REG - Ondo InsurTech PLC - Half-year Financial Report
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RNS Number : 9943J Ondo InsurTech PLC 03 December 2025
3 December 2025
Ondo Insurtech Plc
("Ondo", the "Company" or the "Group")
Results for six months ended 30 September 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 six months ended 30 September 2025.
FINANCIAL HIGHLIGHTS
· Group revenues increased by 26% to £2.1 million (H1 25: £1.7
million).
· Recurring revenue, rose 110% to £1.8 million. (H1 25: £0.9
million)
· Annualised contracted recurring revenue reached £6.0 million by
H1, underpinned by programme expansions, particularly in the United States.
· Underlying gross margin of 54% before customer acquisition costs
(63% Nordics, 52% UK, 50% USA). £1.5m invested in customer acquisition bring
gross margin to -15.5%.
· Revenues in the current year will be in the range of £4.5 to
£5.0 million and that EBITDA loss will be approximately £5.0 to £5.5
million.
· EBITDA loss of £3.3 million (H1 25: £2.0 million)
· The Group ended the period with cash of £0.6 million.
OPERATIONAL AND STRATEGIC HIGHLIGHTS
· Registered customers increased by 64% to 187,000 as at 30 Sept
2025 (Sept 2024: 114,000).
· USA is key driver of growth and is now Ondo's biggest market.
o USA revenue growth of 7x, and customer base growth of 7x
o USA is the biggest market with 51% of Group Revenues from USA
o USA unit economics proven with $54 Customer Acquisition Costs (CAC) and
expected $180 Lifetime value (LTV) at ratio of >3:1 - exceeding SaaS
best-in-class benchmarks
· All USA partners have placed repeat and expanded orders to new
states as further validation of the Group's approach and operational model.
POST BALANCE SHEET UPDATES
· Nationwide sign third order and expand into ten more states
taking total to 26 US states.
· Indiana Farm Bureau Insurance site "strong claim savings and
exceptional customer service", extending contract with aim of deploying to 15%
of customer base in 2026
· Westfield Insurance announce plans to deploy LeakBot into
Indiana, Ohio and Pennsylvania
· Company has today announced a share placing, share subscription
and WRAP offer to Ondo shareholders to support the next phase of growth:
o Supporting investment in US expansion infrastructure, ensuring operational
capacity to meet partner demand, maintain high service quality, and protect
insurer ROI as state coverage expands.
o Development and commercialising LeakBot Edge, to address the large
hot-climate and multi-family market in response to insurers requests.
Craig Foster, CEO of Ondo InsurTech, commented:
"I'm very encouraged by the momentum we've built in the US. Delivering
seven-fold growth has validated both our model and the size of the
opportunity. With strong partner demand and a growing pipeline, this is the
right moment to invest in building a truly national US solution so we can
support expansion across the whole of the United States and cement our
position as the market leading solution."
Enquiries
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) Dan Ingram
Amber Higgs
Cassiopeia Services Ltd Stefania Barbaglio +44 (0) 7949 690338
(PR & Investor Relations)
CHAIRMAN'S STATEMENT
The first half of the year has been one of both strong operational progress
and important strategic evolution for Ondo. The Group continued to build
momentum across its core markets, particularly in the United States, where
customer numbers and recurring revenues grew seven-fold. The Board is
encouraged by the continued expansion of our insurance partner network, the
strengthening quality of our recurring revenue base, and the clear validation
of our unit economics.
The USA has now become the principal engine of growth for the business, with
partners expanding their programmes across 26 states and demonstrating strong
appetite to accelerate deployment. Customer feedback remains outstanding,
and the shareholder value generated by these programmes are highly attractive.
While the management team's efforts have been rewarded with continuing strong
growth in the United States, as set out in these interim results progress in
Europe - particularly in the Sweden - has been significantly slower, as we
highlighted earlier this year. As a consequence, revenues in the current
year will be lower than previously forecast.
