Ondo InsurTech PLC (LSE:ONDO), a leader in technology for preventing water leak claims for home insurers, said its trading for the year ending March 31 was in line with expectations.
In the update, investors were told the group exited the period with £400,000 in cash and an accounts receivable of the same amount collected shortly after.
Highlighting its international growth, Ondo has made significant strides in the US market with the recent launch of partnerships in four states.
Collaborations with Nationwide in Ohio, Selective in New Jersey, Mutual of Enumclaw in Washington, and Pure Underwriting in New York have been met with positive reception from both the insurers and their customers.
These successful launches are generating confidence within Ondo’s management for potential expansions into more states and the development of additional partnerships throughout the year.
"The recent feedback and results from our US launches are particularly encouraging and underline the great prospects for the business as our expansion in the US continues to gather momentum," said CEO Craig Foster.
In Europe, particularly in the Nordics, Ondo continues to strengthen its presence.
It has extended its contract with LB Forsikring and is advancing new activities in Denmark and Sweden. Further expansion is expected in the UK and Nordic regions as the year progresses.
In the UK, Ondo's LeakBot technology has seen increased deployment through a major deal with South-West Water, which ordered 6,000 units in February. As of now, 1,800 LeakBots have been installed, with completion of this order anticipated by the end of May.