eConveyancer owner ULS announce 31% increase in profits for 2015/16
The owner of comparison site eConveyancer ULS Technology has announced pre-tax profits of £3.8 million, up 31% on the last tax year.
ULS who also own a multitude of other comparison sites and legal services including Legal Eye, CompareProbate.co.uk and convey4us.co.uk, announced revenues also increased by 28% in the tax year ending March 2016, exceeding market expectations at £20.6 million.
ULS say their recently completed investment in HomeOwners Alliance will deliver incremental growth in conveyancing volumes contracted directly with customers via the Company’s eConveyancer platform.
The also believe HomeOwners Alliance will also become the platform through which the Group will promote its Estate Agency comparison service, Estateagent4me.
Ben Thompson, Chief Executive of ULS Technology plc, said: “This year has been very positive for ULS. We have delivered a strong set of results in a relatively static market. This excellent performance reflects our central strategy of growth through increased conveyancing volumes. Over the last year we have deliberately invested in strengthening the business in order to enable us to continue to grow in this area and to maintain our successful track record of technology innovation.
“While our core conveyancing business has grown at an impressive rate, Legal Eye has also delivered better than expected results. In addition, we have also had recent success in providing new services to some of our key relationships – for example, our recent Will Writing launches with a leading property group and large mortgage network.
“Our investment in HomeOwners Alliance is exciting, as this gives us an opportunity to provide our conveyancing service directly to customers and we expect this to be a new growth channel for the Group.
“We very much look forward to the coming year and plan to grow the Group further organically and, where appropriate, through further acquisitions.”