Nevertheless, the focus of the majority of Ondo's resources and management
bandwidth on the USA has paid off. The USA is now the majority of our
Revenue, with US revenues and customers growing 7x year on year. We now work
with US insurers across 26 states and the demand for geographic expansion has
been faster than we anticipated. Nationwide are our largest single customer
worldwide and Liberty Mutual were our largest customer in terms of new
shipments in the period under review. Despite inherent inefficiency in the
plumbing repair network today our US Customer Lifetime Value as a ratio of
Customer Acquisition Costs are already at SaaS best-in-class benchmark
levels. I believe we have a remarkable opportunity before us to take a
market leadership position in the United States.
To ensure the Company is fully resourced to pursue these opportunities, Ondo
has today announced a placing, subscription and retail offer to raise funding
to invest in US infrastructure. This enables us to invest in growth, build
out the plumbing repair network to cover more US states and commence the next
stage of development of our new complimentary sensor hardware - LeakBot
Edge. The new hardware means we can protect homes also in the hottest parts
of the USA (like Florida and Texas) where the shut-off valve is outside. We
are announcing an investment programme to complete the design-for-manufacture
with an aim to launch LeakBot Edge in early 2027.
The Board believes that the steps being taken position the Company well for
long-term success. With a growing base of high-quality recurring revenue,
expanding strategic partnerships, and a clear roadmap for product innovation,
Ondo remains strongly placed to deliver sustainable value for shareholders.
GM Wood CBE DBA FCA BA
Chairman
2 December 2025
CHIEF EXECUTIVE'S STATEMENT
The first half of FY26 has marked a defining period for Ondo. Our progress in
the United States has accelerated materially, our recurring revenue base
continues to expand, and our unit economics in the USA are now firmly proven
at scale.
Group Performance
Group revenue for the six months to 30 September 2025 grew 26% to £2.1
million (H1 25: £1.7m), supported by substantial growth in the US and
continued adoption of our recurring revenue model across all regions.
Recurring revenues more than doubled, rising 110%, and now represent 86% of
total revenues, with the majority from the US.
Customer numbers increased 64% year-on-year to 187,000, with the US customer
base alone expanding seven-fold to 48,000. This growth reflects strong
policyholder engagement, insurer support, and the widening impact of our
partnerships. We have announced eight new contracts in the current year to
date (Ageas, Admiral, If in Europe, and Nationwide, Indiana Farm Bureau,
Westfield, Bear River Mutual and The Hanover in the USA). Most notably
Nationwide have now signed a third order and further expanded their
distribution of LeakBot into a total of 26 U.S. states. Indiana Farm Bureau
after a successful pilot have now doubled their commitment and plan to deploy
LeakBot into 15% of their customer base in 2026 citing "strong claims savings
and exceptional customer satisfaction". And not least, Liberty Mutual were
one of our largest customers by volume in the interim period and as the 3(rd)
largest personal lines insurers in the United States are a great opportunity
for accelerated growth into next year and beyond.
At the same time, progress in Europe, and particularly in the Nordic region,
has been slower than we had projected. As announced earlier this year we
have experienced material delays in the planned expansion of new contracts,
particularly into Sweden. In the UK we have successfully executed the NFU
deployment, and they are now our largest partner in the UK and the first
European partner on our US-style recurring pricing model. We were pleased to
announce a material new contract also with Admiral in the UK, and an
opportunity to extend our long-lasting relationship with TopDamark following
its merger with If which was announced earlier in the year.
United States
The US continues to be the standout driver of growth, with the period
characterised by:
· 7× growth in customers and recurring revenue
· Expansion to 26 active states
· Exceptional customer satisfaction, including +86 NPS and very
high repair ratings.
· Deepening partnerships with ten insurers, including major
nationals like Liberty Mutual and Nationwide
Crucially, we have validated our US unit economics using real customer data at
scale:
· Customer Lifetime Value of (LTV(2)) of ~$180 at today's unit
economics(1)
· Customer Acquisition Cost (CAC(3)) of approximately $54
· LTV:CAC(4) ratio of 3:1, in line with best-in-class SaaS
benchmarks
(1, 2) ARR and Contracted ARR for definition see glossary of terms below
The underlying gross margin of the US customers is already 50%. Already in
states with slightly higher density (like Indiana) we are at 1.8 jobs per day
which delivers a 61% gross margin. This level of performance is particularly
compelling given that US operations are still in an early maturity phase, with
current device density and engineer efficiency that management expect to
naturally improve. As density improves, we expect cost per job to fall and
margins to further increase materially.
