REG - Ondo InsurTech PLC - Annual Financial Report
Wed 07:02
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RNS Number : 0849T Ondo InsurTech PLC 30 July 2025
30 July 2025
Ondo Insurtech Plc
("Ondo", the "Company" or the "Group")
Results for Year Ended 31 March 2025
Ondo InsurTech PLC (LSE: ONDO), the London-listed leader in claims prevention
technology for home insurers, is pleased to announce its audited results for
the year ended 31 March 2025. A full copy of the Audited Report and Accounts
is available on the Company's website: www.ondoplc.com
(http://www.ondoplc.com) .
FINANCIAL HIGHLIGHTS
● Group revenues increased by 44% to £3.9 million (FY24: £2.7
million).
● Recurring revenue, rose 80% to £2.5 million. (FY24: £1.4
million) Annualised contracted recurring revenue reached £5.9 million by
year-end, underpinned by new partner wins and programme expansions,
particularly in the United States.
● Device and set-up fee revenue of £1.3 million (FY24: £1.3
million).
● EBITDA remains on track to turn positive on a run-rate basis by
the end of FY2026.
● Reported operating loss of £5.2 million (FY24: £3.2 million).
● The Group ended the year with cash of £4.0 million successfully
reducing exposure to working capital volatility through a prepaid contract
model.
OPERATIONAL AND STRATEGIC HIGHLIGHTS
· Registered customers increased by 59% to 151,000 (FY24: 95,468),
with further growth to over 170,000 by end June 2025.
· USA is key driver of growth and is now Ondo's biggest market.
§ USA revenue growth of 11x, representing 82% of group revenue growth
§ USA is biggest market with 41% of recurring revenue and 58% of Contracted
Revenue
§ Expansion from 4 to 25 states: 8x increase in volume of leaks fixed in USA;
while Net Promoter Score increased by +20 points to 83
§ $2.4m of claims saved in USA at 188% ROI for Insurance partners
· Group Addressable households under contract grown 2.8x to 14.6m, with
80% located in the USA following the signing of 3 Top 20 US insurers,
including Liberty Mutual, Nationwide and Hanover.
· All partners to date have placed repeat and expanded orders, further
validating the Group's economic and operational model.
POST BALANCE SHEET UPDATES
· £1.3m of Vendor Loan Note paid down in April.
· £0.8m raised through 4m warrants at 20p exercised with expiry on
28 July 2025.
· Further US contract announced with Bear River Mutual and a sales
and distribution partnership announced with US InsurTech VIP HomeLink.
Craig Foster, CEO of Ondo InsurTech, commented:
"The US is our biggest market contributing 82% of our Revenue Growth, 52% of
our Contracted Revenue and 80% of our Addressable Households(1). We scaled
the operations 8x and went from 4 states to 25 states during the year while
further increasing customer satisfaction at the same time, in partnership with
some of the largest names in US insurance like Nationwide and Liberty Mutual."
( )
(1)Addressable Households are the number of Households insured by our
contracted insurance partners
Further commentary from CEO Craig Foster can be viewed here.
(https://vimeo.com/1105519218?share=copy)
An Investor Meets Company Webinar will be held at 10am on Friday August 1(st)
2025.
To register click here
(https://www.investormeetcompany.com/meetings/full-year-results-240) .
Enquiries
For further information, please visit www.ondoplc.com
(http://www.ondoplc.com/) or contact the following:
Ondo InsurTech Plc Craig Foster, CEO +44 (0) 800 783 9866
Kevin Withington, CFO
Dowgate Capital Ltd Russell Cook +44 (0) 20 3903 7715
(Broker & Financial Advisor) Charlie Hall
Amber Higgs
Cassiopeia Services Ltd Stefania Barbaglio +44 (0) 7949 690338
(PR & Investor Relations)
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 - 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 up to 70%.
LeakBot partners with 25 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.
Ondo holds the coveted London Stock Exchange Green Economy Mark awarded to
companies who derive the majority of their income from Green activities.
CHAIRMAN'S STATEMENT
Today we present the Ondo InsurTech Plc results for the year ended 31 March
2025.
