ULS.L Share News (ULS)

LONDON (Alliance News) - AIM-listed ULS Technology PLC said Tuesday it expects increased activity in the second half of the year, after reporting an increase in profit but flat revenue in the first half of its financial year.

ULS, which provides online business-to-business platforms for the UK conveyancing market, reported pretax profit of GBP1.7 million for the six months to September 30, increased from GBP1.5 million in the prior financial year.

Revenue for the company was broadly flat year-on-year at GBP9.8 million.

ULS declared an interim dividend of 1.10 pence per share, increased by 5% from the same period the year before.

The company said the results improved on its key financial metrics despite a slowdown in the property market due to the UK government's changes to taxation on buy-to-let properties and the UK's vote to leave the European Union.

"Market conditions have improved after the initial referendum shock, and although much remains unknown about the wider economic environment, the board is expecting a more normal level of activity in the second half of the year," said Ben Thompson, chief executive officer.

"The company will continue to target market share growth, both via new relationships and securing increased work from existing customers. The board remains excited about the company's future and expects it to meet the board's expectations for the full year," added Thompson.

Shares in ULS were down 0.2% at 78.60 pence Tuesday.

By Adam Clark; adamclark@alliancenews.com

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