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- Orcoda (ODA) announces its FY23 results with positive cash flow from operations up 96 per cent YoY to $2.1 million
- Full-year total income reached $20.7 million, a 25 per cent increase YoY
- At the end of June 2023, the company held $4.4 million in cash
- ODA shares are up 336 per cent over the past 12 months
- Orcoda shares last traded at 31 cents
Orcoda (ODA) has announced its FY23 results, posting a 96 per cent increase in positive cash flow from operations, totalling $2.1 million.
Full-year total income reached $20.7 million, marking a 25 per cent year-on-year (YoY) increase compared to late June, the end of FY22.
Underlying earnings before interest and tax stood at $2 million, reflecting an 80 per cent YoY increase.
As of the end of June 2023, the company held a healthy balance sheet with $4.4 million in cash and equivalents and boasted net assets of $15.9 million.
The results are a milestone for the company – FY23 total income and underlying earnings are both record highs. The profitability of both the construction and transport software divisions within Orcoda’s overall market offering has been a driving force behind the company’s strong performance.
This success is clearly reflected in Orcoda’s share price performance over the last 12 months, with a 336 per cent return to shareholders on the ASX.
In its quarterly update for June, Orcoda reported growth in receipts from customers, amounting to $5.8 million, a 35 per cent increase quarter on quarter (QoQ).
The company also highlighted it had signed contracts worth approximately $9 million since Q3 and completed its acquisition of Future Fleet in July, a fleet management company with more than 250 customers and 6400 vehicles.
Orcoda Managing Director Geoff Jamieson highlighted the acquisition will boost cross-selling opportunities.
“We are pleased to have completed the acquisition of Future Fleet, and we look forward to welcoming their employees and realising synergies between our organisations,” he said in late July.
“The transaction is important to our overall Smart Cities strategy as Future Fleet’s products provide critical vehicle tracking and monitoring solutions and are highly complementary to our transport management and optimisation software.”
In the same week ODA completed the buyout of Future Fleet, the company also inked a Software-as-a-Service (SaaS) contract with QLD-based aged care and community transport provider, Comlink Australia.
Comlink Australia will use Orcoda’s logistics management and booking software to optimise its own operations, including Orcoda’s driver app, which offers shuttle drivers enhanced safety, real-time updates, and route optimisation tools.
SaaS contracts provide tech providers with recurring annual revenues instead of one-off permanent licenses.
ODA shares last traded at 31 cents.
