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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Uls Technology Plc | LSE:ULS | London | Ordinary Share | GB00BNG8T458 | ORD 0.4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMULS
RNS Number : 7526P
ULS Technology PLC
22 November 2016
ULS Technology plc
(The "Group" or the "Company")
Half Yearly Report
ULS Technology plc (AIM: ULS), the provider of online B2B platforms for the UK conveyancing and financial intermediary markets, announces its half yearly results for the six months to 30 September 2016.
During the period the Company has further increased its market share, resulting in increased revenue, profits and dividend payments.
Financial Highlights
-- Revenue increased slightly to GBP9.78m (H1 2016: GBP9.76m) -- Underlying Operating Profit(1) increased by 4% to GBP1.95m (H1 2016: GBP1.88m) -- Adjusted EPS(1,2) increased by 5% to 2.40p (H1 2016: 2.28p) -- Net cash and equivalents of GBP3.7m as at 30 September 2016 (FY 2016: GBP2.7m) -- Interim dividend of 1.10p per share, an increase of 5% on the same period last year
1. Before acquisition intangibles, amortisation and exceptional costs relating to the acquisition of Legal-Eye Limited
2. Based on the number of shares in issue at the end of the period
Operating Highlights
-- Increased market share in difficult market conditions
-- Signed a number of new customer contracts, with both financial intermediaries and mortgage lenders
-- Appointment of new Managing Director for Legal Eye
-- Estate agency performance comparison service (estateagent4me) now promoted by HomeOwners Alliance
Ben Thompson, Chief Executive of ULS Technology plc, commented:
"I am pleased that we have made good progress in the first half of the year, especially given the unusual market challenges we faced, firstly due to the changes made to the Buy to Let market and secondly the EU referendum.
"We successfully outperformed our competition in the conveyancing comparison market, growing both our B2B customer base and our direct to consumer channels.
"Market conditions have recovered well after the initial referendum shock, and although much remains unknown about the wider economic environment, we are expecting stronger activity in the second half of the year.
"I am very pleased by our strong performance during the period and remain excited by our growth prospects with an encouraging pipeline of new activity. I am therefore confident that we will continue to grow our existing customer relationships while adding further new channels to market to expand our market share. I remain excited about the Group's future and its scope to continue to grow profitably."
Enquiries:
Hot Features
Premium
ULS Technology plc Tel: 01844 262392
Peter Opperman, Chairman
Ben Thompson, CEO
John Williams, Finance Director
Numis Securities Limited Tel: 0207 260 1000
(Nomad & Broker)
Stuart Skinner / Paul Gillam,
Corporate Advisory
Michael Burke, Corporate
Broking
Walbrook PR Limited ulsgroup@walbrookpr.com or Tel: 020 7933
8780
Paul Cornelius
Helen Cresswell
Paul Whittington
Nick Rome
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.
Chief Executive's Report
This was a successful period for the Company, improving on all its headline financial metrics despite a difficult market backdrop. The UK government's changes to the taxation of buy-to-let properties and landlords' income led to a slow-down in that part of the market at the start of the year, and the EU referendum led to a quiet summer, with transaction volumes reduced significantly.
Given the volatile market environment, the Board is delighted that the Company has outperformed its competitors and secured new relationships that lay the foundations for further growth in market share.
The Company has recently had success in winning new work from mortgage lenders; this is an area that the Company intends to expand further into, by helping lenders reduce their risk exposure and costs, and through tailoring a better all-round experience for their customers.
Legal Eye
Paul Saunders commenced his role as Managing Director of Legal Eye this month and will immediately focus on growing Legal Eye's pipeline of new business opportunities. Paul's strong background and experience will help to further strengthen quality and risk management as a central element of ULS's eConveyancing value proposition.
HomeOwners Alliance
Since investing in HomeOwners Alliance ("HOA") in March 2016, the Company has successfully completed the integration of a tailored version of eConveyancer into HOA's website. The relationship with HOA has opened up the potentially highly lucrative direct-to-customer sales channel for ULS and there is significant scope to build on the strong traction achieved to date.
In addition, Estateagent4me, the first website to rank the performance of all types of estate agencies, has been embedded into the HOA website and HOA will start to promote this more widely throughout the second half of the year.
Strategy
The Company continues to focus on securing new relationships for its core conveyancing comparison service, and growing market share. The Company is committed to retaining and growing its existing relationships, which remain strong. This organic growth strategy is embedded throughout ULS and the Board believes that there is significant upside potential from both existing and pipeline relationships.
