’We expect the out turn for the year to be in line with market expectations,’ says chief executive
Ondo Insurtech has been steadily increasing its deployments of LeakBot with water companies in the UK, according to a trading update.
LeakBot is Ondo’s escape of water (EoW) claims mitigation solution that uses internet of things (IoT) technology.
The insurtech revealed that the largest deal so far was with South-West Water, with it ordering 6,000 LeakBots back in February.
To date, 1,800 units have been deployed and South-West Water’s initial order is expected to be complete before the end of May 2024.
Craig Foster, chief executive of Ondo, said: “We are pleased to update the market that we expect the out turn for the year to be in line with market expectations.”
Results
Meanwhile, the insurtech also revealed that it will announce its results for the year to 31 March 2024 in July 2024.
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It said the results were 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 (£400,000),” the insurtech said.
”A further account receivable of £0.4m due for 31 March was received on 2 April.”
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