Orcoda Limited - FY24 Financial Performance Highlights - 29 July 2024
ODA (ODA) Share Update July 2024 Sunday 28th
Orcoda Limited Reports Strong FY24 Financial Performance
Orcoda Limited (ASX: ODA), a leading provider of smart transport technology solutions, has reported significant growth in its financial performance for the fiscal year 2024, with a notable increase in total income and positive operating cash flows.
Instant Summary:
- FY24 total income increased by 21% to $25.2 million.
- FY24 customer receipts rose by 22% to $27.3 million.
- Q4 FY24 total income was $5.5 million, a 5% increase from Q4 FY23.
- Q4 FY24 customer receipts were $6.0 million, a 3% increase from Q4 FY23.
- Proforma cash & cash equivalents stood at $4.6 million as of June 30, 2024.
Financial Performance Overview
Orcoda Limited has reported a strong financial performance for the fiscal year ending June 30, 2024. The company's total income for FY24 reached $25.2 million, marking a 21% increase compared to the previous year. This growth was driven by the company's robust performance across its various divisions.
Customer receipts for FY24 were $27.3 million, up 22% from FY23. The fourth quarter of FY24 also showed positive results, with total income of $5.5 million, a 5% increase from Q4 FY23, and customer receipts of $6.0 million, a 3% increase from Q4 FY23.
Division Performance
The Transport Technology division showed strong momentum, with the implementation of six new SaaS community transport contracts as part of the Australian Community Transport Association (ACTA) trial. The Infrastructure Services division, through Betta Group, successfully completed the $6.8 million Aurizon Newlands RCS contract, the largest contract won and executed by the company.
Cash Flow and Financial Position
Orcoda's operating cash flows for FY24 were positive, with underlying net cash inflows of $1.3 million after adjusting for late trade receivable payments and one-off costs. The company's proforma cash and cash equivalents, including late trade receivable payments, stood at $4.6 million, with an additional $1.0 million in unused bank facilities.
The strong financial performance of Orcoda Limited is likely to have a positive impact on its stock price. The significant increase in total income and customer receipts demonstrates the company's growth potential and operational efficiency. Investors may view the company's ability to secure and complete large contracts as a positive indicator of future performance.
Investor Reaction:
Analysts have responded positively to Orcoda's financial results, highlighting the company's strong growth in total income and customer receipts. The successful completion of large contracts and the implementation of new SaaS community transport contracts have been seen as key drivers of this growth.
Conclusion:
Investors should keep an eye on Orcoda Limited's future developments and strategic initiatives. The company's strong financial performance and growth potential make it an attractive investment opportunity. As always, investors are encouraged to conduct their own research and consider their financial goals before making investment decisions.