Total
0
Shares
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

" Vmoto’s (ASX:VMT) profit takes off in HY report

Vmoto’s (VMT) profit has taken off in the last six months, increasing 119 per cent to total $4 million at the end of

" Air New Zealand (ASX:AIZ) defers capital raise to 2022

Air New Zealand (AIZ) will defer its capital raise plans until 2022, as COVID-19 continues to hamper the tourism sector.

" Regional Express (ASX:REX) flags bigger loss due to lockdowns

Regional Express (REX) is expecting an even bigger loss due to the current lockdowns in the east coast.
EROAD (ASX:ERD) - Chair Graham Stuart

" EROAD (ASX:ERD) raises $19m in oversubscribed share purchase plan

EROAD (ERD) has closed its NZ$16.1 million (A$15.3 million) share purchase plan (SPP) following strong shareholder support, with applications totalling almost NZ$43 millio…