ManyPets posts £33 million loss

Pet insurance company ManyPets has released its group financial results for the year ending March 31, 2024.

The company generated £241 million in written premiums during the period, down from £257 million in the prior period. Revenue for the period was £29.6 million, a ~16% decrease compared to the same period last year. 76% of the revenue originated from the UK market.

ManyPets reported a net loss of £33 million, a significant improvement compared to the £67.5 million loss the group reported for the previous year.

The average monthly number of employees at ManyPets was 600 for the period, up from 550 for the previous period.

ManyPets reported £88.6 million of cash and cash equivalents for the period, down from £97.8 million in the prior period.

Last November, we reported that the company exited the US market. In May 2023, ManyPets exited the Swedish market.

A ManyPets spokesperson provided the following comment:

“The Many Group annual report and accounts for 2023/24 cover a transformational period for this group with several big strategic changes to ensure it is a healthy and profitable business in future years. These changes have been successful with significant improvement to losses and a clear path to profitability. Many Group is now in a strong competitive and cash position, following operational transformation to improve efficiency, and its decision to exit the US and Sweden markets – and plans to grow its UK market share next.”