The Group has demonstrated significant operational progress and sharpened its
strategic focus over the past year, maintaining strong commercial momentum
despite a challenging global environment for growth-stage public companies. As
a result, the Group approaches the new financial year with confidence in its
market position and long-term prospects.
Financial Highlights
Group revenues increased by 44% to £3.9 million (FY24: £2.7 million), driven
predominantly by growth in recurring revenue, which rose 80% to £2.5 million.
Annualised contracted recurring revenue reached £5.9 million by year-end,
underpinned by new partner wins and programme expansions, particularly in the
United States.
The Group ended the year with cash of £4.0 million and has successfully
reduced exposure to working capital volatility through a prepaid contract
model. EBITDA remains on track to turn positive on a run-rate basis by the end
of FY2026.
Operational Highlights
The Group has achieved a meaningful milestone in the United States, which is
now our largest market by revenue, customer growth, and addressable households
from signed contracts. The Group now has live operations in 25 US states and
contracted with nine insurers, including three of the top 20 national
carriers. Our US partners insure over 12m US homes (representing over 80% of
the Group's addressable households), and all US partners beyond their initial
orders stage have since expanded their commitments.
Outside of the US, we continue to strengthen relationships with key insurers
in the UK and Denmark, with positive customer satisfaction metrics and
operational feedback reinforcing our model's global relevance.
The Group's LeakBot solution detects micro-leaks without requiring
professional installation and offers a dedicated repair service, making it
unique in the market. Continued investment in AI and classification technology
strengthens this advantage. LeakBot also helps reduce water loss and claim
waste, supporting the Group's and our partners environmental goals.
Post-Year Announcements
Since year-end, the Group has signed a new deal with Bear River Mutual (US)
and announced a new distribution partnership with US InsurTech VIP HomeLink.
On behalf of the Board, I would like to extend our thanks to the enormous
effort applied by the entire team to deliver the remarkable succession of
successes which have contributed to this year's strong progress, and to our
shareholders for their continued support. The Board remains confident in the
Group's direction, in its commercial traction, and in its ability to deliver
long-term value creation.
GM Wood CBE DBA FCA BA
Chairman
29 July 2025
CHIEF EXECUTIVE OFFICER'S REVIEW
FY 2024/25 has been a remarkable year for Ondo. We have moved beyond proof of
concept into proven, scalable growth notably in the United States, which is
now the driving force and focus of our business.
With $17 billion paid in annual water damage claims and over 70 million
insured homes, the US market offers significant potential for our unique
products and services and we're just getting started.
Breakthrough Progress in the United States
The USA is already our largest market. 50% of our new customers were
originated in the USA. 41% of our Recurring Revenue is from the US, and 58% of
Contracted Revenue is from the USA too. We're live in 25 states (from 4 a year
ago) and are now contracted with nine US insurers, including three of the top
20 national carriers. Collectively, our US partners provide access to 12
million homes, 80% of our total Addressable Households.
Every major partner beyond their first deployment has expanded into more
states or started to scale up their rollout. Notably, Nationwide extended its
program across 16 states, PURE has expanded to 15 states, and Liberty Mutual
and Hanover launched post year-end. Bear River Mutual has also joined as a new
partner in the US.
Innovation That's Hard to Copy
LeakBot remains a one-of-a-kind solution in the global home insurance market.
We are the only provider that offers micro-leak detection without the need for
professional installation, backed by an integrated plumbing service all at a
price point that delivers a strong and measurable ROI to insurers. In the USA
by year end, we had fixed 1,616 leaks and prevented over $4m of water damage
claims - no other solution in the US can do this. We are protected by global
patents, and our growing use of artificial intelligence and leak
classification tools strengthens our competitive advantage. These innovations
make it increasingly difficult for others to replicate what we have built.
Scaling Sustainably
In the US, we've maintained outstanding customer satisfaction even during
rapid scaling. US Revenue grew by 11x, volume of leaks fixed grew by 8x and
yet we still achieved a 4.8/5 CSAT score and an NPS of +83 (a +20pt
improvement on a year ago in the US). This customer satisfaction translates
into real commercial confidence: all our partners to date have re-ordered and
expanded, validating the economic and operational model.
