- Orcoda (ASX:ODA) announces its results for the December 2023 quarter, with total income surging 45 per cent year-over-year to $6.5 million
- ODA achieved 30 per cent organic growth in total income in 1H FY24
- It holds $5.3 million in cash and cash equivalents and $6.3 million in available working capital as of December 31, 2023
- ODA last traded at 27 cents
Transport logistics and transport services solutions provider Orcoda (ASX:ODA) has announced its results for the December 2023 quarter, with total income surging 45 per cent year-over-year to $6.5 million.
The strong quarter contributed to record half-yearly results, as customer receipts, total income, and operating cash flows for 1H FY24 all climbed compared to the prior period.
Orcoda attributed its growth to positive momentum in its transport management software business, Betta Group, and the contribution from the Future Fleet acquisition.
Despite adverse weather conditions affecting the Mt Buller ski rideshare contract and Betta Group projects, Orcoda achieved 30 per cent growth in total income in 1H FY24, excluding Future Fleet.
For the December quarter, the company achieved a total income of $5.5 million, a jump of 39 per cent from the previous corresponding period.
Strategic initiatives and expansion
The implementation of major SaaS contracts, such as those with Northline and Comlink Australia, notably increased Orcoda’s recurring monthly revenues.
At the same time, the company expanded its offerings and revenue potential by securing an agreement with Mini-Tankers.
“Our focus on balancing robust profitable growth with positioning for long-term megatrends has created shareholder value,” ODA CEO Geoff Jamieson said.
Additionally, the company plans to expand its market presence by launching new software products in vehicle pooling and vehicle rental segments.
ODA signed a memorandum of understanding with ShareRing, integrating its ID platform with Orcoda Apps, particularly for the vehicle rental app.
The company reported $5.3 million in cash and cash equivalents and $6.3 million in available working capital as of December 31, 2023.
ODA last traded at 27 cents.