ONDO reported its first interims to August since listing in March at 12p having raised over £3m to develop its claims prevention technology for home insurers. Comparison with its former self as part of the larger HomeServe are awkward, although the 55% headline increase in revenue to £1m suggests progress. The shares are unchanged at 7.5p with a MKt Cap of £5m although due buyout from Homeserve there is £6.5m of ‘sweetheart’ debt that can be converted but gives an Enterprise Value of £9.6m as net cash is £1.9m.
Ondo owns LeakBot, which can detect a water leak anywhere in a house ...
