5th Nov 2019 13:48
(Alliance News) - ULS Technology PLC on Tuesday said it is focusing on the roll-out of DigitalMove following a drop in revenue for the first half of financial 2020.
The housing market comparison software services provider said it has continued to trade "robustly" in a "difficult" housing market, with pretax profit for the six months to the end of September in line with expectations.
During the period, ULS said it has concentrated on higher margin segments of the market and has continued to invest in its key products, which it expects to allow growth to accelerate over time.
For the first half, the company said its underlying pretax profit was flat year-on-year at GBP2.8 million, with revenue, as expected, down 9% from last year's GBP15.8 million.
ULS noted, however, that it continues to generate strong cash flow which enables the payment of a progressive dividend for the first half.
Looking ahead, the company said it remains focused on developing high margin routes to market with the continued roll out of its new flagship product, DigitalMove.
"The group has a strong distribution network, is highly operationally geared and remains well placed to generate significant returns as the market improves," ULS said.
The AIM-listed firm is scheduled to report its first half on December 3.
ULS Technology shares were trading 1.4% lower in London on Tuesday at 50.49 pence each.
By Evelina Grecenko; [email protected]
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