LONDON (Alliance News) - ULS Technology PLC, a provider of online business-to-business platforms for the UK conveyancing and intermediary markets, said on Thursday its 2018 performance will be ahead of market expectations, with double digit increases in profit and revenue.
Adjusted pretax profit for the year to the end of March increased by 25% to GBP5.5 million from GBP4.4 million the year before, on revenue growing by 38% to GBP30.7 million from GBP22.3 million.
ULS Technology said it delivered this performance despite a challenging residential property market, with fewer properties for sales and increased affordability pressure ensuring that the volume of housing transactions remains flat.
The group grew its market share in the period by expanding its relationships with new business partners and generating more business from its existing partners. Conveyancing Alliance Holdings Ltd, acquired by ULS in December 2016 for GBP12.5 million is said to have performed well trading above initial expectations.
ULS said it had started the new financial year with positive momentum due to the winning of new contracts and increased numbers of intermediaries using its platforms.
"We are pleased with this excellent performance and with the first full year's contribution from CAL. It reinforces the validity of our strategy of organic growth together with carefully selected acquisitions. That we have achieved this in difficult markets is a tribute to the quality of our people and platforms," said Chief Executive Steve Goodall.
ULS Technology expects to publish its full year results on June 27.
Shares in ULS Technology were up 1.7% at 152.00 pence on Thursday.
