BRISBANE, Australia, Nov. 29, 2023 /PRNewswire/ -- ORCODA Limited (ASX: ODA), a leading provider of integrated smart transport technology solutions, has been recognised for its exceptional growth by earning a coveted position on The Australian Financial Review's Fast 100 list for 2023. This esteemed accolade is a testament to ORCODA's commitment to growth, innovation, adaptability, and sustained excellence in booking people, parcels and goods onto the assets they travel in and on.
About the Australian Financial Review's Fast 100 List
The Australian Financial Review's Fast 100 identifies the fastest-growing companies in Australia. The list recognises Australian standalone companies that began trading before July 1, 2018, and recorded a minimum of $5 million in revenue in the 2022-23 fiscal year. Rankings are based on the compound annual growth rate (CAGR) of revenue over the past three financial years (verified by third party).
Notable companies that started as Fast 100 list members include Atlassian, Booktopia, Boost Juice, and Seek. The Fast 100 list is a hallmark of success and a celebration of companies that prioritise adaptability and innovation in their pursuit of growth.
About ORCODA
ORCODA is a leading provider of integrated smart technology solutions in transport logistics, workforce logistics, and transport infrastructure. Dedicated to optimising client operations and enhancing efficiencies, connectivity, and compliance, ORCODA aims to be a trusted partner in its clients' digital transformation journey. With over 250 customers in transportation, healthcare transport, infrastructure, and resources sectors, ORCODA manages over 3 million transport movements annually for its clients.
ORCODA Highlights for 2023
In the fiscal year 2023, ORCODA achieved a total income of $20 million, with a substantial recurring revenue stream from Software as a Service (SaaS). The company reported $2 million in underlying EBITDA, achieving its target of profitable growth. The share price of ORCODA experienced a 2.5x increase in 2023 year-to-date, reflecting the company's strong momentum and success in the digital transformation landscape.
Key highlights from 2023 include strategic partnerships and agreements with prominent organisations such as Aurizon, Comlink Australia, Kestrel Coal, Koala Cars, Northline, Refuelling Solutions, Teletrac Navman and Yurika.
ORCODA acquired Future Fleet in June of 2023, a prominent telematics and asset tracking company, which marks a major expansion for ORCODA in its capabilities and market presence in the fleet management industry.
Q&A with Geoff Jamieson, Managing Director of ORCODA
Q1: What factors have contributed to ORCODA's remarkable performance over the past three years, leading to its recognition on the AFR Fast 100 list?
A1: ORCODA's inclusion in the AFR Fast 100 is a testament to our outstanding performance, driven by organic growth in recurring revenues with major contract wins, strategic partnerships with channel partners such as Teletrac Navman, and the successful acquisitions and integrations of The Betta Group in 2020 and Future Fleet in 2023 (with contribution to commence from 1 July 2023).
Q2: How has the company's journey unfolded, and what key factors have propelled it to its current position?
A2: Leveraging our many years of experience in optimising transport operations, ORCODA has built on that experience and achieved continued growth and efficiency for our customers. In the post-COVID market, a robust momentum toward digital transformation has emerged, and ORCODA's commitment to innovation and adaptability has been pivotal to our sustained success. Our vision is to lead in developing the connected Smart Cities of the future.
Q3: ORCODA has capitalised on the post-COVID digital transformation surge. Do you foresee this trend continuing through 2024?
A3: The accelerated momentum for digital transformation has positioned ORCODA for sustained success, particularly with customers now ready to digitally transform their operations. Statistica projects an 83% increase in global spending on digital transformation technologies and services over the next 3 years, indicating a continued trend through 2024 and beyond.
Q4: The new ORCODA CONNECT App is an exciting development. Do you believe it will disrupt the vehicle pooling industry and vehicle rental industry?
A4: The ORCODA CONNECT App is poised to disrupt both the vehicle pooling industry and the vehicle rental industry by offering fleets a comprehensive end-to-end digital solution. With user-friendly booking, keyless unlock/start/lock features, and innovative anti-theft measures accessible through the app or portal, it stands out as a best-in-class innovation, and we believe it could change the vehicle rental market like how Uber changed the taxi industry.
Q5: Can you provide insights into ORCODA's upcoming activities or projects in the pipeline for 2024?
A5: ORCODA has signed several material contracts this year with a healthy pipeline of works which bodes well for us to deliver robust growth for FY24. In addition to the implementation of a number of large contracts, we are focused on the commercialisation of the ORCODA CONNECT app, realising cross-selling and product integration synergies between ORCODA and Future Fleet, and 3G to 4G/5G solution upgrades for Future Fleet's customers.
ORCODA's inclusion in The Australian Financial Review's Fast 100 list is a significant achievement, highlighting the company's dedication to excellence, growth, and technological innovation. The entire ORCODA team is honored by this recognition and remains committed to driving positive change for our customers and continuing to deliver growth for our shareholders.
