Uls Technology Share Discussion Threads

[aimsurfer] 12/7/2021 11:22

Initial look at the great list of competitors I see a lot of them are looking to fix parts part of the process. i.e Thirdfort looking at user identify checks etc. Could some of them be acquisition targets? Most of these definitely don't have the cash pile of ULS but no issues with raising funds as seen recently with Thirdfort. I'm yet to see a customer facing portal that makes the home owning and buying process simplified and user friendly. I think this is the main problem ULS are looking to resolve but as can be imagined there are many under the hood service and integrations that need to happen to make their platform the platform of choice for lenders, conveyancers and home owners. ULS roadmap to getting there is tbc. Maybe presentation today will shed more light.

[aimsurfer] 12/7/2021 10:33

Thanks for that C71, I'll look into those products. I believe ULS are looking at making their offering primary customer faced, including home setup and ownership features such as price comparison on utilities etc, so their earnings will eventually come from multiple sources not just searches.

[simon gordon] 12/7/2021 10:11

C71,

Cheers man!! Could have done with your input earlier. Thank you

[cestrian71] 12/7/2021 09:49

Aimsurfer - Infotrack various on boarding and tracking tools, Minerva's product, InTouches product, Property Information Exchange Products, Thirdfort, OneDome, Mio etc, etc, etc new ones are coming out all the time.

Simon Gordon - most businesses in this sector including estate agents, conveyancers and lenders are reporting singificant revenue increases. The housing market was closed for 9 weeks and the subsequent surge made those 9 weeks irrelevant. I accept I might not be taking into account the sale of CAL for this and I migth be wrong. The conveyancing networks receive work from econveyancer and are forced to use the software. They arent using it out of choice on non econveyancer cases at the moment en masse. That might change but it isnt a platform of choice at the moment. So no I dont think they are in a sweet spot at all.

The technology is not hard to build. The difficulty is getting the product adopted and with decent market share. Also a lot of the margin is made on searches I suspect and with a consolidation in that sector the margins associated with the prodcut may diminish over time.

They may pull it off but this is no way a slam dunk, and the optimism of some on this board fails to appreciate the nuances of this market.

[aimsurfer] 12/7/2021 09:31

"DigitalMove is long way behind other's" genuinely curious to hear who you see as their competition. Who are they lagging behind? My research into this sectors hasn't highlighted any digital platforms aiming to digitize the home move market. (Apart from few basic case management platforms that major conveyancers have been developing themselves.)

[simon gordon] 12/7/2021 09:07

C71,

The housing market completely froze up as their year began, then there is a lag as sales come down the pipe. They did mention that 1st time buyers are a key market for them and that part of the market is expected to come back with new government help. They are also expanding their network so that should add more business.

Digital Move stats are moving forward to plus 50,000 from just over 10,000 in the 2020 Prelims. So, c,40,000 have happened in y/e 2021.

Are they not in the sweet spot because of the network affect with their conveyancing relationships and platform?

I'd be surprised if the new CEO and the additions to the team would leave their lucrative careers at HSBC if they thought ULS was way behind the curve. They strike me as winners who like to be in growing situations.

[red ninja] 12/7/2021 08:52

C71,

They sold their main revenue earning business "Conveyancing Alliance Limited" so the fact that they have produced a creditable performance via the up and coming Digital Move is a good sign although admittedly helped by a booming housing market.

[cestrian71] 12/7/2021 08:47

The competitors are well ahead with their offerings and if ULS couldnt improve your earnings in a housing market that is about 25% up in volume terms despite COVID something is wrong.

DigitalMove is a long way behind many others and because it isnt part of wider conveyancing/homemoving infrastructure you have to ask what is the route to market.

I understand foundations are being laid and a lot of people are being brought in from HSBC and other insitutions but the task ahead is massive just to catch up.

[aimsurfer] 12/7/2021 08:26

Agree, all about the future here. Presentation this afternoon might reveal more details on their roadmap.

[its the oxman] 12/7/2021 08:07

Seem ok results all things considered. Al! About the future here for which uls seems well,placed. Bit of profit taking today I guess.

