eConveyancer lists on the stock exchange
United Legal Services also known as eConveyancer, listed on to the stock exchange on Monday.
ULS, established in 2003, launched the eConveyancer platform in 2004 to provide a web based comparison service for its customers purchasing conveyancing.
Over the years, the company has formed relationships with nationwide intermediaries including Lloyds — which is estimated to account for 65% of the groups’ gross profit, Legal and General and Yorkshire Building Society.
With a successful track record of revenue and profit growth, between 2011 and 2014, the group grew revenue by 52%, increasing from over £4 million in 2011, to over £16 million in 2014. eConveyancer estimates that approximately 82% of its growth is influenced by increased market share and 18% by a recovery in the conveyancing market.
The eConveyancer comparison product contributed to 70% of the group’s total revenue in 2014 with the remaining 30% of revenue comprised of ULS’s other services; eConveyancer Searches, ID Checks and Lease Extensions.
eCon enables customers to obtain conveyancing quotations from solicitors and presents the customer with a range of available firms, determined by distance, fee’s and satisfaction ratings — parameters which can be set by the customer.
With the UK residential conveyancing market generating over 850,000 conveyancing transactions each year, eConveyancer itself handled on average over 5,700 transactions per month in 2014, up approximately 50% from the 3,800 monthly transactions seen in 2013.
eConveyancer was one of the first providers of online comparison services directly available to residential conveyancers and believes that this secured important relationships with distributors; with over 7,500 individual mortgage brokers using the service and solicitors, with a current client pool of 150 firms.
Despite distributors being the main customer base for eConveyancer, the company are keen to increase the presence of soliciting firms on their website as they describe it as ‘an attractive proposition’ due to its ability of enabling solicitors to ‘connect with a large pool of potential clients via intermediaries, increasing work flow at a low cost of acquisition.’ The Group also believes that the platform ‘helps solicitor firms with low brand recognition by raising their profile and helping them attract new business.’