Uls Technology Share Discussion Threads

[rambutan2] 25/10/2021 02:43

Last year the half year trading update was put out on 28/10...

[yump] 24/10/2021 17:31

Just been looking around for some new shares to buy and no doubt there is a big latent demand for more straightforward, quicker and more informative conveyancing amongst house buyers and movers.

Out of interest, have ULS ever mentioned the use of blockchain ? That is supposed to be the ultimate step, where all the contracts in a chain are set with pre-conditions for exchange/completion and when all conditions are met, hey-presto the deal is done. No waiting for solicitors to come back from holiday etc. etc.

[aimsurfer] 23/10/2021 20:33

This article had a bit more background to acquisition. Might take a bit of time for new revenue to arrive but incredible value here. I'm been buying more.https://www.legalfutures.co.uk/latest-news/tech-firm-buys-conveyancers-to-test-products-in-live-environment

[masurenguy] 23/10/2021 16:14

Good spot - thanks Simon. Slightly underwater here at an average price of 76.5p but looking to add on positive developments such as this.

[simon gordon] 23/10/2021 15:54

The Global Legal Post - 12/10/21:

Listed tech startup acquires conveyancing firm to test products

ULS Technology has purchased Amity Law for an undisclosed sum

By Victoria Basham

Listed tech company ULS Technology (ULS) has bought a firm of licensed conveyancers to help it test new products before they’re launched.

ULS, which provides digital services in the home moving market, has purchased Bolton-based Amity Law for an undisclosed amount, saying it will enable it to ‘build, pilot and evolve new products in a live environment, providing the company with valuable insight to shape future services and refine them prior to rolling out nationally'.

Jesper With-Fogstrup, CEO at ULS, described the acquisition as the next step in the company’s bid to “revolutionise the home buying and selling experience by using technology to radically change processes currently in place.”

A former chief operating officer at ComparetheMarket.com, With-Fogstrup said that having Amity Law central to that development would allow for faster insights and better feedback and accuracy, as well as helping ULS to launch products to market more quickly.

Amity Law currently houses eight staff, including two fully licensed conveyancers and one chartered legal executive. It is regulated by the Council for Licensed Conveyancers and will continue to operate as a conveyancing business, with founder and director Jayne Hart joining ULS as managing director.

“We’re really looking forward to marrying our extensive conveyancing knowledge with ULS’s digital expertise to help the industry develop and deliver a more seamless service to clients,” Hart said.

ULS is listed on AIM and owns brands including DigitalMove and eConveyancer, which enables those involved in the conveyancing process to collaborate and customers to compare conveyancing solicitors respectively.

Paul Saunders, a lawyer and managing director of Legal Eye, a risk and compliance service for law firms that’s also owned by ULS, will join Amity Law as managing director.

With-Fogstrup added: “We are investing considerable resource into our technology and there is nothing better than working with customers directly developing products that make a difference. I’m excited to have Amity Law join our team as we build a more efficient and slicker process for consumers and conveyancers.”

[red ninja] 26/9/2021 16:25

EConveyancer has won Best Conveyancing Firm at the Mortgage Strategy Awards 2021.



ULS Tech is their parent.

[masurenguy] 07/9/2021 19:11

Slowly creeping up by 6% over the past 2 weeks !

[masurenguy] 24/8/2021 17:01

A 4% rise on just over half the average daily volume today.

[masurenguy] 17/8/2021 07:46

Positive update !

AGM Statement

ULS Technology plc announces a trading update ahead of holding its Annual General Meeting ("AGM") at 09.30am today. The result of the AGM will be announced on the conclusion of proceedings.

Current Trading

The Company continues benefit from a buoyant housing market, with trading during Q1 further reflecting the rapid pick up experienced during the second half of the previous financial year. As expected, instructions and completions through eConveyancer have increased by 58% and 43% respectively compared to Q1 FY21, which was severely impacted by the onset of COVID-19. June was a particularly strong month for completions, as the first stamp duty deadline was passed with Q1 revenue and gross margin in line with Board's expectations at £5.2m and £2.1m respectively. Importantly, the volume of transactions handled by DigitalMove continues to grow, now reaching around 55,000 instructions, highlighting the platform's growing standing in the home-moving sector.

Balance Sheet Strength

The Company continues to have a strong balance sheet, with net cash of over GBP23m as of 30 June 2021. The Company is now debt free while cash burn for Q1 was below expectations. As a result, ULS remains well placed to invest in the DigitalMove platform as it focuses on enhancing the home moving process and driving scale.

Strategic Development

The Company recently updated on its strategy of building on the strong eConveyancer brand, long established industry relationships with brokers, conveyancers, lenders and other industry stakeholders, and the early success of DigitalMove. Beyond added investment in growing eConveyancer, which is DigitalMove-enabled, the Company is focused on delivering the best home moving and owning experience, looking through the consumer's lens in resolving the current friction filled experience, whilst keeping all stakeholders aware of the progress as the case progresses. Solving for the friction builds trust, which the Company will further build on to help movers get settled and live in their homes. To deliver the strategy, the Company recently announced a number of new senior hires as it accelerates its strategy with focus on delivering early revenue in the current financial year.

