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ULS Technology profit falls as pandemic hits property market
StockMarketWire.com
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Conveyancing platform provider ULS Technology reported a fall in first-half profit but said it expected sales to improve in the coming months.
Pre-tax profit for the six months through September decreased to £0.07 million, down from £2.37 million year-on-year, as revenue slumped 31% to £10.0 million.
ULS Technology did not declare an interim dividend.
Chief executive Martin Rowland said the company was pleased with its performance, given that the housing market had virtually came to a standstill in the first two months of the period.
'While the market has since come bouncing back to life with the number of instructions above pre-Covid levels, the lag between instruction and completion means that this will benefit the second half rather than the first, he said.
'That said, our ability to make a profit and generate cash in the period against this backdrop, highlights the strength of the company's model and relationships.'
'Importantly, given the volume of instructions, we are now seeing an increasing run-rate of revenue and have good visibility of higher revenues over the coming months.'
At 9:03am: (LON:ULS) ULS Technology Plc share price was 0p at 57.5p
Story provided by StockMarketWire.com
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