ULS Technology PLC - Thame, Oxfordshire-based online platforms for conveyancing and financial intermediary markets, including DigitalMove - Expects financial results for the year ended March 31 to beat management expectations following strong second half.
Due to second half revenue reaching GBP10.6 million, total revenue for the year is set to be GBP16.9 million, down from GBP20.7 million the year before. Due to the lower revenue and investment in DigitalMove, ULS expects to make an underlying pretax loss of GBP800,000, swinging from a profit of GBP2.4 million.
Looking ahead, ULS believes that its flagship eConveyancer product can continue on the momentum seen in the last quarter of the past financial year, and will look to develop its business by securing new routes to market.
"We have significant cash funds and we intend to invest them efficiently in rapidly building solutions for the housing market and legal conveyancing community, improving the home moving experience, unlocking efficiencies and revenue earning opportunities across the process," said Chief Executive Jesper With-Fogstrup.
Current stock price: 94.13 pence
Year-to-date change: up 17%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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