ULS Technology reports half year results

Ryan Fowler

December 3, 2019

Some 6% more brokers are now using ULS Technology platforms than there were six months ago, the B2B platform firm has said. 

This takes the number of brokers actively using its platforms to 3,231.

During the six months to 30 September 2019 the company continued to generate profits and remained cash generative whilst further developing its DigitalMove platform and positioning the business to scale up as and when market conditions improve.

Steve Goodall, chief executive of ULS Technology, said: “We are pleased with our performance in the first half of the year in a difficult market.

“Over the past 12 months, and in line with the company’s growth strategy, our customer base has evolved towards higher margin introducers.

“As such the loss of certain high-volume low-margin accounts has been partially offset by winning, retaining and growing more medium-sized accounts which are already delivering results and will help drive near-term growth.

“Looking further ahead, we expect to generate significant growth opportunities via DigitalMove and are delighted by the early progress and potentially transformational nature of this product

“It has been designed to benefit existing and new customers and to open up new high margin revenue streams for the Company.

“DigitalMove is currently already available for sale, purchase and remortgage transactions through ‘eConveyancer’ and is available to a wide range of our introducers.

“Initial feedback has been extremely positive and early statistics point to significant reductions in time in the conveyancing process.

“We are now entering the next phase where DigitalMove is due to be made available to conveyancing transactions generated outside of ‘eConveyancer’ with the potential for all conveyancers in the country to use it.

“We believe that this is the right time to increase the rate at which we are investing in this product and to accelerate its development and rollout. While this will initially impact profitability, we are targeting doubling profitability within three years of the investment.”

Sign up to our daily email