3 Nov 2015 07:00
ULS Technology plc
(The "Group" or the "Company")
Trading Update, Board Changes and Notice of Results
ULS Technology plc (AIM:ULS), the provider of online B2B platforms for the UK conveyancing and financial intermediary markets, announces the following trading update ahead of its Interim Results for the 6 months to 30 September 2015.
The Group has traded well during the first half of the financial year, with revenue and profit slightly ahead of the Board's expectations. Revenue is expected to be approximately £9.75m with underlying profit before tax of approximately £1.84m. This represents year-on-year revenue and underlying operating profit growth of 18% and 35% respectively. The acquisition of Legal Eye in February this year has contributed to this growth. The Group's underlying operating profit growth (excluding Legal Eye) was 21%, compared to the same period last year.
Market conditions in the first half of the financial year were fairly buoyant, but market activity has decreased since the end of the summer as the low numbers of properties listed for sale with estate agents begins to flow through to the Group's market. The Group has secured a number of new contract wins this year, which the Board believes has secured an increase in market share. The Board believes an increase in interest rates would stimulate re-mortgage volumes and be positive for the Group.
Nigel Hoath is today moving to a non-executive role. Ben Thompson, who has been the Group's Managing Director since November 2014 becomes Chief Executive. Ben has been managing the day to day activities of the business for the last year.
Notice of Results
The Company expects to release its unaudited interim results on 26 November 2015.
Ben Thompson, Chief Executive of ULS Technology plc, commented:
"I am pleased with the progress we have shown to date this year, in market conditions that have been steady. We have secured some important new distribution agreements for conveyancing and have a healthy pipeline of new activity building. I am excited about this business and its prospects and look forward to taking on this new role."
Enquiries:
ULS Technology plc | Tel: 01844 262392 | |
Peter Opperman, Chairman |
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Ben Thompson, CEO |
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John Williams, Finance Director |
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Numis Securities Limited (Nomad & Broker) | Tel: 0207 260 1000 | |
Stuart Skinner / Paul Gillam, Corporate Advisory |
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James Serjeant, Corporate Broking |
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Walbrook PR Limited | ulsgroup@walbrookpr.com or Tel: 020 7933 8780 | |
Paul Cornelius | Mob: 07866 384 707 | |
Helen Cresswell | Mob: 07841 917 679 | |