The latest financials from Ondo;
Ondo InsurTech Plc (“Ondo”), the London-listed leader in claims prevention technology for home insurers, is pleased to announce Audited Results for the 18 month period ended 31 March 2023. The full set of audited accounts are available on the Company’s website here. Ondo is also pleased to announce that the Audited Results, a Notice of its 2023 Annual General Meeting (“AGM”) and a Form of proxy will be posted to shareholders shortly and are available on the Company’s website here.
The AGM will be held at 11.00 a.m. on 25 September 2023 at the offices of Shakespeare Martineau LLP, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR. Ondo InsurTech Plc acquired LeakBot Limited in March 2022 and since this acquisition falls outside of the scope of IFRS 3, Reverse takeover accounting (RTO) has been applied. This therefore means that the period figures within these annual report and financial statements for the Group are for the 18 months to 31st March 2023 with the comparatives represent those of LeakBot Limited only for the year ended 30 September 2021.
Financial Highlights – Audited Period (18 months to 31 March 2023)
● Revenue of £2.4m for 18 months to 31 March 2023 (12 months to 30 September 2021 £0.9m)
● Gross Profit before expenses £0.85m for 18 months to 31 March 2023 (12 months to 30 September 2021 £0.55m)
● £0.4m of inventory accumulated in anticipation of 2023 partner launches
Post RTO Highlights – 12 months to 31 March 2023
● 54,206 LeakBot units sales +299% higher vs the same period a year ago (12 months to 31 March 2022: 13,598)
● Registered Customers on platform at period end were 69,793 +75% growth (12 months to 31 March 2022: 39,859)
● Revenue of £ 2.1m for the 12 months to 31 March 2023, which is +182% higher than for the same period a year ago (12 months to 31 March 2022: £0.7m)
● £1.0m of which was from recurring Software and Services +536% growth (12 months to 31 March 2022: £0.2m) £1.1m being from one-off Hardware and Set-up fees +86% growth (12 months to 31 March 2022: £0.6m)
● Approximately £2.1m cash received from customers during the period, +246% growth vs. the same period a year ago (12 months to 31 March 2022: £0.6m)
· Länsförsäkringar (“LF”) 5 year contract – Sweden’s largest non-life insurer – rollout into 23 group regions and 2 million customers following pilot in Södermanland test region.
· Go-to-market partnership with $4bn NASDAQ listed WNS – WNS offering guaranteed ROI to their Insurance partners for LeakBot deployments.
· First Significant US contract with Mutual of Enumclaw to install 10,000 units in Washington state in 6 months from August 2023.
· Portsmouth Water – with 320,000 homes in a water-stressed part of the UK – announce LeakBot pilot results to water industry showing LeakBot can reduce household leaks by 60%
· Total of £1.3m raised from Share placing (£0.8m) and warrant exercises (£0.5m) to 28 July 2023
· The London Stock Exchange feature Ondo InsurTech Plc as case study company in their annual Green Economy Mark report
Craig Foster, Ondo CEO, says: “The Management Team and Board are brimming with confidence about the business’s future. This first audited accounts illustrate fast year-on-year growth in Unit sales, Registered Customers and Revenues, and yet we have penetrated only 3% of the addressable households from our already signed contracts due to recent contract wins. We look forward to demonstrating more contract wins and further progress in the next interims to end September 2023.”