- Orcoda’s (ODA) wholly owned subsidiary Betta Group nets more than $9.5 million in unaudited revenue over the 2021 financial year
- ODA bought the transport services business in December last year and says Monday’s revenue results are better than expected
- Along with an 8 per cent increase in revenue year-on-year, ODA says Betta signed a number of new contracts over the last six months
- Betta’s founder also met his first six-month earn-out after the group exceeded $1 million in earnings before interest, taxes, depreciation and amortization (EBITDA)
- Orcoda shares are steady at 16 cents each
Orcoda’s (ODA) wholly owned subsidiary Betta Group has netted more than $9.5 million in unaudited revenue over the 2021 financial year.
ODA bought the transport services business in December last year and said Monday’s revenue results were even better than expected.
The company explained the $9.5 million revenue figure represents an 8 per cent increase when compared to FY20.
Additionally, Betta recorded a number of contract wins over the last six months, including a recent deal with a Pacific Energy client that works as a gold producer.
Commenting on FY21’s results, Betta Group General Manager Geoffrey Williams said it had been a positive last few months.
“Although COVID-19 impacted our business in the first half we still had a very good FY21, as the last 6 months of FY21 were exceptional with multiple new contracts coming on board,” Mr Williams said.
Mr Williams recently met his first six-month earn-out after the Betta Group exceeded $1 million in earnings before interest, taxes, depreciation and amortization (EBITDA)
ODA and the Betta leader signed an 18-month earn-out of up to $1.5 million, which was due to be paid in six-month instalments.
Orcoda shares ended Monday trading steady at 16 cents each.