Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

ODA by the numbers
More From The Market Herald

" Bapcor (ASX:BAP) completes $270m re-financing deal

Autobarn owner Bapcor (ASX:BAP) advises it's successfully refinanced $270 million in loans which were due to…

" Wiseway Group (ASX:WWG) launches $4m entitlement offer

Wiseway Group (ASX:WWG) has launched a four to 25 pro-rata non-renounceable entitlement offer to raise up…

" Vmoto (ASX:VMT) enters joint manufacturing agreement with Super Soco

Vmoto Limited (VMT) has signed an agreement with Super Soco Intelligent Technology to establish a joint manufacturing company.

" Qantas (ASX:QAN) to fully acquire Alliance Aviation Services (ASX:AQZ)

National aircraft carrier Qantas (ASX:QAN) will acquire the remaining shares in long-term partner Alliance Aviation Services…