3rd Nov 2015 09:23
LONDON (Alliance News) - ULS Technology PLC Tuesday said profit and revenue beat its expectations in the first half of its financial year, as former Managing Director Ben Thompson replaced Nigel Hoath as the company's chief executive.
The online B2B platform provider for the UK conveyancing and financial intermediary markets said it traded well in the six months ended September 30, resulting in profit and revenue being slightly ahead of the board's expectations. Underlying pretax profit was expected to grow 35% to around GBP1.8 million, while revenue was anticipated to rise 18% to around GBP9.8 million.
ULS said the acquisition of Legal Eye in February contributed to growth.
ULS noted that while market conditions in the first half were fairly buoyant, market activity has decreased since the end of the summer as low numbers of properties listed for sale with estate agents begins to flow through to the group's market.
However, ULS said it has secured a number of new contract wins this year, which it believes will lead to an increase in market share.
ULS added that former Chief Executive Nigel Hoath is moving to a non-executive role on Tuesday, to be replaced by former Managing Director Ben Thompson.
"I am pleased with the progress we have shown to date this year, in market conditions that have been steady. We have secured some important new distribution agreements for conveyancing and have a healthy pipeline of new activity building. I am excited about this business and its prospects and look forward to taking on this new role," Thompson said in a statement.
Shares in ULS were untraded on Tuesday, last quoted at 65.43 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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