The Company's efforts continue to be prioritised around tailoring technology solutions that its existing and prospective business partners require, as well as continually refining its solutions to ensure that its end customers receive the best possible experience when moving home. Conveyancing today still requires a degree of paperwork and manual intervention and the Board is determined to simplify this as much as possible to ensure that customers benefit from a process that they properly understand, and one that ideally can be completed more quickly and painlessly than is the case across the wider sector today.
The Company will continue to consider potential acquisitions that would either directly or indirectly accelerate the Board's growth strategy.
Interim Dividend
The Company is pleased to announce that it will pay an interim dividend of 1.10 pence per share; this is a five per cent increase on the dividend paid for the six months to 30 September 2015. The dividend record date is 2 December 2016 and the dividend is expected to be paid on 16 December 2016.
Board Changes
Nigel Hoath stepped down as Non-Executive Director at this year's AGM in August.
Outlook
Market conditions have improved after the initial referendum shock, and although much remains unknown about the wider economic environment, the Board is expecting a more normal level of activity in the second half of the year.
The Company will continue to target market share growth, both via new relationships and securing increased work from existing customers. The Board remains excited about the Company's future and expects it to meet the Board's expectations for the full year.
Ben Thompson
Chief Executive Officer
UNAUDITED INCOME STATEMENT
Six months to 30 September 2016
Note 6 months 6 months Year ended
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Revenue 3 9,778 9,755 20,658
Cost of sales (5,577) (5,408) (11,997)
----------- ---------- -----------
Gross profit 4,201 4,347 8,661
Administrative expenses (2,291) (2,509) (4,901)
Operating profit
before exceptional
expenses 1,910 1,838 3,760
Exceptional administrative
expenses 4 - (204) (385)
----------- ---------- -----------
Operating profit 3 1,910 1,634 3,375
Finance income 7 3 9
Finance costs (22) (34) (63)
Share of loss of (10) - -
associate
Exceptional Finance
costs 4 (143) (116) (240)
Profit on ordinary activities
before taxation 1,742 1,487 3,081
Tax on profit on
ordinary activities (328) (368) (704)
----------- ---------- -----------
Profit for the financial
period 1,414 1,119 2,377
Basic earnings per
share (GBP) 5 0.0218 0.0173 0.0367
Diluted earnings
per share (GBP) 5 0.0208 0.0165 0.0351
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
Six months to 30 September 2016
6 months 6 months Year ended
to 30 Sep to 30 31 Mar
2016 Sep 2015 2016
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Profit for the period 1,414 1,119 2,377
Total comprehensive
income for the period 1,414 1,119 2,377
=========== ========== ===========
UNAUDITED BALANCE SHEET
At 30 September 2016
Note 30 Sep 30 Sep 31 Mar
2016 2015 2016
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
NON-CURRENT ASSETS
Intangible assets 3,025 3,059 2,945
Goodwill 4,524 4,524 4,524
AFS financial assets 100 100 100
Investment in Associates 565 - 575
Property, plant and
equipment 601 568 485
Long-term receivables 100 - 100
Prepayments 112 204 181
--------- --------- --------
9,027 8,455 8,910
CURRENT ASSETS
Inventory 40 32 22
Trade and other receivables 1,642 874 1,301
Cash and cash equivalents 3,710 3,969 3,781
--------- --------- --------
5,392 4,875 5,104
TOTAL ASSETS 3 14,419 13,330 14,014
EQUITY ATTRIBUTABLE
TO EQUITY
HOLDERS OF THE COMPANY
Share capital 6 259 259 259
Share premium account 4,585 4,530 4,585
Capital redemption
reserve 113 113 113
Share based payment
reserve 100 50 80
Retained earnings 3,394 2,081 2,148
--------- --------- --------
TOTAL EQUITY 8,451 7,033 7,185
NON-CURRENT LIABILITIES
Borrowings - 530 170
Contingent consideration 8 918 1,588 852
Deferred taxation 468 479 438
--------- --------- --------
1,386 2,597 1,460
CURRENT LIABILITIES
Trade and other payables 4,210 2,540 4,234
Borrowings - 720 720
Current tax payable 372 440 415
--------- --------- --------
4,582 3,700 5,369
TOTAL LIABILITIES 3 5,968 6,297 6,829
TOTAL EQUITY AND LIABILITIES 14,419 13,330 14,014
UNAUDITED STATEMENT OF CHANGES IN EQUITY
Six months to 30 September 2016
Share
Capital based
Share Share redemption payment Retained Total
capital premium reserve reserve earnings equity
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
For the period
ended 30 September
2016
