ULS Technology PLC Trading Update and Notice of Results (0025V)
31 October 2017 - 6:00PM
UK Regulatory
TIDMULS
RNS Number : 0025V
ULS Technology PLC
31 October 2017
ULS Technology plc
(The "Group" or the "Company")
Trading Update and Notice of Results
Trading ahead of expectations
ULS Technology plc (AIM:ULS), the provider of online B2B
platforms for the UK conveyancing and financial intermediary
markets, is pleased to provide a trading update ahead of its Half
Year Results for the six months to 30 September 2017.
Financial Highlights
The Group has continued to trade well during the first half of
the financial year with revenue and profit before tax ahead of the
Board's expectations for the period.
Revenue for the period is expected to be approximately 56% up on
last year at GBP15.28m (H1 2017: GBP9.78m), with underlying profit
before tax up approximately 42% to GBP2.74m (H1 2017: GBP1.95m).
These increases are partly due to the acquisition of Conveyancing
Alliance Holdings Limited ("CAL") in December 2016 but also due to
organic growth in the remainder of the Group. This growth was
achieved against the backdrop of a housing market where overall
transaction numbers continue to remain markedly below long-term
averages. Cash generation continues to be strong and net debt has
been reduced.
There will be an exceptional charge of approximately GBP1.87m
reported for the first half, which primarily relates to an upgrade
in the estimated earn-out payable for the acquisition of CAL. This
reflects the strong performance of CAL since its acquisition by the
Group.
Outlook
The Group continues to win new contracts and has a healthy
pipeline of new business which the Board believes will enable the
Group to continue its strong performance during the second half of
the current year and increase its conveyancing market share.
Notice of Results
The Company will announce its Half Year Results on 28 November
2017 and will hold an analyst briefing at 9.30am at Walbrook PR's
offices on that day. Analysts wishing to attend the briefing should
telephone Walbrook on 020 7933 8780 or email
ulsgroup@walbrookpr.com
Ben Thompson, Chief Executive of ULS Technology plc,
commented:
"I have been very pleased with how the business has performed
over this reporting period. We have continued to execute our
strategy of increasing our market share in conveyancing. Although
we have had success in pretty much all our market segments over the
period, it is especially pleasing that we are gathering good
momentum with mortgage lenders, a market segment that we are
focused on achieving further success in."
Enquiries:
ULS Technology plc Tel: 01844 262392
Ben Thompson, CEO
John Williams, Finance Director
Numis Securities Limited Tel: 0207 260 1000
(Nomad & Broker)
Stuart Skinner / Paul Gillam,
Corporate Advisory
Michael Burke, Corporate
Broking
Walbrook PR Limited ulsgroup@walbrookpr.com or Tel: 020 7933
8780
Paul Cornelius
Helen Cresswell
Nick Rome
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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