ONDO Ondo Insurtech Plc

16 April 2024

Ondo InsurTech Plc

("Ondo" or "the Company")

Trading Update

Ondo Insurtech Plc (LSE: ONDO), a leading company in water leak claims prevention technology for home insurers, is pleased to provide the following trading update.

Trading Update

Progress reported for HY 2024 continued into the second half of the year and was in line with management expectations.  As a result, the out turn for the year to 31 March 2024 is expected to be in line with current market forecasts.  The Company continues to manage its cash resources with care and at 31 March 2024 the Company had cash at bank of £0.4m. A further account receivable of £0.4m due for 31 March was received on 2 April.

Expansion in the USA

In the US, where the Company is in the early stages of its rollout, Ondo has successfully launched activity recently with four insurance companies across different US states: Nationwide (in Ohio state), Selective (New Jersey), Mutual of Enumclaw (Washington) and Pure Underwriting (New York).  The Company has seen positive initial results from these partner launches, with an excellent reception from both the insurers and their U.S. customers.  Based on these results and feedback so far management confidence continues to grow regarding both the prospects for multiple more state rollouts with these existing partners, and in the company's ability to launch more partnerships with new insurers through this year.

Europe and UK

In the Nordics, Ondo has announced the extension of its contract with LB Forsikring and continues to launch new activity with partners in Denmark and Sweden, and expects to continue to sign new partnerships in the UK and the Nordics as the year progresses.  In the UK LeakBot has steadily been increasing its deployments with water companies in the UK, with the largest deal so far announced with South-West Water on 26 February 2024. South West Water's initial order was for 6,000 LeakBots.  To date, 1,800 units have been deployed and this initial order is now expected to be completed before end May 2024.

The Company anticipates announcing the results for the year to 31 March 2024 in July 2024.

Craig Foster - CEO - said: "We are pleased to update the market that we expect the out turn for the year to be in line with market expectations.  The recent feedback and results from our US launches are particularly encouraging and underlines the great prospects for the business as our expansion in the US continues to gather momentum."

Enquiries

For further information, please visit www.ondoplc.com  or contact the following: 

About Ondo InsurTech PLC

Ondo InsurTech Plc is a world leading provider of water damage claims prevention technology for home insurers.  Ondo's focus is on the global scale-up of LeakBot - claims prevention technology that prevents water damage claims in houses. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc and holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

For more information, visit www.ondoplc.com