REG - Ondo InsurTech PLC - Trading Update

Ondo InsurTechAnnouncement

16/04/2024 07:00

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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 (http://www.ondoplc.com/)
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)       Nick Chambers

                                    Charlie Hall
 Cassiopeia Services Ltd            Stefania Barbaglio      +44 (0) 7949 690338

 (PR & Investor Relations)

 

 

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 (http://www.ondoplc.com/)

 

 

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