ULS Technology PLC Trading Update and Notice of Results (1301M)
April 26 2018 - 1:00AM
UK Regulatory
TIDMULS
RNS Number : 1301M
ULS Technology PLC
26 April 2018
ULS Technology plc (The "Group")
Trading Update and Notice of Results
Record results, ahead of market expectations
ULS Technology plc (AIM:ULS), the provider of online B2B
platforms for the UK conveyancing and financial intermediary
markets, provides a trading update for the 12 months to 31(st)
March 2018.
Financial Highlights
The Group expects to announce financial results for the 12-month
period ahead of market expectations, with revenue increased by
approximately 38% to GBP30.7million (2017: GBP22.3m) and adjusted
profit before tax* increased by approximately 25% to GBP5.5 million
(2017: GBP4.4 million).
The Group has once again delivered these results in what has
continued to be a challenging residential property market, with
fewer properties for sale and increased affordability pressures
combining to ensure that overall volume of housing transactions
have remained at a relatively flat level.
The Group continues to generate strong cash flow from its
operating activities and the Directors intend, subject to
shareholder approval, to maintain its policy of paying a
progressive dividend for this financial year.
*before exceptional items and amortisation of intangibles
arising on consolidation.
Operational Highlights
Despite the relatively flat market conditions, the Group has
continued to grow market share through both expanding its
relationships with new business partners and deriving more business
from existing partners. The Group has also increased the number of
lenders it works with, winning a number of new contracts.
Conveyancing Alliance Holdings Limited ("CAL"), which was
acquired by ULS in December 2016, continued to perform well,
ensuring that the Group further strengthened its reach within both
Estate Agents and smaller mortgage intermediaries. The Board is
pleased to note that CAL has traded above its initial expectations
over the year and that planned synergies have been realised.
Outlook
Housing transactions in the UK market are expected to remain at
current levels over the coming year. The Group will continue to
focus on increasing its market share of new conveyancing across all
market segments. It has begun the year with positive momentum with
new contracts won and increasing numbers of intermediaries using
its platforms. The Group also continues to invest heavily in
widening its product offering. This has already enabled the Group
to increase the number of lenders it works with and it expects this
investment to enable it to win further contracts in the current
financial year.
Notice of Results
The Company will announce its full year results for the year
ending 31 March 2018 on 27 June 2018 and will hold an analyst
briefing at 09.30am at Walbrook PR's offices on that day. Analysts
wishing to attend the briefing should telephone Walbrook on 020
7933 8780 or email ulsgroup@walbrookpr.com.
Steve Goodall, Chief Executive of ULS Technology plc,
commented:
"We are pleased with this excellent performance and with the
first full year's contribution from CAL. It reinforces the validity
of our strategy of organic growth together with carefully selected
acquisitions. That we have achieved this in difficult markets is a
tribute to the quality of our people and platforms."
Enquiries:
ULS Technology plc Tel: 01844 262392
Geoff Wicks, Non-Executive
Chairman
Steve Goodall, CEO
John Williams, Finance Director
Numis Securities Limited Tel: 0207 260 1000
(Nomad & Broker)
Stuart Skinner / Paul Gillam,
Corporate Advisory
Michael Burke, Corporate
Broking
Walbrook PR Limited ulsgroup@walbrookpr.com or Tel: 020 7933
8780
Paul Cornelius
Nick Rome
Sam Allen
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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