This represents a significant improvement compared to the £67.5 million loss reported in the previous year.

Revenue for the period reached £29.6 million, a 16% decrease from the previous year. Written premiums also declined, falling from £257 million to £241 million. The UK market remained the company’s primary source of revenue, contributing 76% to the overall total.

ManyPets has undergone a period of significant restructuring, including exiting the US and Swedish markets in 2023. The company currently employs approximately 600 people.

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.”