Ondo InsurTech PLC (LSE:ONDO) reported a jump in first-half revenues as it makes “good progress” towards breaking even.
Revenue in the six months to 31 August 2022 grew 55% to £1mln compared to the same period last year.
As a result, the provider of risk reduction products for the home, including the LeakBot detection system, said it is making “good progress” towards breaking even as a public company.
"We are thrilled to release our first set of results as a public company, showing our investors that we are on plan, doing exactly what we said we would do and are on the way to building the market leading company in claims prevention technology for home insurers,” said chief executive Craig Foster.
The company said £400,000 of the total revenue came from recurring business, representing 59% growth on the corresponding prior-year period.
Ondo ended the period with cash and cash equivalents of roughly £1.87mln, representing 1.7 times growth compared to last year.
The group sold or shipped 15,887 LeakBot units during the first half, 2.7 times higher than last year, with 46,000 total registered customers, up 43% on last year.