We continue to scale responsibly. Our prepaid contract model where partners
pay upfront for device deployments has significantly de-risked our working
capital position.
This rapid US growth has naturally suppressed Gross Margins as the US unit
economics are designed to deliver high margins from Y2 onwards. The vast
majority of US devices are in their first year and these devices move into
high margin in year two and consequently the mix of revenues/margin (yr1yr2)
materially improves in 2025/26.
With £4.0m in cash at year-end and a post year end repayment of £1.26m to
HomeServe to reduce our debt obligations, we remain capitalised to deliver our
growth plan. Our recurring revenue grew by 80% this year to £2.5m, and our
contracted annualised recurring revenue at year-end stood at £5.9m.
Delivering Environmental Impact
LeakBot's technology not only reduces insurance claims but also delivers
measurable environmental benefits. In FY2024/25, we completed 6,093 leak
repairs, preventing the waste of an estimated 296m litres of water. This
translates into a material carbon saving of 1,210 tonnes of CO₂e,
reinforcing our position as a sustainability leader and a recipient of the
London Stock Exchange's Green Economy Mark.
Looking Beyond
Addressable households grew 2.8x to 14.6m this year, with 80% of these in the
USA, following the signing of 3 Top 2 US insurers including Liberty Mutual,
the 3(rd) largest homeowner's insurer in the USA. Importantly, we've only
penetrated 1% of this opportunity to date, offering tremendous headroom for
growth. That's why our current focus is on driving penetration and repeat
orders with these existing customers. The velocity of deployment varies across
our US partner from 10% per year to 1.5% per year, and we are working hard on
helping partners increase this velocity. We are testing new autoship models
with key US partners to find ways to further increase the speed and depth of
policy book penetration.
Ondo have also made some important advances on a new product: LeakBot AC (All
Climate). Following successful alpha testing, our All-Climate solution is
now being trialled across Australia with new patents filed. We believe this
new version of LeakBot represents a potential breakthrough in hot-climate
territories, with applicability well beyond the current Australian test
region.
The sales pipeline into 2025/26 is very exciting as we capitalise on the
current momentum - especially in the USA. With proven insurer traction,
strong positive customer response, and a patented, hard-to-copy solution, we
are building an industry standard solution in claims prevention technology.
Thank you to our team, our partners, and our shareholders for your support as
we move into this exciting next phase.
Craig Foster
Chief Executive Officer
29 July 2025
FINANCIAL REVIEW
Results for the Year
Annual revenue grew by 44%, with recurring revenue up 80%, mainly due to rapid
US expansion The 2025 margin was impacted by the rapid US growth which has
naturally suppressed Gross Margins as the US unit economics are designed to
deliver high margins from Y2 onwards. The vast majority of US devices are in
their first year and these devices move into high margin in year two and
consequently the mix of revenues/margin (yr1yr2) materially improves in
2025/26
The Group incurred a loss for the year ended 31 March 2025 of £6,165,000
(Year ended 31 March 2024: £2,988,000).
The net cash position was £3,989,000 at 31 March 2025 (2024: £397,000).
Key Performance Indicators
The directors regularly monitor key performance indicators associated with
managing liquid resources mainly, Revenue types, Gross operating margin,
Registered customers, and Average fees per customer.
