13 February 2025
Ondo InsurTech Plc
("Ondo" or the "Company")
Trading Update and
Outlook
Ondo InsurTech Plc (LSE: ONDO),
a leading provider of claims prevention technology for home
insurers, is pleased to provide the following trading
update.
Acceleration in Growth
The adoption of Ondo's LeakBot
solution by insurance companies has significantly accelerated,
driven primarily by successes in the United States. Key highlights
include:
· Registered
Customers: Approximately 135,000 as
of 12 February 2025, with a projected increase to ~150,000 by 31
March 2025 (representing ~60% growth from 31 March 2024:
95,468)
· Annualised Revenue
Run-Rate: Projected to exceed £7.5m
in Q4 FY2025, reflecting c.90% growth compared to Q4 FY2024
(£4.0m).
· Full-Year Revenue to 31 March
2025: Estimated at £4.5m-£5m, ~70%
growth versus FY 2024 (£2.7m).
· Company remains on track to
achieve EBITDA positive trading in
H2 FY 2026.
· Prepaid Contract
Model firmly established, with
upfront cash deposits from customers now virtually eliminating any
increased working capital requirements from current
trading.
· Further major U.S. contract win No. 6 Personal Lines Insurer Liberty Mutual in
four States - announced today - expected to impact the FY
2026.
· Adjustments by a Swedish customer have deferred revenue from
February/March into FY 2026.
U.S. Operations Scaling Successfully
The scale-up of U.S. operations
continues to exceed expectations:
· Registered
Customers: 27,000 in the U.S.,
reflecting 380% year-on-year growth. U.S. accounts for 65% of
Registered Customer growth so far H2 FY2025.
· State
Expansion: LeakBot is now active in
18 states, supported by Nationwide's program extension and similar
expansions by all existing U.S. insurance partners.
· Customer
Feedback: Net Promoter Score (NPS)
remains strong at +81, with a customer satisfaction rating of
4.8/5.
Growth in the UK, Denmark, and Sweden
· Denmark:
Registered Customers grew by 63%, driven by
TopDanmark, LB Forsikring, and the addition of Alm Brand
Group.
· Sweden:
Registered Customers grew by 25%, with LeakBot now
live in 12 out of 21 regions. However, rollout pace has been much
slower than management originally forecast, due to partner's
ongoing assessment of a broader paid-for smart home proposition. Q4
FY2025 orders have been postponed into FY 2026.
· UK:
A 24% increase in Registered Customers reflects
part of the NFU Mutual rollout (with excellent results so far), and
with further deployments ongoing and expected to complete by 31
March 2025.
Transformed Working Capital Profile
The Company has established a robust
contract model, ensuring advance payments for initial rollouts
across all recent contract wins. This has virtually eliminated
increased working capital demands from trading.
Additionally:
· Warrant
Exercise: Since September 2024,
warrant holders have exercised 10.9m new ordinary shares,
generating £2.5m in cash inflows.
· Loan Note
Repayment: £0.4m was repaid in
January 2025, with £0.6m scheduled for April 2025, further reducing
the outstanding balance (currently £6.2m including rolled-up
interest).
Craig Foster, CEO of Ondo InsurTech Plc,
commented:
"Our goal for this financial year
was to demonstrate accelerated growth, driven by the U.S., while
transforming our working capital profile. We have delivered exactly
that. Simultaneously, we've achieved strong growth in the UK
and Denmark, supported by partnerships with NFU Mutual and Alm
Brand Group. With a strengthened cash position, continued growth
momentum, and today's news that we have signed Top 6 Personal
Lines insurer Liberty Mutual to launch into four states we are
well-positioned for success in FY 2026 and beyond."
Enquiries
For further information, please
visit www.ondoplc.com or contact the following:
Ondo InsurTech
Plc
+44 (0) 800 783 9866
Craig Foster, CEO
Kevin Withington,
CFO
Dowgate
Capital
+44 (0) 20 3903 7715
(Broker & Financial
Advisor)
Russell Cook, Nick Chambers, Charlie
Hall
Cassiopeia Services Ltd
+44 (0) 7949 690338
(PR & Investor
Relations)
Stefania Barbaglio
About Ondo InsurTech
Plc
Ondo is a world-leading provider of claims prevention technology
for home insurers. Ondo's focus is on the global scale-up of
LeakBot, technology that prevents water damage claims in homes.
Water damage is the single biggest cause of home insurance claims,
accounting for $17 billion annually in the USA and UK combined.
LeakBot is a patented, self-install solution that connects to a
home's wireless network and alerts the homeowner via the LeakBot
mobile app if a leak is detected, offering access to a team of
expert engineers to locate and fix the issue.
Ondo partners with 23 insurance carriers, including Nationwide,
Liberty Mutual, Admiral, Direct Line Group, Hiscox,
Länsförsäkringar, and TopDanmark, across Europe and the
USA
Ondo holds the London Stock Exchange Green Economy Mark, awarded to
companies deriving the majority of their income from green
activities.
For more information, visit www.ondoplc.com
