- Ondo InsurTech PLC on Monday said that the need for its product was growing as it announced a halved half-year loss as revenue increased faster than costs.

The London-based claims prevention technology firm for home insurers said in the six months to September 30, pretax loss narrowed to £1.0 million from £2.2 million a year prior.

Revenue climbed 24% to £1.2 million from £959,000. Administrative expenses increased 14% to £1.9 million from £1.7 million.

Meanwhile, the company reported a gain on loan note liability derecognition of £877,000 in the just posted half-year, compared to no such gain a year prior.

Looking ahead, Ondo InsurTech said: ‘The need for our product is growing, with inflated claims costs for insurers, and increased pressure on water resources driven by climate change and population growth. Ondo’s partnerships are increasingly shifting from small pilots to larger more strategic initiatives that are core to our partners’ long term strategies, and the size of our partners is increasing.’

Chief Executive Officer Craig Foster said: ‘The market is looking for a solution for water damage claims, and because of our proprietary technology and unique value proposition we have the answer for this $16 billion problem. Now we need to both execute well on the signed deals and drive the sales machine to capitalise on this momentum.’

Ondo InsurTech shares fell 6.8% to 28.16 pence each on Monday afternoon in London.

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