[masurenguy] 12/7/2021 07:26

Final Results

Robust performance and primed for growth

ULS Technology plc (AIM: ULS), the provider of online B2B platforms for the UK conveyancing and financial intermediary markets, announces its Full Year results for the 12-month period to 31 March 2021 ("the Period"). The Period was transformational for the Company. It completed the disposal of Conveyancing Alliance Limited ("CAL") for £27.4m and appointed Jesper With-Fogstrup as its new CEO, with the Company focusing on investing in its digital platform aimed at revolutionising home moving and ownership.

Financial Highlights

Continuing Operations

-- Revenue £16.9m (FY 2020: £20.7m), reflecting the COVID impact and market standstill in the first two months of the period and slower pick up of the first-time buyer market
-- Gross profit £6.9m (FY 2020: £8.7m)
-- Underlying EBITDA(1) £0.4m (FY 2020: £3.5m)
-- Underlying loss before tax(1) £0.8m (FY 2020: £2.4m profit) reflecting market dynamics and increased investment strategy
-- Reported loss before tax £2.4m (FY 2020: £2.1m profit)

Total Operations

-- Disposal of CAL for £27.4m
o Proceeds enabling the Company to repay all debts whilst providing funds to continue investment in people, innovation and services and accelerate the roll out of DigitalMove
-- Profit on disposal of CAL £18.1 million
-- Net cash/(debt) £24.0m (FY 2020: (£3.4m))
(1) before exceptional items and amortisation of intangibles arising on consolidation

Operating Highlights

-- Continued investment in development of DigitalMove, which has now handled more than 50,000 cases
-- Growth of broker channel with a 21% increase in the number of active users to 1,998 from 1,653 at the end of FY 2020
-- Conveyancing completions in the second half of the Period were 18,667 compared to 15,100 in the first half
-- Strategic reorganisation with Jesper With-Fogstrup joining as CEO in January 2021 and a number of new senior hires
-- Move to a cloud based third party environment to speed up the roll-out of the DigitalMove roadmap

Jesper With-Fogstrup, Chief Executive of ULS Technology plc, commented :"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. 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."

[simon gordon] 05/7/2021 15:45

Yes, it could be cleared over the next couple of weeks as Jepser sets out the forward narrative. Exciting times!

[aimsurfer] 05/7/2021 15:36

Maybe, this is tightly held by institutions, hopefully there won't be lack of interest once full plans have been communicated out to investors and analysts.

[simon gordon] 05/7/2021 14:45

Looks like it needs someone to come in and clear out the tail end of the Octopus holding. After that, it's blue sky.

[aimsurfer] 05/7/2021 14:21

I think the future will be much more than property transactions, I've noticed hits at "platform for property ownership" all to be revealed next week hopefully.

[its the oxman] 05/7/2021 14:15

Chart looks ready for a run higher, hopefully results will give the lift we need. Must be doing ok with property market so robust.

[aimsurfer] 05/7/2021 12:00

Noticed they have also been heavily hiring Salesforce developers. All good signs, I'm expecting significant growth ahead of us. Might take few months for product development to get to a place where they can scale and build from.

[simon gordon] 05/7/2021 07:19

ULS - 5/7/21:

ULS Strengthens Senior Leadership Team

ULS Technology plc (AIM: ULS), the provider of online B2B platforms for the UK conveyancing and financial intermediary markets, has strengthened its senior management team, appointing Simon McCulloch as Chief Commercial and Growth Officer, and Ed Mardell as Chief Technology Officer.

Simon McCulloch is a seasoned commercial executive with deep digital customer growth experience across the home moving, price comparison and banking space. Simon has spent the last year leading the global wealth & insurance digital channel at HSBC. Before HSBC, Simon was part of the rapid growth journey at ComparetheMarket.com ("CtM") joining in 2011 to build the Money vertical from scratch. He was also responsible for the core insurance category and left CtM after almost ten years, the last four as Commercial Director. Earlier in Simon's career he spent a decade with Countrywide plc in various roles, including board responsibility, covering mortgage, general insurance and protection products.

Ed Mardell is an experienced technology executive with intimate knowledge of the proptech space from both consumer and B2B perspectives. Ed spent 13 years working with market leading Property Portals as CTO for both Daily Mail and General Trust and Guardian Media Group ("GMG"), and developing best of breed Cloud software solutions for half of the UK Estate Agents. A management buyout from GMG led to an acquisition cycle and successful exit to Zoopla. Ed remained for a further 2 years to integrate the group before spending the recent period providing due diligence, strategic planning, and Cloud transformation programmes for several Private Equity houses.