We completed 1,400 in home repairs across 26 US States (although through
careful coordination 80% of the volume is concentrated in the Top 10 states as
we build out device density). We have managed to do this while maintaining a
>86 NPS score and returning a 135% ROI for carrier partners.
Product Innovation: LeakBot Edge
A major development during the period was the successful R&D progress
behind LeakBot Edge, our new solution designed for homes in hot climates and
multi-family buildings - segments where our existing device is unsuitable, and
no effective solution exists. This market comprises approximately 28 million
single-family homes in hot climate states in USA and 79m apartments across the
USA and Western Europe.
Following successful alpha testing (in Australia) and partner feedback,
LeakBot Edge has become a material new opportunity for the Company. It will
complete our ability to offer US insurers a single, national solution and
positions Ondo uniquely in a substantial untapped market.
LeakBot Edge is a new hardware sensor that is intended to offer the same
benefits as the original LeakBot - micro-leak sensitivity, self-install and a
single device that can protect a whole home. It is designed to plug straight
into our existing operating model (pricing model, homeowner app, software
platform and in-home repair service). The difference is that it is designed to
be installed outside a property in hot climates where the stop tap is located
on the exterior of the building. There are some 28 million homes like this
in the USA and an estimated further 26 million in hot countries in Western
Europe. What's more we believe the solution may also have broader
applicability in 79 million apartments in the USA and Western Europe too.
The technically difficult part (core technology R&D) has been done, and we
are now planning to finalise the design and commercialisation to launch
LeakBot Edge in early 2027.
Financial Review
Group revenue for the six months to 30 September 2025 was £2.1 million (H1
25: £1.7m), However due to the rapid roll out the US we have reported gross
loss of £327,000 in the first half (H1 25: profit £403,000).
Due to the ongoing US expansion Administrative Costs in H1 26 increased to
£3.2m (H1 25: £2.5m). As a result, the EBITDA loss for the period was
£3.3m (H1 25: £2.0m).
Underlying Gross Margin before customer acquisition costs were 54%, comprising
63% in the Nordics, 52% in the UK and 50% in the USA. After customer
acquisition costs, Group gross margin was -15.5%, reflecting the current
scale-up phase in the US with £1.5m invested in customer acquisition costs
(device and shipping fees).
Group UK Nordics USA
Jobs Per Day 1.7 2 2.2 1.4
Gross Margin (Before CAC) 54% 52% 63% 50%
(3, 4) LTV and CAC for definition see glossary of terms below
As previously stated, our US prepayment model is designed so that growth will
not create a working capital strain. Our intention was that new customers
would indeed be cashflow positive in Year 1 and thus contribute towards
overheads. Based on the now substantially larger dataset from the US, we have
updated this position.
Based on current installation rates new US customers are cash break-even (due
to the advance-fee structure) and EBITDA-negative in year one. In the
period we made a $34 P&L loss for each customer acquired.
At current installation rates in the US, we are investing an average of $54 in
device and shipping fees for every new customer activated - this is
essentially our Customer Acquisition Cost (CAC). Those new customers today
then have a 50% gross margin and a 4.9 year average lifetime (based on a 1.7%
monthly churn rate). So, each customer today is worth a Lifetime Average
Value (LTV) of $147 each - even at today's sub-optimal repair costs.
That's a ratio of LTV:CAC of >2.7:1. Best in class SaaS benchmarks for
recurring revenue software businesses is an LTV:CAC of around 3:1 showing
that, even though our margins will continue to improve as device density
grows, these are already highly investable unit economics. As jobs-per-day
rise in line with slightly denser states like Indiana the gross margin
increases to 61%, LTV to $180 ad LTV:CAC of 3.3:1.
