This is the first set of results for the insurtech as a public company after it filed an initial public offering earlier this year 

Ondo Insurtech Plc (Ondo), formerly known as LeakBot, revealed that it had hit £1m in revenue for the first six months of this year. 

Mark Wood_Ondo

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Released this week (14 November 2022), the firm’s H1 financial results showed that this figure was 55% higher than during the same period last year, when revenue stood at £0.6m.

Out of this £1m total revenue, £0.4m was earned through recurring Software as a Service (SaaS) payments, which grew by 59% from £0.2m in the previous year’s H1 results.

The firm’s gross contribution figure for the period grew 188% from £0.2m to reach £0.5m. This showed a gross margin of 49% for H1. 

Meanwhile, £0.6m of Ondo’s turnover came from one-off hardware and set up fees, which grew by 50% across this period.

Craig Foster, Ondo’s chief executive, said: “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.”

The insurtech’s first financial results as a public company follow Ondo becoming the first UK insurtech to file an initial public offering (IPO) in March 2022. 

Claims costs down

Operational highlights for the business included research from Consumer Intelligence finding that LeakBot delivered a 70% reduction in claims costs.

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This finding was taken from a sample of more than 3,000 homeowners across the UK, USA and Denmark in July 2022.

Meanwhile, 15,887 LeakBot units were shipped or sold to insurance firms during H1 in 2022 – this was 2.7 times higher than the same period last year which saw 5,908 units shipped.

The insurtech’s management team was also bolstered with new chief financial officer Kevin Withington and new chief technology officer Chris Jelley.

Overall, total registered customers on Ondo’s platform grew by 43% to 46,000 – this was up from 32,000 in H1 the previous year.

 

 

 

The first set of results for the insurtech as a public company after it filed an IPO earlier in March this year 

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