcp.
Notably, the company was profitable on a pre-tax basis.
“The company’s consolidated operating profit before income tax from continuing operations was $648,825, compared to a $476,212 loss in the previous corresponding half-year period,” Orcoda wrote.
That increase reflects a 236 per cent rise vs pcp.
This jump into total income was the underlying strength of the company’s 1H FY24 report, according to its own words, as well as “turnaround of Betta Group which was negatively impacted by restructuring and legacy issues in 1H FY2023.”
Total income reflected $14.5 million, a jump of 48 per cent vs pcp.
Total assets have increased by 30 per cent since December 2022 according to Orcoda. At the end of the period, the company had working capital of $6 million.
The company’s outlook was promotional in nature though didn’t lend itself to any omens.
Notably, the stock continues to operate its healthcare logistics division – perhaps wise in an Australia that is growing and getting greyer.
“Orcoda’s primary growth strategy is to continue to delivery operational efficiency through the Company’s technology products and services to providers across the transportation, healthcare transport, infrastructure and resources sectors,” it wrote.
ODA shares last traded at 24 cents.