18th Apr 2016 07:17
LONDON (Alliance News) - ULS Technology PLC Monday said it expects to beat market expectations for its recently ended financial year, with revenue up around 28% compared to the previous year.
ULS Technology provides online platforms for the UK conveyancing and financial intermediary markets.
For the year to end-March the company expects to report an adjusted pretax profit, stripping out exceptional items and amortisation, of GBP3.8 million, up from GBP2.9 million the year before. This is on a rise in revenue to GBP20.6 million from GBP16.1 million.
ULS said it has continued to see strong growth, boosted by an increasing number of trading relationships with challenger banks and mortgage intermediaries, which has left it with an order book that is "now well ahead" of the same point the year before.
New housing transactions remained relatively flat during the period, ULS said.
It expects strong growth to continue despite a stable outlook for the housing market, as it foresees "significant scope to continue to increase conveyancing market share, in what remains a highly fragmented market."
ULS expects to release its full year results June 28.
Shares in ULS were up 3.6% at 56.22 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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