ULS Technology boasts increased revenue, profits and dividend at half-year stage

ULS Technology augmented its market share, resulting in increased revenues, profits and dividend payments during the six months to 30 September 2017, it announced on Tuesday.

During that period, the provider of online B2B platforms for the UK conveyancing and financial intermediary markets boasted a 56% increase in revenues to £15.28m, as organic sales grew 22% driving a 44% jump in underlying operating profits to £2.81m.

Similarly, ULS's interim dividend of 1.15p per share increased 5% on the same period one year before, as the company signed a number of new customer contracts, most notably with mortgage lenders, and continued expanding its market share of housing transactions - organically and within the acquired CAL business.

Ben Thompson, chief executive of ULS Technology plc, commented: "This has been a strong first half for ULS. Once again, we have increased our market share and financial results against the backdrop of a housing market that has become quiet, relative to longer term averages.

"We have had successes across all relevant market segments, including with intermediaries, through self-serve channels and through achieving new growth in estate agency related conveyancing. Most notably, we are winning new conveyancing work from mortgage lenders - and now work for eight lenders (vs. four lenders two years ago) and continue to target further new growth over the coming months and years.

"Another standout performance over the last six months has been how quickly CAL has settled into ULS and specifically how well they have worked with us post-acquisition and performed so strongly in their estate agent and mortgage broker markets.

"I remain excited about the Group's prospects and our ability to continue to increase our conveyancing market share, growing our client base by providing outstanding choice and service. The quality of our products and customer base signify the strength of our operations and reflect our continued efforts to deliver value for shareholders."