Jesper With-Fogstrup, CEO of ULS Technology, said: "Simon's background over the last couple of years has been very similar to mine. We worked together at ComparetheMarket and HSBC. I am delighted to welcome him to ULS as we unlock growth by making the home buying, selling and owning experience better; building the platform for home ownership.

"I am equally excited to have Ed join as CTO. Ed has the right technical and domain experience together with the passion to make home moving better through building empowered teams."

[aimsurfer] 30/6/2021 22:24

Excellent hires, won't happen overnight but long term this looks to have strong prospects. Look forward to the presentation on July, hopefully we'll get the strategy and grow plan updates.

[simon gordon] 30/6/2021 20:36

Simon McCulloch's profile on Linkedin:



-----

Ten years at Compare the Market, with four years as Commercial Director.

Looks like Jesper is building a high performance team who are super keen to turn ULS into a growth machine.

[simon gordon] 30/6/2021 15:15

Financial Reporter - 29/6/21:

ULS Technology has appointed Simon McCulloch to the newly created position of chief commercial and growth officer.

With more than 25 years’ in consumer focused financial services roles, Simon has held director positions at Countrywide, and ComparetheMarket. Most recently he was global head of wealth and insurance for digital as a channel at HSBC.

Simon joins ULS technology to direct commercial strategy and execution and drive growth as it continues transforming the process of buying, selling and owning a home through DigitalMove. Simon will also focus on delivering growth in the market leading eConveyancer business.

Jesper With-Fogstrup, CEO at ULS Technology, said: “I am very pleased to welcome Simon to ULS technology. We have worked together in the past and I know that Simon will be an asset to our business and to our quest to revolutionise the home buying, selling and owning experience through digital consumer and customer-focused experiences.”

Simon McCulloch added: “ULS Technology has a clear vision of what it wants to achieve and a real opportunity to introduce real transparency to home moving, making the process truly consumer and customer focused and efficient. This home platform presents a really exciting prospect to help ULS reach its objectives and make a really tangible difference to people’s lives in the home moving and owning process.”

[simon gordon] 26/6/2021 10:57

Financial Reporter - 16/6/21:

ULS Technology has grown its sales team with the recruitment of two new BDMs.

Tim Shawcross joins ULS technology as an experienced BDM with extensive knowledge and relationships across the market, having previously held roles at HSBC Private Bank, RBS Coutts, Deutsche Bank, Moody’s Investors Service and, most recently, Coventry Building Society.

ULS technology has also appointed Matthew Ladak as a BDM. Matthew has more than 16 years’ business development experience across a range of industries and has established expertise in winning contracts, expanding market share, building and protecting reputation and driving business improvements.

In addition to two new BDMs, ULS technology has recruited Harley Weber to join its marketing team as a creative designer. As a creative graphic designer with a range of experience in designing for multimedia, marketing and print, Harley will help ULS identify new ways to communicate its proposition to the market.

Karen Rodrigues, sales director at ULS technology, said: “At ULS technology, our mission is to revolutionise the home buying, selling and owning experience – and this means growing our business. So, we are committing to that growth by strengthening our sales and marketing teams.

“Tim, Matthew and Harley all bring with them unique experience and expertise that will benefit our customers and prove an asset to our business. I’m really pleased to welcome them all to the team and look forward to working with them on further developing the reach and reputation of ULS technology, which includes popular brands like eConveyancer and DigitalMove.”

[simon gordon] 24/6/2021 07:56

Same thing happened at RCN last week.

[lomax99] 24/6/2021 07:55

Don't they talk to each other?

[masurenguy] 24/6/2021 07:17

There it is - just a 12 day delay !

24 June 2021
Rescheduling of Final Results

ULS Technology plc announces that the publication of its Full Year results for the 12-month period to 31 March 2021 has been rescheduled. The Group's auditors, BDO LLP, have requested some additional time to finalise their work, due to the practicalities of conducting the audit remotely. The Company will now announce its results on Monday 12 July 2021. The Company still expects results to be in line with its earlier Trading Update with no change to cash or other material items. The Company will now host an analyst briefing at 9:30am on the rescheduled day of results via web conference.