This reinforces the boards' view that we should not slow down customer
acquisition. In fact, accelerating customer growth is the fastest path to
building shareholder value, building a valuable recurring revenue customer
base with increasing density, improving margins, and generating free cashflow.
To maintain this pace of growth, we must continue hiring ahead of revenue -
especially plumbers and customer-support resources - to ensure we can maintain
strong ROI for insurers as they monitor underwriting results and scale their
rollouts.
The Group began the period with £4.0 million in cash and ended with a balance
of £0.6 million, following a net outflow of £3.4 million. This movement can
be broken down as:
· EBITDA loss of £3.3m (receipts of £2.1m and operating expenses
of £5.4m)
· £0.5m investment in Stock to fulfil H2 contracts in the US
· £1.3m repayment of HomeServe Loan note reducing to £6.2m from
£7.1m together with £0.1m repayment in respect of the HomeServe PSA loan
· £0.9m receipts in respect of Warrants exercises for the May 2026
Warrants
· £0.4m receipts for UK and Danish Vat reclaims and £0.4m advance
fees.
These factors are consistent with a business scaling rapidly in its largest
market and laying the groundwork for continued expansion.
Outlook
In light of the opportunities and updated economics, the Board has approved a
capital raise to accelerate US infrastructure expansion and enable the next
phase of growth. The raise serves two strategic purposes:
1. Supporting accelerated US expansion, ensuring we have the operational
capacity to meet partner demand, maintain high service quality, and protect
insurer ROI as state coverage expands.
2. Completing development and commercialising LeakBot Edge, allowing us
to address the large hot-climate and multi-family market where insurers are
actively seeking solutions.
With the newly announced LeakBot Edge developments programme and increased
investment in US infrastructure the Company is revising guidance for the
FY26. The Board now anticipates that revenues in the current year will be in
the range of £4.5 to £5.0 million and that EBITDA loss will be approximately
£5.0 to £5.5 million.
Ondo enters the second half of the year with strong momentum, a rapidly
expanding customer base, proven unit economics, and significant opportunities
ahead. Our US partners continue to increase the scale and ambition of their
programmes, and we are now positioned to deliver a truly national solution
through the combination of LeakBot and LeakBot Edge.
While we are choosing to invest in growth in the near term, the strategic
rationale is compelling. We are building a category-defining business in a
vast, under-served market, supported by long-term insurer partnerships, high
customer satisfaction, and a recurring revenue model with powerful lifetime
economics.
The decisions taken this period - investing in growth, strengthening our
operational capability, and expanding our addressable market - are designed to
maximise the long-term value of the business for shareholders and ensure Ondo
cements its position in the near-term as the clear market leader in Predict
and Prevent technology for water damage claims in the USA.
Craig Foster
Chief Executive Officer
2 December 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note Unaudited Unaudited Audited
Six months ended
Six months ended
Year
30 September 2025
30 September 2024
ended
31 March
2025
£'000 £'000 £'000
Revenue 6 2,115 1,682 3,869
Cost of sales (2,442) (1,279) (3,747)
Gross profit (327) 403 122
Administrative expenses 7 (3,162) (2,471) (5,294)
Operating loss (3,489) (2,068) (5,172)
Finance Income 3 - 17
Finance expense (411) (376) (1,010)
Loss before income tax (3,897) (2,444) (6,165)
Income tax - - -
Loss for the period (3,897) (2,444) (6,165)
Other comprehensive income
Exchange gain on translation of foreign subsidiaries (154) 36 9
Total comprehensive loss attributable to equity holders of the parent company (4,051)
(2,408) (6,156)
Earnings per share attributable to equity owners
Basic and diluted (loss) pence per share 13 (2.87) (2.24) (5.40)
The income statement has been prepared on the basis that all operations are
continuing operations.