Outlook

Instructions are expected to moderate during the Summer, coinciding with holiday season and the end of stamp duty holiday. However, this is expected to be short-lived with improved conditions in Autumn, reflecting an increase in remortgages as fixed deal periods come to an end and several lenders are now providing sub 1% products. The Company is in a strong position to capitalise on this expected increase through its Rapid Remo product.

[simon gordon] 12/8/2021 21:16

I see, thanks!

[rambutan2] 12/8/2021 21:09

It's J O Hambro adding a few and going from 4% to 5%. They've been owned by the Aussies for a while.

[simon gordon] 12/8/2021 15:58

Aussie fundie picking up 5.3%:

Pendal Group

[masurenguy] 09/8/2021 14:01

Kestrel has added a further 35,803 shares @74.07p. Kestrel now hold 18,244,241 shares, representing 28.12% of the issued share capital.

[masurenguy] 03/8/2021 15:46

Simon, 91 UK Small Cap were previously Investec Asset Management when I first invested in them circa 15 years ago. They demerged from the Investec Group in March last year and became separately listed in London and Johannesburg.

[simon gordon] 03/8/2021 15:31

Mas,

Thanks - I take a look at the one's you've mentioned - cheers!

I see that 91 holds ASCL as it's fourth largest holding. I've just started looking at it in recent days, looks interesting. Had not heard of 91 before!

[masurenguy] 03/8/2021 11:40

"How many you holding at the moment"

Hi Simon, I currently run 3 portfolios - SIPP (capital gain strategy), ISA (dividend income strategy) and Trading Account (Speculative shares, mostly small caps). I'm invested in one fund - Ninety One UK Smaller Companies Fund - which is my largest holding at just under 10% - plus a total of 34 stocks accross those 3 portfolios.

A quarter of my collective shareholding, by value, is in just 3 stocks - 91 UK Small Cap, CLIG and CLX. A further 25% is accounted for in the following 5 stocks - SRC, BSIF, RCN, KINO and G4M - so 8 stocks account for 51% of my total investment.

"which ones do you think could be good to surf over the rest of the year?"

I think that DLAR, PHTM and IPO could be movers and shakers and illiquids like BKS and CSSG could also become predator targets in their specialist niches.

[simon gordon] 02/8/2021 18:01

Mas,

I'm still out and watching. Expect to get back in at some point. Enjoyed the vaccine bounce, now just trying to surf shares that are ready to break upwards in the coming months. Surprised RCN held so strong, maybe getting re-rated as a bid target with all the PE action in the market? Bit dunked by that one. Now down to four shares - ACRL, CNIC, ELIX and SYS1. Will probably go down to one or two and spend less time on the markets by year end. How many you holding at the moment and which ones do you think could be good to surf over the rest of the year?

[masurenguy] 02/8/2021 17:34

simon gordon 17 Jul '21 - 137022: ULS: new CEO delivered his first results. Gave a very good presentation. Staff levels going up from 107 to 150 this year. Conveyancing business looks to be struggling and with no top line and lots of bottom line expenditure the share looks beached for a year or two whilst he implements the growth strategy. I sold.

Are you back in Simon or are you now just watching from the sidelines?

[simon gordon] 02/8/2021 14:53

Hi Aim,

Yes, I read it the other day, some excellent questions.

[aimsurfer] 02/8/2021 14:50

You chaps seen the Q/A section from investormeetcompany presentation? Some great addition insight there. I.e."Q4: Do you expect DigitalMove to develop into your main revenue generating part of the business?I can absolutely see a time when DigitalMove is a real meaningful part of our business. Far larger than what eConveyancer is today. The appetite from consumers and industry stakeholders are there for a better moving experience; how we help consumer and conveyancers achieve a markable better experience."

[red ninja] 30/7/2021 08:27

River and Mercantile Asset Management LLP Discresionary Clients buy in an initial 4.9144%.

[masurenguy] 30/7/2021 07:34

Kestral have increased their position by a further 487K shares and now hold 28%.

[red ninja] 16/7/2021 12:35

Kestrel still keen on ULS :-

ULS Technology plc (LSE:ULS, "Company" or "ULS") received notification on 16 July 2021 from Kestrel Partners LLP ("Kestrel") that on the 14 ad 15 July 2021 it purchased for its discretionary clients, 27,925 ordinary shares of 0.4p each ("Shares") in the Company at an average price of £0.78687 per share. The notification also included the matters set out below.

[18bt] 14/7/2021 12:30

AS, it's the downside of investing through a fund, but considering reinvesting the proceeeds.

[aimsurfer] 14/7/2021 09:51

Cheers chaps and congrats on return. I hope you give them some slack after it does another 100% from here :)