LONDON (Alliance News) - ULS Technology PLC shares dropped heavily in early trade on Friday after the company said its full-year operating profit will still be below expectations, despite an improvement year-on-year, as it said it expects its first half to be in line.
ULS said improved margins should mean the impact of market conditions on its results is less pronounced, but said underlying profit for the year is still expected to fall below expectations, despite year-on-year growth.
The UK conveyancing and financial intermediary online platform provider said it has been hit by the impact of the UK'sMortgage Market Review and lower in-take volumes from key partners.
For the first half to September 30, the group said it expects to meet its forecasts. It said it expects underlying operating profit to be around GBP1.4 million, up 31%, with revenue rising 12% to around GBP8.2 million for the period.
Nigel Hoath, chief executive of ULS, said he retains a positive outlook on the medium-term prospects for the group and noted it will launch its estate agency comparator product in the first half of 2015.
ULS shares were down 27% to 33.35 pence in early trade Friday, making it the worst performer in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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