ULS Technology forecasts smaller-than-expected loss

Wed, 27th Oct 2021

Conveyancing platform ULS Technology said it expected to provide smaller-than-expected losses for the first half amid a bounce back in sales. Revenue from continuing operations for the six months through September was seen rising by around 45% to £10.2 million, the company said in a trading update. Underlying pre-tax losses were expected to be about £1.5 million, as the company 'accelerated its investment phase.' Net cash remained 'high', it added, at about £23.0 million as at 30 September, with no debt. 'Demand for housing remains high and the market shows no sign of slowing particularly as interest rates remain low and employment levels high,' ULS said of its outlook. 'Remortgage volumes are also on the rise as a lot of people are coming to the end of their fixed rate deals.' Story provided by StockMarketWire.com

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