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Trading Update

16 Apr 2024 07:00

RNS Number : 7063K
Ondo InsurTech PLC
16 April 2024
 

16 April 2024

Ondo InsurTech Plc

("Ondo" or "the Company")

 

Trading Update

 

 

Ondo Insurtech Plc (LSE: ONDO), a leading company in water leak claims prevention technology for home insurers, is pleased to provide the following trading update.

 

Trading Update

 

Progress reported for HY 2024 continued into the second half of the year and was in line with management expectations. As a result, the out turn for the year to 31 March 2024 is expected to be in line with current market forecasts. The Company continues to manage its cash resources with care and at 31 March 2024 the Company had cash at bank of £0.4m. A further account receivable of £0.4m due for 31 March was received on 2 April.

 

Expansion in the USA

 

In the US, where the Company is in the early stages of its rollout, Ondo has successfully launched activity recently with four insurance companies across different US states: Nationwide (in Ohio state), Selective (New Jersey), Mutual of Enumclaw (Washington) and Pure Underwriting (New York). The Company has seen positive initial results from these partner launches, with an excellent reception from both the insurers and their U.S. customers. Based on these results and feedback so far management confidence continues to grow regarding both the prospects for multiple more state rollouts with these existing partners, and in the company's ability to launch more partnerships with new insurers through this year.

 

 

Europe and UK

 

In the Nordics, Ondo has announced the extension of its contract with LB Forsikring and continues to launch new activity with partners in Denmark and Sweden, and expects to continue to sign new partnerships in the UK and the Nordics as the year progresses. In the UK LeakBot has steadily been increasing its deployments with water companies in the UK, with the largest deal so far announced with South-West Water on 26 February 2024. South West Water's initial order was for 6,000 LeakBots. To date, 1,800 units have been deployed and this initial order is now expected to be completed before end May 2024.

 

The Company anticipates announcing the results for the year to 31 March 2024 in July 2024.

 

Craig Foster - CEO - said: "We are pleased to update the market that we expect the out turn for the year to be in line with market expectations. The recent feedback and results from our US launches are particularly encouraging and underlines the great prospects for the business as our expansion in the US continues to gather momentum."

 

 

 

 

 

Enquiries

 

For further information, please visit www.ondoplc.com or contact the following: 

 

Ondo InsurTech Plc

Craig Foster, CEO

Kevin Withington, CFO

+44 (0) 800 783 9866

Dowgate Capital Ltd

(Broker & Financial Advisor)

Russell Cook

Nick Chambers

Charlie Hall

+44 (0) 20 3903 7715

 

Cassiopeia Services Ltd

(PR & Investor Relations)

Stefania Barbaglio

+44 (0) 7949 690338

 

 

About Ondo InsurTech PLC

 

Ondo InsurTech Plc is a world leading provider of water damage claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - claims prevention technology that prevents water damage claims in houses. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

 

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc and holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

 

For more information, visit www.ondoplc.com

 

 

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Date   Source Headline
22nd Jul 202411:00 amRNSNotice of Results
19th Jul 20242:46 pmRNSHolding(s) in Company
24th Jun 20247:30 amRNSDirector/PDMR Shareholding
11th Jun 202412:09 pmRNSDirector/PDMR Shareholding
10th Jun 202410:47 amRNSTR-1 Gervaise Heddle
10th Jun 20247:00 amRNSFurther US development
6th Jun 20247:00 amRNSAgeas UK to trial LeakBot
3rd Jun 20242:00 pmRNSResult of General Meeting
30th May 20243:03 pmRNSResult of Open Offer
20th May 20248:30 amRNSOndo achieve ISO27001:2022 certification
14th May 202411:31 amRNSResult of Placing
13th May 20244:35 pmRNSProposed Placing and Open Offer
29th Apr 20247:00 amRNSNationwide and LeakBot Deployment Update
16th Apr 20247:00 amRNSTrading Update
28th Mar 20247:00 amRNSTotal Voting Rights
22nd Mar 20243:10 pmRNSExercise of Options
29th Feb 20247:00 amRNSTotal Voting Rights
26th Feb 20247:00 amRNSNew Agreement with South West Water
21st Feb 20247:00 amRNSContract announcement
6th Feb 202411:37 amRNSBlock Listing Update
29th Jan 20247:00 amRNSOndo Shortlisted for 2023 Breakthrough Award
3rd Jan 20247:00 amRNSDeal to Accelerate LeakBot Distribution in Denmark
29th Dec 20237:00 amRNSTotal Voting Rights and Shares in issue update
8th Dec 202312:09 pmRNSHolding(s) in Company
1st Dec 20238:46 amRNSReplacement-Proposed placing to raise up to £1.08m
30th Nov 20235:30 pmRNSResult of Equity Issue
30th Nov 20235:00 pmRNSProposed placing to raise up to £1.08 million
30th Nov 20234:30 pmRNSTotal Voting Rights
20th Nov 20237:00 amRNSInterim Results
14th Nov 20237:00 amRNSNationwide Partners with Ondo for LeakBot in U.S.
13th Nov 20237:00 amRNSNotice of Results
30th Oct 20237:00 amRNSAppointment of Dowgate Capital
29th Sep 20237:00 amRNSTotal Voting Rights
25th Sep 20235:53 pmRNSResult of AGM
22nd Sep 20237:00 amRNSWarrant, Options Exercise, Total Voting Rights
1st Sep 20239:56 amRNSTotal Voting Rights
15th Aug 20237:30 amRNSDirector/PDMR Shareholding
15th Aug 20237:00 amRNSWarrant / Options / Total Voting Rights Update
8th Aug 20237:17 amRNSNew Partnership with PURE Insurance
3rd Aug 20237:00 amRNSNotification of major holdings
2nd Aug 20231:56 pmRNSNotification of Major Holdings
1st Aug 20239:28 amRNSTotal Voting Rights and Shares in issue update
31st Jul 20231:53 pmRNSAnnual Financial Report and AGM Notice
17th Jul 20237:00 amRNSWaterwise makes Ondo an Affiliate Partner
11th Jul 20237:00 amRNSLoan Note restructuring to support rapid growth
10th Jul 20237:00 amRNSNew five-year contract
5th Jul 20231:47 pmRNSBlock listing Application
30th Jun 20237:00 amRNSAccounting Reference Period
29th Jun 20237:00 amRNSNew deal signed for Australia and New Zealand
14th Jun 20237:00 amRNSNew rapid pilot programme with G4S in Denmark
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