Orcoda is pleased to provide shareholders and investors with an overview of activities to accompany Appendix 4C for the quarter ending 31 December 2023 .
Financial Highlights
- Robust growth momentum across our smart transport technology solutions and infrastructure contracting businesses, with receipts from customers of $6.5 million for the Quarter, up 45% compared to the previous corresponding quarter.
- 10 consecutive quarters of positive 12-month rolling operating cash flows.
- The strong first two quarters in the current financial year contributed to record half yearly results in customer receipts of $15.9 million (up 41% over pcp), operating cash flows of $1.9 million (up 345%) and total income (unaudited) of $14.5 million (up 49%) for 1H FY24.
- Completed implementation of several large SaaS fleet management contracts that add substantially to recurring revenue going forward, and continued momentum in winning new SaaS contracts.
- Launching new vehicle pooling and rental apps following a successful trial.
- A robust balance sheet with cash and cash equivalents of $5.3 million and available working capital of $6.3 million as of 31 December 2023.
Commenting on the Quarter, Orcoda Managing Director, Geoff Jamieson, said: “Q2 was a strong quarter as we recorded 45% growth in customer receipts and delivered our 10th consecutive quarter of positive 12-month rolling operating cash flows. I am delighted to report that we have achieved record half-yearly customer receipts, total income and operating cash flows for 1H FY24.
During the Quarter, our Transport and Healthcare Logistics division completed implementation of several large SaaS transport management contracts enabling us to earn substantial recurring monthly software revenues from these contracts going forward. Future Fleet is performing well and I am pleased that founder Michael Worthington has committed to remain at Future Fleet as a consultant for another six months to help promoting the Future Fleet and Orcoda solutions to existing and prospective customers.
In terms of business developments, our priorities are: (i) pursue and execute commercial opportunities with our new vehicle pooling and rental apps which I believe have significant market potential, ii) secure further transport management SaaS contracts to continue to grow our recurring revenue, iii) realise cross-selling and product integration synergies between Orcoda and Future Fleet.
Overall, I am excited about Orcoda’s prospects as a leader in providing smart transport technology solutions and services to clients against the broader digital transformation trend that is accelerating within our markets.”
Read the article and watch the video interview by The Market Herald with Geoff Jamieson, Managing Director of ORCODA regarding the latest quarterly ASX releases