At 1 April 2016 259 4,585 113 80 2,148 7,185
Profit for the
period - - - - 1,414 1,414
Share-based payments - - - 20 - 20
Dividends paid - - - - (168) (168)
At 30 September
2016 259 4,585 113 100 3,394 8,451
For the period
ended 30 September
2015
At 1 April 2015 259 4,530 113 23 1,609 6,534
Profit for the
period - - - - 1,119 1,119
Share-based payments - - - 27 - 27
Dividends paid - - - - (647) (647)
At 30 September
2015 259 4,530 113 50 7,033
===========
2,081
========== ========== ============= ========= =========== =========
For the year
ended 31 March
2016
At 1 April 2015 259 4,530 113 23 1,609 6,534
Profit for the
year - - - - 2,377 2,377
Issue of shares - 55 - - - 55
Share-based payments - - - 57 - 57
Payment of dividends - - - - (1,838) (1,838)
At 31 March 2016 259 4,585 113 80 2,148 7,185
UNAUDITED STATEMENT OF CASH FLOWS
Six months to 30 September 2016
6 months to 30 Sep 2016 6 months to 30 Sep 2015 Year ended 31 Mar 2016
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Cash flows from operating activities
Profit before taxation 1,742 1,487 3,081
Finance income (7) (3) (9)
Finance costs 165 150 303
Loss/(profit) on disposal of plant and
equipment 2 - (1)
Amortisation 234 232 486
Depreciation 131 115 228
Share of loss of associate 10 - -
Share-based payments 20 27 57
Tax paid (342) (276) (678)
----------------------- ----------------------- ----------------------
1,955 1,732 3,467
Changes in working capital
(Increase) / decrease in inventories (18) (3) 7
(Increase) / decrease in trade and
other receivables (272) (189) (693)
Increase in trade and other payables 42 936 1,894
----------------------- ----------------------- ----------------------
Cash inflow from operating activities 1,707 2,476 4,675
Cash flows from investing activities
Purchase of intangible software assets (313) (145) (285)
Purchase of property, plant and
equipment (253) (18) (51)
Disposal of property, plant and
equipment 4 - 4
Acquisition of associates/ investments - - (575)
Interest received 7 3 9
Net cash used in investing activities (555) (160) (898)
Cash flows from financing activities
Share issue proceeds - - 55
Dividends paid (168) (647) (1,838)
Interest paid (165) (150) (303)
Repayment of loans (890) (360) (720)
----------------------- ----------------------- ----------------------
Net cash used in from financing
activities (1,223) (1,157) (2,806)
Net (decrease)/increase in cash and
cash equivalents (71) 1,159 971
Cash and cash equivalents at beginning
of period 3,781 2,810 2,810
----------------------- ----------------------- ----------------------
Cash and cash equivalents at end of
period 3,710 3,969 3,781
======================= ======================= ======================
Notes to the financial information
Six months to 30 September 2016
1. GENERAL
The interim financial information for the six months to 30 September 2016 is unaudited and was approved by the Directors of the Company on 21 November 2016. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The Company's operations are not subject to seasonality or cyclicality.
A dividend of GBP168,101 has been paid in the six months ended 30 September 2016 (six months to 30 September 2015: GBP647,279).
2. ACCOUNTING POLICIES
The interim financial information in this report has been prepared on the basis of the accounting policies set out in the Group's most recent annual financial statements for the year ended 31 March 2016.
IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an on-going process of review and endorsement by the European Commission.
The financial information has been prepared using accounting policies that the Directors expect to be applicable as at 31 March 2017, with the exception of IAS 34.
The Directors have adopted the going concern basis in preparing the financial information. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant available information about the foreseeable future.
The condensed financial information for the period ended 31 March 2016 set out in this interim report does not comprise the Group's statutory accounts as defined in section 434 of the Companies Act 2006.
3. SEGMENT REPORTING
Management identifies its operating segments based on the Group's service lines, which represent the main product and services provided by the Group. The Group's three main operating segments are:
-- Comparison services -- Compliance consultancy for the legal sector -- All other segments which includes head office functions
Any inter-segment indebtedness is excluded when arriving at the assets and liabilities for each segment. Consolidation items such as goodwill and intangibles sit within 'Other'.
