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ULS Technology reports ‘strong first half’

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  • 28/11/2017
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ULS Technology reports ‘strong first half’
The online B2B conveyancing and financial platform provider has released its half yearly report for the six months to 30 September, which saw gains in market share driving increases in revenue, profits and dividends.

The company revealed revenues growth of 56% to £15.28m, against the £9.78m in H1 2017.

Whilst underlying operating profit – calculated as the figure before acquisition intangibles, amortisation and exceptional costs – increased by 44% to 2.81m, against H1 2017’s £1.95m.

Exceptional costs of £1.87m were highlighted owing primarily to an upgrade in the estimated earn-out payable for the acquisition of Conveyancing Alliance Limited (CAL).

The report also noted net debt and equivalents of £2.3m as at 30 September 2017.

Adjusted Earnings Per Share (EPS) grew by 45% to 3.48p, compared to 2.40p in H1 2017. While the interim dividend stood at 1.15p, growing 5% from the same period last year.

Commenting on the report, ULS Technology chief executive Ben Thompson said: “This has been a strong first half for ULS. Once again, we have increased our market share and financial results against the backdrop of a housing market that has become quiet, relative to longer term averages.

In addition to organic growth, ULS attributed the continued expansion of market share in housing transactions to the CAL acquisition.

In December 2016, ULS acquired CAL for an initial cash consideration of £7.2m and an earn-out until 31 March 2019.

“[A] standout performance over the last six months has been how quickly CAL has settled into ULS and specifically how well they have worked with us post-acquisition and performed so strongly in their estate agent and mortgage broker markets,” said Thompson.

“We have had successes across all relevant market segments, including with intermediaries, through self-serve channels and through achieving new growth in estate agency related conveyancing,” he continued.

Thompson added: “Most notably, we are winning new conveyancing work from mortgage lenders – and now work for eight lenders (vs. four lenders two years ago) and continue to target further new growth over the coming months and years.”

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