(Alliance News) - ULS Technology PLC on Wednesday reported more than 50% annual profit growth, though revenue has declined.
ULS, which provides platforms for the UK conveyancing and financial intermediary businesses, posted a pretax profit of GBP4.1 million for the 12 months to March 31, up 52% on the year prior.
However, the adjusted figure fell 1.8% to GBP5.4 million, with revenue declined 2.0% to GBP30.0 million.
ULS is paying a final dividend of 1.20 pence a share, taking the year's total to 2.40p, up from 2.30p the year before.
"Although there has been significant turbulence in our market over the past year, we continued to maintain profit levels while at the same time investing for future growth," said Non-Executive Chair Geoff Wicks.
"We are confident the market will improve once the political situation has stabilised and we will be well placed to drive growth with our new platform."
Looking ahead, ULS believes the housing market will remain "fairly flat" over the near future, until at least the outcome of Brexit becomes clear.
"However, the group is in a strong, profitable and cash generative position, with an enviable distribution network of introducers, and is therefore well positioned for when the market picks up," added Wicks.
Shares were down 6.4% on Wednesday morning at a price of 75 pence each.
