13th Feb 2025 14:29
(Alliance News) - Ondo InsurTech PLC on Thursday said the adoption of its LeakBot solution has "significantly accelerate", driven by successes in the US.
The London-based claim prevention technology firm for home insurers said the number of registered customers was around 135,000 on Feb 12, with a projected increase to around 150,000 by March 31.
This would represent an increase of 57% from 95,468 at the end of March 2024.
LeakBot connects to a home's wireless network and alerts the homeowner via an app if a water leak is detected, offering access to engineers to fix the issue.
The firm said its full-year revenue to the end of March is estimated at between GBP4.5 million to GBP5.0 million, indicating at least 67% growth from the 2024 financial year.
The annualised revenue run-rate is projected to exceed GBP7.5 million in the fourth-quarter, up 88% from GBP4.0 million in the previous year.
Ondo said it is on track to achieve positive earnings before interest, tax, depreciation and amortisation trading in the second half of financial 2026.
The company said it has won a contract with Liberty Mutual Insurance to pilot the device in four US states. It expects the contract to impact financial 2026.
It said the scale-up of US operations "continues to exceed expectations".
Chief Executive Officer Craig Foster said: "Our goal for this financial year was to demonstrate accelerated growth, driven by the US, while transforming our working capital profile. We have delivered exactly that. Simultaneously, we've achieved strong growth in the UK and Denmark, supported by partnerships with NFU Mutual and Alm Brand Group.
"With a strengthened cash position, continued growth momentum, and today's news that we have signed top six personal lines insurer Liberty Mutual to launch into four states we are well-positioned for success in FY 2026 and beyond."
Ondo InsurTech shares were up 5.3% to 40.00 pence in London on Thursday afternoon.
By Michael Hennessey, Alliance News reporter
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