The accounting policies and notes form an integral part of these financial
statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
As at
As at
As at
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
ASSETS Note
Non-current assets
Intangible assets 697 453 729
Property, plant, and equipment 203 91 113
Current assets
Inventories 1,029 639 578
Trade and other receivables 8 957 1,127 1,403
Cash and cash equivalents 9 559 1,750 3,989
Total assets 3,445 4,060 6,812
EQUITY AND LIABILITIES
Equity attributable to owners
Share capital 12 6,941 5,823 6,708
Share premium 12 12,005 8,010 11,305
Share based payments reserve 459 272 336
Currency translation reserve 170 43 16
Reverse acquisition reserve 21,769 21,769 21,769
Retained deficit (48,921) (41,309) (45,024)
(7,577) (5,392) (4,890)
Current liabilities
Trade and other payables 10 4,797 2,341 4,630
Non-current liabilities
Trade and other payables 10 - 243 -
Borrowings 11 6,225 6,868 7,072
Total equity and liabilities 3,445 4,060 6,812
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 September 2025 (Unaudited)
Share Share Share based payments reserve Retained Total
capital premium Currency Translation Reserve Reverse acquisition reserve deficit
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As at 1 April 2025 6,708 11,305 16 336 21,769 (45,024) (4,890)
Issue of ordinary shares 233 700 - - - - 933
Cost of shares issued - - - - - - -
Share based payments - - - 123 - - 123
Currency translation differences on overseas subsidiary - - -- 154
154 - -
Exercise of options - - - - - - -
Total comprehensive loss for the period - - - - - (3,897) (3,897)
At 30 September 2025 6,941 12,005 170 459 21,769 (48,921) (7,577)
Six months ended 30 September 2024 (Unaudited)
Share Share Share based payments reserve Retained Total
capital premium Currency Translation Reserve Reverse acquisition reserve deficit
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As at 1 April 2024 4,335 5,849 7 257 21,769 (38,865) (6,648)
Issue of ordinary shares 1,488 2,679 - - - - 4,167
Cost of shares issued - (518) - - - - (518)
Share based payments - - - 15 - - 15
Currency translation differences on overseas subsidiary - - -- 36
36 - -
Total comprehensive loss for the period - - (2,444) (2,444)
- - -
At 30 September 2024 5,823 8,010 43 272 21,769 (41,309) (5,392)
Year ended 31 March 2025 (audited)
Share Share Share based payments reserve Retained Total
capital premium Currency Translation Reserve Reverse acquisition reserve earnings
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As at 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)
The accounting policies and notes form an integral part of these financial
statements
.
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
Note 30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Cash flows from operating activities
Loss before income tax (3,897) (2,444) (6,165)
Adjustments:
Share based payments 123 15 85
Reverse acquisition share-based payment expense - - -
Depreciation and amortisation 206 85 266
Finance Income (3) - (17)
Finance expense 411 376 1,010
Movement in working capital
(Increase) in inventories (451) 10 71
(Increase) in trade and other receivables 445 177 (104)
Increase in trade and other payables 168 (450) 1,596
Cash used in operations (2,998) (2,231) (3,258)
Group tax relief received - - -
Net cash used in operations (2,998) (2,231) (3,258)
Cash flows from investing activities
Interest Received 3 - 17
Purchase of intangible assets (144) (79) (514)
Purchase of property, plant, and equipment (119) (22) (66)
Net cash flows from investing activities (260) (101) (563)
Cash flows from financing activities
Interest Paid - - (8)
Repayment of Borrowings (1,259) - (417)
Proceeds from Issue of ordinary shares, net of costs 933 3,649 7,829
Net cash flows from financing activities (326) 3,649 7,404
Net increase in cash and cash equivalents (3,584) 1,317 3,583
Effect of foreign exchange rates 154 36 9
Cash and cash equivalents at beginning of year 3,989 397 397
Cash and cash equivalents at end of Period 559 1,750 3,989
The accounting policies and notes form an integral part of these financial
statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2024
1. Principal activity
The principal activity of the Group is 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.
3. New standards, interpretations and amendments adopted by the Group.
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual consolidated financial statements for the
year ended 31 March 2025.
4. Going Concern
In accordance with the QCA Corporate Governance Code and UK-adopted IAS, the
Directors have assessed the Group's ability to continue as a going concern
over a period of at least twelve months from the date of approval of these
interim financial statements, being to 31 December 2026. The Directors have
also considered the requirement to repay £1.4m of Loan Notes in early 2027.
