Conveyancing platform provider ULS Technology (ULS:AIM) gains 8.8% to 106.9p as it guides for results for the year to 31 March to beat expectations.

Revenue is expected to come in 8% higher year-on-year at £22.3m and adjusted pre-tax profit up 15% to £4.4m. The company is also very positive about the outlook with an order book ahead of the same point in 2016.

ULSIts eConveyancer business-to-business platform is used by banks, building societies, mortgage brokers and estate agents to support the process of identifying and selecting solicitors to handle the legal aspects of a property transaction.

LEADING PLATFORM

The system is able to filter by price, location, service rating, solicitor’s availability as well as the user’s requirements, and then instructs the selected solicitor directly.

The solicitor pays a fee to ULS on completion and can generate additional revenues for the business by using the platform to perform legal searches and ID checks.

The group says it will continue its strategy of expanding its conveyancing market share to become the largest handler of conveyancing services in the UK. It also notes the acquisition of Conveyancing Alliance Holdings at the turn of the year provides access to the estate agency sector.

Full year results are set to be announced in full on 27 June. Chief executive Ben Thompson says: ‘We look forward to the coming financial year and expect both continued organic growth and to seek further attractive complementary acquisitions.’

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Issue Date: 26 Apr 2017