Ondo reports revenue increase and continued UK growth

Ondo Insurtech’s revenue increased by 29% to reach £2.7m for the year ended 31 March 2024.

This figure was up from £2.1m the previous year, according to its latest financial results.

Recurring revenue from software and services also increased by 41% to £1.4m, up from £1m the previous year. Device and revenue set up also increased by 18% to £1.3m, up from £1.1m.

Losses before tax saw positive movement too, falling to £3m from £6.2m in the previous year.

Gregory Mark Wood, non-executive chairman at Ondo, said: “To support its growth in the UK and internationally, Ondo continues to develop its technology, operational and marketing infrastructure.”

Ondo’s primary product is LeakBot, an escape of water claims mitigation device that can be attached to plumbing and uses internet of things (IoT) technology to notify policyholders of leaks in their properties. 

Mark Wood added: ”The LeakBot solution has attracted interested from UK utility companies as they seek to reduce water leaks. As part of the ongoing development of the water utility opportunities, Ondo has been working with several water companies to expand the deployment of the LeakBot solution.”

The insurtech’s results follow its announcement of it increasing LeakBot deployments in the UK back in April this year.

Personal lines insurer Ageas also signed a contract to pilot LeakBot devices in the UK during June 2024.

Outlook

As part of its results, Ondo announced that registered customers in the UK – one of its core markets – increased by 17% year-on-year to reach more than 80,000. 

Other core markets for the firm include Denmark, Sweden and the US.

Craig Foster, chief executive officer at Ondo, explained: “Our focus in [financial year 2025] remains top line growth, driving towards cash flow break even by the end of the financial year.

”Already in [this period], our registered customers have grown 15% in the first three months and we shipped more devices in those three months than we did in the entire second half of [financial year 2024].”

Foster added that a number of “industry-wide trends” were helping Ondo to grow, including claims inflation, which has increased the attractiveness of claims mitigation technology.

He said: ”I believe we are on our way to a world where this is a standard in every home and we look forward to playing an important role in making this future a reality.”