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ULS to beat market expectations

Profits will be larger than expected despite a benign housing market
April 27, 2018

Shares in ULS Technology (ULS) rose by over 2 per cent after the online conveyancing platform specialist revealed that profits for the year to 31 March 2018 will be ahead of market expectations. Turnover is expected to have risen by more than a third and pre-tax profits by a quarter. Full-year results are due for release on 27 June.

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The improvement came despite a benign residential market where transactional volume continues to flatline. The group’s platform is used to provide prospective home buyers with a competitive choice principally on conveyancing, and gets a commission from companies that receive business through referrals.

Buying Conveyancing Alliance in December 2016 has also allowed it greater access to estate agents and smaller mortgage intermediaries. The object here is to sign up more intermediaries using its platform while at the same time widening its product offering.