Year Year ended Year ended Year
ended 31 March 2024 31 March 2023 ended
31 March 2025 £ £ 31 March 2022
£ £
Device and Set-up Fees 1,322,742 1,276,226 1,078,924 580,203
Recurring revenue from Software and Services 2,546,329 1,415,629 1,003,498 157,898
Total Revenue 3,869,071 2,691,855 2,082,422 738,101
Gross Contribution 121,740 740,203 684,330 386,144
Gross Operating Margin 3.1% 27.5% 32.9% 52.3%
Registered Customers* 150,934 95,468 69,793 39,859
Average Monthly On-going Revenue per Registered Customer 1.41 1.24 1.20 0.33
Estimated Addressable Households (Under Contract) 14,400,000 5,200,000 2,400,000 480,000
Penetration of Addressable Households 1% 2% 3% 8%
*The end of year
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
Year Year
Ended ended
Note 31 March 2025 31 March 2024
£'000 £'000
Revenue 3 3,869 2,691
Cost of sales (3,747) (1,951)
Gross profit 122 740
Administrative expenses 4 (5,294) (3,978)
Operating loss (5,172) (3,238)
Finance income 17 1
Finance expense 6 (1,010) (628)
Gain on derecognition of loan note liability - 877
Loss before income tax (6,165) (2,988)
Income tax - -
Loss for the year (6,165) (2,988)
Other comprehensive income
Exchange gain on translation of foreign subsidiaries 9 7
Total comprehensive loss attributable to equity holders of the parent company (6,156) (2,981)
Earnings per share attributable to equity owners
Basic and diluted (loss) pence per share 11 (5.40) (3.75)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2025
As at As at
31 March 2025 31 March 2024
Note £'000 £'000
ASSETS
Non-current assets
Intangible assets 729 445
Property, plant and equipment 113 83
Current assets
Inventories 7 578 649
Trade and other receivables 1,403 1,299
Cash and cash equivalents 3,989 397
Total assets 6,812 2,873
EQUITY AND LIABILITIES
Equity attributable to owners
Share capital 10 6,708 4,335
Share premium 10 11,305 5,849
Share based payments reserve 336 257
Currency translation reserve 16 7
Reverse acquisition reserve 21,769 21,769
Retained deficit (45,024) (38,865)
(4,890) (6,648)
Current liabilities
Trade and other payables 8 4,630 2,791
Non-current liabilities
Trade and other payables 8 - 243
Borrowings 9 7,072 6,487
Total equity and liabilities 6,812 2,873
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Currency Translation Reserve Share based payments reserve Reverse acquisition reserve Retained Total
capital premium deficit
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As 31 March 2023 3,408 3,902 - 170 21,769 (35,888) (6,639)
Issue of ordinary Shares 927 2,139 - - - - 3,066
Cost of shares issued - (192) - - - - (192)
Share based payments - - - 98 - - 98
Currency translation differences on overseas subsidiary - - - 7
7 - -
Exercise of options - - - (11) - 11 -
Total comprehensive loss for the year - - (2,988) (2,988)
- - -
As 31 March 2024 4,335 5,849 7 257 21,769 (38,865) (6,648)
Issue of ordinary shares 2,373 5,991 - - - - 8,364
Cost of shares issued (535) (535)
Share based payments - - - 85 - - 85
Currency translation differences on overseas subsidiary - - - 9
9 - -
Exercise of options (6) 6 -
Total comprehensive loss for the year - - (6,165) (6,165)
- - -
At 31 March 2025 6,708 11,305 16 336 21,769 (45,024) (4,890)
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
Year Ended Year Ended
Note 31 March 31 March
2025 2024
£'000 £'000
Cash flows from operating activities
Loss before income tax (6,165) (2,988)
Adjustments:
Share based payments 85 98
Depreciation and amortisation 266 94
Gain on derecognition of loan note liability - (877)
Finance income (17) (1)
Finance expense 1,010 628
Movement in working capital
Decrease/ (increase) in inventories 71 (226)
Decrease/(increase) in trade and other receivables 84 (470)
Increase in trade and other payables 8 1,408 1,369
Cash used in operations (3,258) (2,373)
Group tax relief received - -
Net cash used in operations (3,258) (2,373)
Cash flows from investing activities
Interest received 17 -
Purchase of intangible assets (514) (431)
Purchase of property, plant and equipment (66) (39)
Net cash flows from investing activities (563) (470)
Cash flows from financing activities
Interest paid (8) (17)
Repayment of borrowings 9 (417) -
Proceeds from Issue of ordinary shares, net of costs 7,829 2,874
Net cash flows from financing activities 7,404 2,857
Net increase in cash and cash equivalents 3,583 14
Effect of foreign exchange rates 9 7
Cash and cash equivalents at beginning of year 397 376
Cash and cash equivalents at end of year 3,989 397
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
1. General information
Ondo InsurTech Plc (the "Company") was incorporated on 23 February 2021 in
England and Wales, with registered number 13218816 under the Companies Act
2006. The registered office of the company is 6(th) Floor 60 Gracechurch
Street, London, United Kingdom, EC3V 0HR.