The Directors assessment is based on the same underlying methodology as for
the full year to 31 July 2025, updated for actual trading results and expected
partner deployments, revised 12-month cashflow forecasts and stress-tested
scenarios applied to key commercial and operational assumptions.
Key assumptions include.
· Accelerated rollout activity with existing large insurance
partners considering the impact of this increased momentum and new state
deployment across the USA.
· Expansion and deployment of plumbers into new contracted states
to support expansion
· Allocation of incremental investments in plumbing and operational
capacity to support partner growth
· Analysis of unit economics supported by signed commercial
contracts
· Consideration of direct cost assumptions based on current
run-rates and current efficiency levels.
· Maintenance of a broadly stable overhead particularly within the
tech overhead base
· Targeted capital expenditure for AI technology and exploratory
work on the new hot-state product
· Evaluation of principal risks such as partner rollout timing,
inflationary pressures, attrition, stock levels and device activation curves
This updated base case has been supplemented with stress testing of these key
assumptions.
While the existing 12 month advance fee structure provides positive working
capital that helps to support growth plans, additional capital will be
required to support Ondo's updated base case forecasts. As a result, the
Directors have launched an equity capital raise, supported by a commitment
from one of the Group's US customers to invest in the business. Given this
and other institutional investor commitments, alongside the commercial
momentum in the US, the scale of the US opportunity and the Group's track
record of accessing capital, the expected cash from such a capital raise has
been incorporated into updated scenario planning.
Based on these updated base key assumptions and the expected capital raise the
Board believes that the Group should have sufficient working capital to
support the business for at least the next 12 months, although the Board
acknowledges that it may need to consider options to either raise further
capital or amend the terms of the £1.4m Loan Notes that are due on 31 March
2027. It should be noted that HomeServe remain a 9.9% shareholder in the group
alongside the Loan note holding.
In preparing this going concern assessment, the Board has also modelled
several alternative scenarios, including downside cases that incorporate:
· Delays in partner deployments
· Slower conversion of the sales pipeline
· Increased operating costs and tighter working capital
assumptions.
For each scenario, the Board has considered mitigating actions within its
control, including the deferral of discretionary expenditure, adjustment of
deployment phasing, and optimisation of cost structures. Under these more
cautious scenarios it is likely that the Group would be required to raise
further capital within the going concern period. While this would be a more
challenging outcome, raising capital is often required in early stage
technology focused growth companies, and given the positive long-term
prospects for the business, the Directors have a reasonable expectation that
such additional capital could be raised.
Given the factors above and incorporating the expected proceeds from the
current capital raise, the interim financial statements have been prepared on
a going concern basis. However, since the ability to raise capital is not
guaranteed and given that further capital or debt may be required to repay the
HomeServe loan notes, the Directors acknowledge that there is a material
uncertainty as to the ability of the Group to continue as a going concern for
a period of 12 months.
5. Critical accounting estimates and judgements
The Company makes estimates and assumptions regarding the future. Estimates
and judgements are continually evaluated based on historical experience and
other factors, including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual results may differ
from these estimates and assumptions. There are no estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial period except for
the judgements on share based payments.
Share based payments.
The estimates of share-based payment costs require that management selects an
appropriate valuation model and makes decisions on various inputs into the
model, including the volatility of its own share price, the probable life of
the options before exercise, and behavioural consideration of employees. A
significant element of judgement is therefore involved in the calculation of
the charge.
Standalone selling price
Where a contract includes several performance obligations for revenue to be
recognised within the financial statements, the Company determines the
standalone selling price of each obligation for the goods or services using
historic contracts and costs incurred to determine the standalone selling
price. These judgements have been applied consistently throughout the period
and will be applied for future periods.
6. Segmental information
The Group only has one segment being the sale of the LeakBot product.
