TIDMONDO
RNS Number : 7692H
Ondo InsurTech PLC
31 July 2023
31(st) July 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Posting of Notice of Annual General Meeting
Annual Report & Financial Statements for the Period Ended 31
March 2023
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims
prevention technology for home insurers, is pleased to announce
Audited Results for the 18 month period ended 31 March 2023 . The
full set of audited accounts are available on the Company's website
here .
Ondo is also pleased to announce that the Audited Results, a
Notice of its 2023 Annual General Meeting ("AGM") and a Form of
proxy will be posted to shareholders shortly and are available on
the Company's website here .
The AGM will be held at 11.00 a.m. on 25 September 2023 at the
offices of Shakespeare Martineau LLP, 6(th) Floor, 60 Gracechurch
Street, London, EC3V 0HR
Ondo InsurTech Plc acquired LeakBot Limited in March 2022 and
since this acquisition falls outside of the scope of IFRS 3,
Reverse takeover accounting (RTO) has been applied. This therefore
means that the period figures within these annual report and
financial statements for the Group are for the 18 months to 31(st)
March 2023 with the comparatives represent those of LeakBot Limited
only for the year ended 30 September 2021.
Financial Highlights - Audited Period (18 months to 31 March
2023)
-- Revenue of GBP2.4m for 18 months to 31 March 2023 (12 months to 30 September 2021 GBP0.9m)
-- Gross Profit before expenses GBP0.85m for 18 months to 31
March 2023 (12 months to 30 September 2021 GBP0.55m)
-- GBP0.4m of inventory accumulated in anticipation of 2023 partner launches
Post RTO Highlights - 12 months to 31 March 2023
-- 54,206 LeakBot units sales +299% higher vs the same period a
year ago (12 months to 31 March 2022: 13,598)
-- Registered Customers on platform at period end were 69,793
+75% growth (12 months to 31 March 2022: 39,859)
-- Revenue of GBP 2.1m for the 12 months to 31 March 2023, which
is +182% higher than for the same period a year ago (12 months to
31 March 2022: GBP0.7m)
-- GBP1.0m of which was from recurring Software and Services
+536% growth (12 months to 31 March 2022: GBP0.2m) GBP1.1m being
from one-off Hardware and Set-up fees +86% growth (12 months to 31
March 2022: GBP0.6m)
-- Approximately GBP2.1m cash received from customers during the
period, +246% growth vs. the same period a year ago (12 months to
31 March 2022: GBP0.6m)
Post-period Announcements:
-- Länsförsäkringar ("LF") 5 year contract - Sweden's largest
non-life insurer - rollout into 23 group regions and 2 million
customers following pilot in Södermanland test region.
-- Go-to-market partnership with $4bn NASDAQ listed WNS - WNS
offering guaranteed ROI to their Insurance partners for LeakBot
deployments.
-- First Significant US contract with Mutual of Enumclaw to
install 10,000 units in Washington state in 6 months from August
2023.
-- Portsmouth Water - with 320,000 homes in a water-stressed
part of the UK - announce LeakBot pilot results to water industry
showing LeakBot can reduce household leaks by 60%
-- Total of GBP1.3m raised from Share placing (GBP0.8m) and
warrant exercises (GBP0.5m) to 28 July 2023
-- The London Stock Exchange feature Ondo InsurTech Plc as case
study company in their annual Green Economy Mark report
Craig Foster, Ondo CEO , says: "The Management Team and Board
are brimming with confidence about the business's future. This
first audited accounts illustrate fast year-on-year growth in Unit
sales, Registered Customers and Revenues, and yet we have
penetrated only 3% of the addressable households from our already
signed contracts due to recent contract wins. We look forward to
demonstrating more contract wins and further progress in the next
interims to end September 2023."
An Annual Results Snapshot for Investors can be downloaded via
this: Results Snapshot Download
CEO Craig Foster will be providing a live company presentation
and Q&A on Monday, 7 August at 2pm (GMT)
The event will be hosted virtually by the London Stock Exchange
on its Spark Live Platform and open to shareholders, prospective
investors, journalists and financial analysts.
Please register interest here: Investor Presentation
Registration
The presentation will subsequently be available on ONDO's
company page on the London Stock Exchange website:
https://www.londonstockexchange.com/stock/ONDO/ondo-insurtech-plc/company-page
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
Ondo InsurTech Plc Craig Foster, CEO +44 (0) 800 783 9866
SI Capital Ltd Nick Emerson +44 (0) 1483 413500
(Company Broker) Jon Levinson +44 (0) 20 3143 0600
Cassiopeia Services
Ltd
(PR & Investor Relations) Stefania Barbaglio +44 (0) 7949 690338
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END
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(END) Dow Jones Newswires
July 31, 2023 08:53 ET (12:53 GMT)
Ondo Insurtech (LSE:ONDO)
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