ULS Technology release full year results

Jessica Nangle

June 27, 2017

ULS Technology, saw an 8% rise in revenue to £22.3m in the 12 month period to 31 March 2017.

In its full year results, the provider of online technology platforms for the UK conveyancing and financial markets,saw a 9% increase in gross margin to £9.5m and a 4% increase in transactional volumes whilst the market shrank in volume terms by 13%.

The 12 month period also saw new conveyancing contracts won with two mortgage lenders and the appointment of Steve Goodall from Legal and General Surveying Services as non-board managing director of ULS.

Lending up in May but ‘results are flattering’

Ben Thompson, chief executive of ULS Technology, said: “We approach the new financial year in the knowledge that we are successfully increasing our conveyancing market share.

“Our current trading and instruction levels are buoyant and we intend to continue outperforming the market through further enhancing our technology and services that we provide to our business partners and their customers.”

Will Wallis, head of research at Numis Securities, added: “ULS’s finals were largely pre-announced in April, demonstrating good market share growth, so there is limited material news in the numbers.

“However the commentary is very positive, and while we leave forecasts unchanged, we feel that the risks have shifted further to the upside.”

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