Analysis of revenue by geographical market is:
Six months Ended Six months Ended Year
30 September 2025
30 September 2024
Ended
31 March
2025
£'000 £'000 £'000
UK 590 560 1,348
Nordics 450 971 1,470
USA 1,075 151 1,051
2,115 1,682 3,869
7. Operating expenses by nature
Six months Six months Year
Ended
Ended
Ended
30 September 30 September 31 March
2025
2024
2025
£'000 £'000 £'000
Staff costs 1,303 1,163 2,304
Directors' remuneration 317 249 641
Professional fees 425 342 713
Contract Staff 57 32 49
IT Systems & Platform 411 392 843
Bad debts - - (6)
Sundry expenses 443 208 484
Depreciation and amortisation 206 85 266
3,162 2,471 5,294
8. Trade and other receivables
Group Group Group
30 September 30 September 31 March
2024
2025
2025
£'000 £'000 £'000
Trade receivables - gross 467 522 416
Provision for impairment - - -
Trade receivables - net 467 522 416
Other receivables 490 605 987
957 1,127 1,403
9. Cash and cash equivalents
Group Group Group
30 September 30 September 31 March
2024
2025 2025
£'000 £'000 £'000
Cash at bank 559 1,750 3,989
559 1,750 3,989
10. Trade and other payables
Amounts falling due within one year:
Group Group Group
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Trade payables 1,763 1,105 1,480
Other payables 67 20 137
Deferred revenue 2,839 1,190 2,740
Accruals 128 26 273
4,797 2,341 4,630
Amounts falling due in more than one year:
Group Group Group
30 September 30 September 31 March
2025
2024
2025
£'000 £'000 £'000
Trade payables - 243 -
- 243 -
11. Borrowings
Group Group Group
30 September 30 September 31 March
2024
2025 2025
£'000 £'000 £'000
Non-current:
Repayable 2-5 years: 7,072
Loan notes
6,225 6,868
6,225 6,868 7,072
12. Share capital and share premium
During the period, the company has issued 4,665,000
ordinary shares with a nominal value of £233,250 (2024: £1,488,564) for an
aggregate consideration of £933,000 net of issue costs (2024 -£3,649,000)
Number of Ordinary shares Share Capital Share Premium Total
£'000
£'000
£'000
At 31 March 2025 134,164,292 6,708 11,305 18,013
Issue of ordinary shares during the period 4,665,000 233 700 933
At 30 Sept 2025 138,829,292 6,941 12,005 18,946
13. 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 138,829,292 ordinary shares at 30 September 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.
30 September 30September 31 March
2025 2024 2025
Loss for the period attributable to equity holders (£'000) (3,897) (2,444) (6,165)
Weighted average number of shares in issue 135,912,803 109,307,916 114,125,123
Basic and diluted loss per share (pence) (2.87) (2.24) (5.40)
APPENDIX: Glossary of Terms
Annualised Recurring Revenue (ARR)
The annualised value of recurring revenue from active devices at the period
end.
Contracted Annualised Recurring Revenue (C-ARR)
ARR plus annualised recurring revenue from contracted but not-yet-activated
devices expected to go live within 18 months (70% activation assumption).
Customer Acquisition Costs (CAC)
Fully loaded cost of acquiring a new activated LeakBot customer.
This includes shipping and device costs for both activated and unactivated
devices.
Average Customer Lifetime (ACL)
The expected duration a customer remains active and billable, typically
expressed in years and derived from observed churn rates (ACL = (1/Monthly
Churn%)x12)
Lifetime Value of Customer (LTV)
The total net economic value (gross margin) generated by a customer over their
expected lifetime, after direct servicing and support costs (LTV=Annual Gross
Margin x ACL)
LTV:CAC Ratio
A measure of value created per customer by comparing Lifetime Value to
Customer Acquisition Cost; a ratio above 3:1 is considered strong.
Net Promoter Score (NPS)
A measure of customer advocacy based on the share of promoters minus
detractors, indicating overall customer loyalty.
Customer Satisfaction (CSAT)
A score reflecting customers' satisfaction with their service experience,
typically measured through post-job surveys scored out of 5.
Carrier Return on Investment (ROI)
The reduction in water-damage claim costs attributable to LeakBot, expressed
as a return relative to the carrier's programme funding.
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