Ondo InsurTech Plc (ONDO.L), Tuesday announced full-year financial results, reporting group revenues of 4.6 million pounds, up 19 percent from 3.9 million pounds in the prior year, primarily driven by continued strong growth in the United States.
Recurring revenue went up to 3.8 million pounds from 2.5 million pounds in the previous year, while Annualised Contracted Recurring Revenue increased to 6.8 million pounds from last year's 5.9 million pounds.
Meanwhile, the company has made some amendments to certain of the terms of the vendor loan notes to resolve the Group's short-term funding needs. Consequently, the Board is actively exploring a range of other financing options, including potentially by way of equity fundraising, and further announcements will be made in due course.
Currently, Ondo's stock is tanking 58.47 percent, to 6.13 pence on the London Stock Exchange.
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