The principal activity of the Group was that of the provision of domestic leak
detection services and technology to the home insurance industry and
homeowners.
2. Basis of preparation
The consolidated financial information and accompanying notes are based on the
following policies which have been consistently applied:
The financial information of the Company has been prepared in accordance with
the Companies Act 2006 and UK-adopted international accounting standards ("UK
adopted IAS").
The financial statements are presented in Sterling, which is the Company's
functional and presentational currency and has been prepared under the
historical cost convention.
The preparation of financial information in conformity with UK adopted IAS's
requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Company's
Accounting Policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the
Financial Information are disclosed in Note 3.
Going Concern
In accordance with the QCA Corporate Governance and UK adopted IAS, the
Directors have assessed going concern over a twelve-month period from the
approval of these financial statements i.e., up to 31 July 2026. As part of
this assessment, the Directors have analysed the prospects of the Group by
reference to its current financial position, recent trading trends and
momentum, forecasts and financial projections, strategy, economic model and
the principal risks and mitigating factors.
The strategic plan forms the base case for the scenario modelling that
underpins the going concern assessment. It has been built out from the Board
approved budget. Principal assumptions include continued activity with
existing insurance partners, and new activity with pipeline partners; pricing
assumptions based on signed contracts or active negotiations; direct cost
assumptions based on current run-rates; assumptions about fixed overhead and
operational costs being largely stable through the year; some limited capital
expenditure in technology and manufacturing. This case has also been stress
tested as part of this review
The Directors have considered the Group's financial position, including the
receipt of gross proceeds of £0.8 million from the July 2025 warrant exercise
completed after the year end and projections in accordance with the
requirements of the QCA Corporate Governance Code and relevant accounting
standards. This assessment has considered both the Group's performance to date
and its strategic plans over the next 12 months and beyond. The Group's
financial base case forecasts project that it has sufficient cash resources
and liquidity to meet its obligations as they fall due for at least the next
12 months from the date of approval of these financial statements.
These projections are based on anticipated trading and the Group's strategy to
deploy LeakBot in its current contracted addressable households (14.4
million), with an emphasis on expanding this base within the higher margin US
market where LeakBot is rapidly becoming firmly established, with demand from
existing partners increases with each new deployment. The Group will continue
its focus on growing recurring revenue in the USA, UK, and Nordics to deliver
long term shareholder value
In preparing the going concern assessment, the Board has considered a range of
revenue scenarios reflecting different sales trajectories and current sales
pipeline for new and existing partners, alongside stress testing key
assumptions such as partner deployments timings, manufacturing volumes, cost
controls and working capital requirements. In each scenario, mitigating
actions within the control of the Directors which can be enacted to preserve
cash have been considered and factored into the overall projections.
The Board acknowledges, under certain adverse scenarios that a material
uncertainty would exist and additional funding would be required within the
going concern period. The board also acknowledge that the working capital
prepaid contract model is firmly established, the reduction in HomeServe loan
increases the opportunity to raise debt alongside the existence of £866k of
unexercised warrants that may, subject to market conditions, provide further
funding.
Accordingly, the Directors have a reasonable expectation that the Group has
adequate resources to continue its operations for the foreseeable future.
Accordingly, the financial statements have been prepared on a going concern
basis
3. Segmental information
The Group only has one segment being the sale of the LeakBot product.
