LONDON (Alliance News) - ULS Technology PLC on Wednesday said it expects to meet market expectations for its 2015 financial year, with revenue higher despite tougher conditions in its markets.
The company, which provides business-to-business platforms for the UK conveyancing and financial intermediary markets, said it expects its results for the year to the end of March to be in line with market forecasts. Revenue for the year is expected to be GBP16.1 million and its underlying pretax profit is expected to be around GBP2.9 million. ULS floated in London in July last year.
ULS said it expects underlying profit to rise in spite of a deterioration in conditions in the UK housing market in the second half of the year, particularly as regards a fall in transaction volumes and secured lending.
The company said it has started the new year well, though it expects the housing market to be broadly flat over the year. It also expects to launch its estate-agency comparison product in the first half of the new financial year, in line with its expectations.
Shares in ULS were untraded Wednesday, having last traded at 53.75 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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