After a staggering year of change, ULS Technology, one of the property industry’s leading providers of online business solutions including eConveyancer, reached the levels predicted for the year ending 31st March 2015.
Where is the online platform giant likely to be heading during the second half of the current financial year?
The estimated revenue was met within the end of year report at £16.1 million, as with the underlying profit before tax which totalled £2.9 million.
Although the company stated almost a year ago (October 2014) they expected there would be a decline in transaction levels within the housing market, their gross profit increase of 15% – up from £5.3 million in 2014 – was an unforeseen yet welcome bonus.
Revenue figures, however, did see a decline from £16.3 million in the previous year, to £16.1 million. Peter Opperman, Chairman of ULS Technology, attributes the fall in revenue to the cooling of the market towards the end of 2014. Opperman states this was likely to be as a result of the implementation of the Mortgage Market Review (MMR), however other underlying factors will also have contributed.
Nigel Hoath, Chief Executive of ULS Technology also included his statement within the report and said the last financial year was significant for the company. This is down to great successes such as the acquisition of Legal Eye, the appointment of Ben Thompson as Managing Director, as well as the long-term contract renewal with Lloyds Banking Group.
The focus had previously been on investment in sales and marketing, which Hoath expresses will continue to be a priority for the company. Despite the market struggling with the lack of housing supply, Hoath states that this focus on acquiring new business should deliver positive and dramatic results.
Opperman continued to say that bringing on Legal Eye has been one of the key strategies in gaining further business. Effective compliance management, Opperman says, is integral within conveyancing for the purpose of business development, as this is what partners and clients are seeking from service providers. Having Legal Eye on board will therefore help to gain additional contracts, according to Opperman.
The 2015/16 financial year is said to be off to a positive start and ULS Technology are confident they will continue to expand their share of the market.