Analysis of revenue by geographical market is:
Year Year
ended ended
31 March 31 March
2025 2024
£'000 £'000
UK 1,348 1,389
Nordics 1,470 1,215
USA 1,051 87
3,869 2,691
The Group has 4 Partners that contribute more that 10% of annual revenue
representing £1.4m. (£1.5m - 2024)
4. Operating expenses by nature
Year Year
ended ended
31 March 31 March
2025 2024
£'000 £'000
Staff costs 2,304 1,689
Directors' remuneration 641 538
Professional fees 713 462
Contract Staff 49 214
IT Systems & Platform 843 629
Bad debts (6) 6
Sundry expenses 484 345
Depreciation and amortisation 266 95
5,294 3,978
5. Staff costs
Year Year
ended ended
31 March 31 March
2025 2024
£'000 £'000
Wages and salaries 2,627 1,899
Social security costs 317 213
Pension costs 117 115
3,061 2,227
5. Staff costs (continued)
The average number of employees during the year was as follows:
Year Year
ended ended
31 March 31 March
2025 2024
No. No.
Directors 5 5
Administrative 11 6
Operations 27 7
Technology 11 12
54 30
6. Finance expense
Year Year
ended Ended
31 March 31 March
2025 2024
£'000 £'000
Interest payable on loan notes (1,002) (628)
Interest paid (8) -
(1,010) (628)
7. Inventories
Group Group Company Company
31 March 31 March 31 March 31 March
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Finished goods 578 649 - -
Total 578 649 - -
8. Trade and other payables
Amounts falling due within one year:
Group Group Company Company
31 March 31 March 31 March 31 March
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Trade payables 1,480 1,032 19 79
Other payables 137 94 23 14
Deferred revenue 2,740 1,400 - -
Accruals 273 265 110 41
4,630 2,791 152 134
Amounts falling due in more than one year:
Group Group Company Company
31 March 31 March 31 March 31 March
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Trade payables - 243 - -
Accruals - - - -
- 243 - -
9. Borrowings
Group Group Company Company
31 March 31 March 31 March 31 March
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Non-current: - 243 - -
Repayable 2-5 years: 6,487 6,487
Loan notes
7,072 7,072
7,072 6,730 7,072 6,487
On 25 November 2024, The Company agreed with the Loan Note holders to revise
the terms of the Loan Note
The key changes are:
· Loan Note term extended by one year to 31 March 2030
· First principal repayment deferred to 31 March 2027 then annually
thereafter
· Interest roll up period extended to 31 March 2026
· Interest rate at 12% until 31 March 2027 and then 14% thereafter
The Company also committed to making voluntary repayments of principal equal
to 40% of any warrant exercises received. Repayments are made on a quarterly
basis within 10 working days following the quarter end. During the year the
company made a Loan note repayment of £417k with a further repayment of
£1,259k made in April 2025.
10. Share capital and share premium.
During the year, the Company issued 47,469,529 (2024: 18,525,151) ordinary
shares with a nominal value of £2,373,000 (2024: £927,000) for an aggregate
consideration of £7,829,000 net of issue costs (2024: £2,874,000).
Number of Share Share Total
Ordinary shares capital premium
£'000 £'000 £'000
At 31 March 2024 86,694,763 4,335 5,849 10,184
Issue of ordinary shares during the year 47,469,529 2,373 5,456 7,829
At 31 March 2025 134,164,292 6,708 11,305 18,013
11. Earnings per share
The basic earnings per share is calculated by dividing the loss attributable
to equity shareholders by the weighted average number of shares in issue.
The Company had in issue 134,164,292 ordinary shares at 31 March 2025.
The loss attributable to equity shareholders and weighted average number of
ordinary shares for the purposes of calculating diluted earnings per ordinary
share are identical to those used for basic earnings per ordinary share. This
is because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore anti-dilutive.
2025 2024
£'000 £'000
Loss for the year attributable to equity holders (£) (6,153) (2,988)
Weighted average number of shares in issue 114,125,123 79,634,789
Basic and diluted loss per share (pence) (5.40) (3.75)
12. Copies of the Annual Report
Copies of the annual report are available on the Company's website at
www.ondoplc.com (http://www.ondoplc.com) and from the Company's registered
office 6(th) Floor, 60 Gracechurch Street, London, England, EC3V 0HR.
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