Business
Results for Year ended 31 March 2024
Results for Year ended 31 March 2024.
About this update from Ondo Insur Tech Plc
[{"type":"text","content":"\n\n29 July 2024\nOndo InsurTech Plc\n(\"Ondo\" or the \"Company\")\n \nResults for Year ended 31 March 2024\n \nOndo InsurTech Plc (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce its audited results for the year ended 31 March 2024. \n \nFinancial Highlights\n· Sales revenue +29% to £2.7 million (12 months ending 31 March 2023: £2.1 million)\n· Recurring revenue from Software and Services +41% to £1.4m (12 months ending 31 March 2023: £1.0 million) with an annualised run rate at March 2024 of £1.7m\n· Device and set-up fee revenue +18% to £1.3m (12 months ending 31 March 2023: £1.1 million)\n· Reported operating loss of £3.2m (18 months ending 31 March 2023: loss £5.9 million)\n· Loss before tax £3.0 million (18 months ending 31 March 2023: £6.2 million)\n· Raised £1.0m through a placing in November 2023 to support deployment pipeline.\n \nOperational Highlights\n· Total registered customers on platform +37% to 95,468 (31 March 2023: 69,793)\n· LeakBot launched with new partners in four new US states - Ohio, New York, New Jersey and Washington\n· New roll-out deals signed with four US insurance groups: Nationwide, Pure, Mutual of Enumclaw, and Selective\n· New US devices account for 3% of registered users and 12% of exit rate recurring revenue at March 2024\n· Net Promotor Score measured across territories: +63 NPS (US) vs +91 NPS (UK) and +77 NPS (Nordics)\n· New follow-on orders signed in Nordics with Top Danmark and LB Forsikring\n· Addressable Households under contract increased by 2.2x to 5.2m with 2% penetration at 31 March 2024 (31 March 2023: 2.4m with 3% penetration).\n \nPost Period Events\n· Länsförsäkringar announces that LeakBot has delivered a 40% reduction in damage claims costs in Sweden.\n· Nationwide and Pure, after successful launches in Ohio and New York, respectively, each expande...