ULS Technology's revenue slips as Brexit uncertainty hampers housing market

ULS Technology's shares dropped on Wednesday as its revenue and underlying profits fell on the back of Brexit uncertainty that kept housing transactions and prices under pressure.

The company, which provides online technology platforms for the UK conveyancing and financial intermediary markets, achieved an underlying profit before tax of £5.4m for the year ended 31 March, down from £5.5m the year before.

Revenue edged 2% lower to £30.0m after ULS said it encountered "significant turbulence" in the market over the past year.

Total profit before tax, which included exceptional expenses, increased by 50% to £4.1m and the AIM traded company declared a final dividend of 1.20p per share, taking the total dividend up from 2.30p to 2.40p.

Steve Goodall, chief executive of ULS, said: "We have a proven profitable model, which once again delivered in difficult markets and, as such, are pleased with our performance during the period. Whilst we are conscious of the challenges in the wider housing market, we remain focused on further growing our routes to market and number of individual brokers actively using our systems."

For the current year, ULS remains hopeful that a Brexit outcome will be clear, adding that it is well positioned when the market picks up due to its cash generative position and an "enviable distribution network of introducers".

ULS Technology's shares were down 6.37% at 75.00p at 1133 BST.