The firm said the company continues to benefit from a buoyant housing market, with trading in Q1 further reflecting the rapid pick up experienced during the second half of the previous financial year.
ULS Technology, which offers a direct-to-consumer digital conveyancing website, Digital Move, and eConveyancer, the B2B platform, reported a strong month in June just ahead of the stamp duty holiday-end. It reported Q1 revenue and gross margin in line with its board’s expectations at £5.2m and £2.1m respectively.
The company has net cash of over £23m as of 30 June and plans to invest in the DigitalMove platform, which offers secure document transfer and a digital customer experience.
The company is now debt free while cash burn for Q1 was below expectations.
ULS said it is focused on looking through the consumer’s lens to resolve the ‘current friction-filled experience’ whilst keeping all stakeholders aware as the case progresses. To deliver the strategy, the company recently announced a number of new senior hires including Angela Hesketh as director of conveyancing transformation and Simon McCulloch to the newly-created position of chief commercial and growth officer.
On the outlook, ULS said it expects the summer lull to be short-lived ‘with improved conditions in autumn’, reflecting an increase in remortgages as fixed deal periods come to an end and several lenders are now providing sub one per cent products.
It said: “The company is in a strong position to capitalise on this expected increase through its rapid remo product.”
