Ondo InsurTech PLC (LSE:ONDO) reported a 24% year-on-year increase in revenue to £1.2 million for the six months ending 30 September 2023, buoyed by a 50% increase in recurring revenue from the group’s software and services segment.
Ondo InsurTech booked an operating loss of £1.6 million in the first half, which is an improvement from the £2.1 million loss reported in 2022. However, the adjusted loss before tax was £1.9 million, slightly higher than the £1.5 million in the previous year.
During the period, Ondo InsurTech undertook significant financial restructuring, notably with its largest shareholder HomeServe Assistance’s five-year loan notes, resulting in a non-recurring gain of £0.9 million.
Additionally, the company successfully raised £800,000 through an oversubscribed placing and subscription in May 2023, aimed at supporting the expanding deployment of its LeakBot system.
On the operational front, Ondo InsurTech shipped or sold 18,927 LeakBot units during the period, a 61% increase compared to the same period last year.
The total number of registered customers on its platform reached approximately 84,000 by the end of the period, marking 77% growth from the previous year's 47,000.
The company's expansion in the US is particularly noteworthy, with new deals signed for the rollout of LeakBot in Washington state with Mutual of Enumclaw and in New York state with Pure Insurance.
Ondo InsurTech also announced a post-period deal with Nationwide, a top-10 homeowner insurer and a Fortune 100 company in the US.
The company's addressable households under contract have surged to 2.5 million, with a 3% penetration as of 30 September, a substantial increase from the 500,000 households with a 10% penetration in 2022.
“Looking ahead, a key focus for 2024 will be on maintaining excellence of execution across territories to prove to our valued partners that we can scale as required," stated chief executive Craig Foster.