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ULS Technology upgrades guidance as sales recover
StockMarketWire.com
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Conveyancing services group ULS Technology upgraded its guidance, forecasting a shallower-than-feared underlying loss thanks to a recovery in sales.
Underlying pre-tax losses for the year through March were now seen at around £0.8 million, compared to a year-on-year profit of £2.4 million.
Revenue in the second half was £10.6 million, up from £6.3 million in the first, bringing full-year revenue to £16.9 million, down from £20.7 million year-on-year.
Bottom-line profit was expected to be much higher, thanks to the £27 million sale of the company's Conveyancing Alliance unit in November.
'The board expects financial results for the period will exceed management's expectations,' ULS Technology said.
'The second half of the period was strong as the housing market materially improved following the easing of lockdown restrictions and there was a significant recovery in volumes from our broker channel following management focus on this area.'
At 9:51am: (LON:ULS) ULS Technology Plc share price was 0p at 57.5p
Story provided by StockMarketWire.com
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