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ULS Technology makes small first-half profit as revenue drops 31%

Wed, 28th Oct 2020

Conveyancing platform group ULS Technology said it made a small underlying first-half profit, despite its revenue slumping 31%. Underlying pre-tax profit for the six months through September amounted to £0.1 million. ULS Technology said the trading period was highly unusual, with the housing market virtually coming to a halt in April and May but bursting back to life in June. 'While there is a lag between the surge in instructions and those instructions turning in to completions, this gives us good confidence in and visibility of revenues over the coming months,' it said. This number of mortgage advisors using the company's platform had risen 9%, which it said demonstrated growth was being driven not just by the market. 'The housing market is undoubtably buoyant at the moment and instructions are up year-on-year,' ULS Technology said. 'The stamp duty holiday is providing an additional incentive and while this is due to end in March 2021, unless there is a change in government thinking, the impact of Covid-19 is likely to provide a stimulus to the housing market for longer.' 'Predictions are that increased home working will become permanent and we expect this change in working practices, combined with the experience of lockdown, will encourage people to re-evaluate where they want to live.' 'The potential for a recovery in the first time buyer market, where the group is particularly strong but which has remained relatively subdued since the end of lockdown, offers additional growth potential as higher loan-to-value mortgages return to the market. ' At 8:58am: (LON:ULS) ULS Technology Plc share price was +0.2p at 53.9p Story provided by

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