Harvest Technology Plc

Earnings Release • Oct 31, 2014

National Storage Mechanism | Additional information

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RNS Number : 7791V

ULS Technology PLC

31 October 2014

ULS Technology plc

(The "Group")

Trading Update and Notice of Results

ULS Technology plc (AIM:ULS), the provider of online B2B platforms for the UK conveyancing and financial intermediary markets, announces the following trading update ahead of its Interim Results for the 6 months to 30 September 2014.

The Group expects to report first half results in line with management expectations. Revenue is expected to be approximately £8.2m with underlying operating profit expected to be approximately £1.43m. This first set of interim results since the Company's introduction to AIM represents year-on-year revenue and underlying operating profit growth of 12% and 31% respectively, despite the disruption experienced during the Mortgage Market Review (MMR) and lower in-take volumes from one of our key distribution partners.

Outlook

Whilst headwinds in the market mean revenue for the full year is likely to be similar to last year, the impact on underlying operating profit is expected to be less marked, due to improved margins achieved by the Group.  Therefore, underlying operating profit for the full year is expected to show good growth year-on-year, but nevertheless to be below management's initial expectations.

Looking forward, management believe the outlook for the mortgage market in general is positive and volumes from the key distribution partner mentioned above are beginning to recover.

Notice of Results

The Company expects to release its unaudited interim results on 27 November 2014.

Nigel Hoath, Chief Executive of ULS Technology plc, commented: "I am pleased that we have delivered such a strong increase in half year underlying operating profit and we look forward to a second half where we welcome Ben Thompson as Managing Director who we have confidence will deliver further accounts with new UK lenders." 

"Whilst we have faced the same headwinds that have affected the wider housing market in the first half of the financial year, we believe the medium term outlook remains positive for the Group and I remain excited about the launch of our estate agency comparator product in the first half of 2015."

Enquiries:

ULS Technology plc		Tel: 01844 262392
Peter Opperman, Chairman
Nigel Hoath, CEO
John Williams, Finance Director
Numis Securities Limited (Nomad & Broker)		Tel: 0207 260 1000
Stuart Skinner / Paul Gillam, Corporate Finance
James Serjeant, Corporate Broking
Walbrook PR Limited	ulsgroup@walbrookpr.com or Tel: 020 7933 8780
Paul Cornelius		Mob: 07866 384 707
Helen Cresswell		Mob: 07841 917 679

This information is provided by RNS

The company news service from the London Stock Exchange

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