StockMarketWire.com - Conveyancing platform provider ULS Technology swung to a full-year loss after the pandemic weighed on sales.

Pre-tax losses for the year through March amounted to £2.4 million, compared to a year-on-year profit of £2.1 million. Revenue fell 18% to £16.9 million.

ULS Technology did not declare any dividends.

'While the beginning of the period was dominated by the effective shutdown of the housing market caused by the Covid-19 pandemic, we have since benefited from a rapid pick up - especially during the second half as lockdown restrictions eased,' chief executive Jesper With-Fogstrup said.

'We are well placed to build on the continuing momentum coming out of the second half of last year and we expect to benefit from increasing demand and growing number of completions as the current year progresses.'

'We believe that by further growing routes to market for eConveyancer as well as developing our product suite with substantial investment in DigitalMove, there is significant opportunity to enhance the home moving process and drive scale.'

'This is a pivotal period for the business as we look to invest in our proposition and generate strong returns for shareholders.'


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