Comparison Compliance Other Total
GBP'000s GBP'000s GBP'000s GBP'000s
For the period ended
30 September 2016
Revenue 9,327 451 - 9,778
Operating Profit 1,951 121 (162) 1,910
Total Assets 7,155 616 6,648 14,419
Total Liabilities 3,470 186 2,312 5,968
For the period ended
30 September 2015
Revenue 9,263 492 - 9,755
Operating Profit 2,084 197 (647) 1,634
Total Assets 5,502 473 7,355 13,330
Total Liabilities 2,589 189 3,519 6,297
For the year ended
31 March 2016
Revenue 19,657 1,001 - 20,658
Operating Profit 4,191 394 (1,210) 3,375
Total Assets 5,745 604 7,665 14,014
Total Liabilities 3,280 168 3,381 6,829
4. EXCEPTIONAL EXPENSES
Exceptional Administrative Expenses
6 months 6 months Year to
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
GBP'000 GBP'000 GBP'000
Adjustment to expected
deferred consideration - 204 333
Acquisition expenses - - 52
204 204 385
----------- ---------- --------
Exceptional Finance Costs
6 months 6 months Year to
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
GBP'000 GBP'000 GBP'000
Change in NPV of contingent
consideration 143 116 240
143 116 240
----------- ---------- --------
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Basic and diluted earnings per share
6 months 6 months Year to
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
GBP GBP GBP
Total basic earnings
per share 0.0218 0.0173 0.0367
----------- ---------- --------
Total diluted earnings
per share 0.0208 0.0165 0.0351
----------- ---------- --------
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
6 months 6 months Year to
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
GBP'000s GBP'000s GBP'000s
Earnings used in the
calculation of total
basic and diluted earnings
per share 1,414 1,119 2,377
========== ========== =========
Number of shares 6 months 6 months Year to
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
Number Number Number
Weighted average number
of ordinary shares
for the purposes of
basic earnings per
share 64,828,057 64,727,875 64,735,539
=========== =========== ===========
Taking the Group's dilutive potential ordinary shares into consideration in respect of the Group's weighted average number of ordinary shares for the purposes of diluted earnings per share, is as follows:
Number of shares 6 months 6 months Year to
to 30 to 30 31 Mar
Sep 2016 Sep 2015 2016
Potential dilutive
effect of share options
and warrants 3,150,171 2,936,732 3,039,893
----------- ----------- -----------
Weighted average number
of ordinary shares
for the purposes of
diluted earnings per
share 67,978,228 67,664,607 67,775,432
=========== =========== ===========
6. SHARE CAPITAL
a) Share Capital
The Company has one class of Ordinary share with 0.4p nominal value per share which carries no right to fixed income nor has any preferences or restrictions attached. No new shares were issued in the period
Issued and fully paid:
30 Sep 30 Sep 31 Mar
2016 2015 2016
GBP'000s GBP'000s GBP'000s
Ordinary shares of
0.40p each 259 259 259
========= ========= =========
30 Sep 30 Sep 31 Mar
2016 2015 2016
Number Number Number
At beginning of the
period 64,828,057 64,727,875 64,727,875
New Share Issue - - 100,182
----------- ----------- -----------
64,828,057 64,727,875 64,828,057
=========== =========== ===========
b) Share based payments
During the period the Group granted no new options.
All options in issue vest in 3 equal tranches, three, four, and five years after date of grant. The options are settled in equity once exercised. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the options vest.
At the end of the period, there were 2,802,800 options outstanding with a weighted average exercise price of GBP0.43 per share
7. BORROWINGS
In July 2014, the Group took out a bank loan of GBP4 million, of which GBP1,850,000 was repaid in August 2014. The remaining balance was repayable in quarterly instalments of GBP180,000 with quarterly interest payments charged at 2.75% over base rate. During the period, the Group took the decision to make early repayment and the facility was repaid in full on 30 September 2016.
8. DEFERRED CONSIDERATION
On 27 February 2015, the Group acquired 100% of the issued ordinary share capital of Legal-Eye Limited, a company incorporated in England and Wales. Part of the consideration was deferred with payments of GBP1,080,000 due in each of October 2016 and October 2017. The amounts shown in the balance sheet are at net present value and the movement arising on this is shown below
30 Sep 2016
GBP'000s
At beginning of the period 1,841
Change in NPV due to movement
in time 143
At end of the period 1,984
============
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFIDLRLLFIR
(END) Dow Jones Newswires
November 22, 2016 02:00 ET (07:00 GMT)
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