ULS Technology (ULS)

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ULS Technology ULS Logo

Provider of online B2B platforms for the UK conveyancing and financial intermediary markets.

31-Oct-2017 – 129.88p – £84.1m – PER 20.3

Trading Update For The 6 Months To End September 2017 – Trading ahead of the Board’s expectations. LFL Revenue expected to be approximately 56% up on last year at £15.28m with underlying PBT up approximately 42% to £2.74m. Cash generation continues to be strong and netdebt has been reduced.

I hold this and on a PER of 20.3 I will continue to do so.

28-Nov-2017 – 152.88p – £99.1m – PER 22.9

Interim Results For The 6 Months To End September 2017 – Revenue up 56% to £15.28m (H1 2017: £9.78m), Underlying Operating Profit up by 44% to £2.81m (H1 2017: £1.95m), Adjusted EPS up by 45% to 3.48p (H1 2017: 2.40p) but Net Debt is £2.3m (FY 2017: Net Cash £3.7m). The Interim dividend is up an uninspiring 5%.

I am a holder here and remain so.

Subsequent Note: On a freeing up some Cash exercise I also sold out here on 19-Jul-2018 as price had drifted to just over 20% off it’s ATH. In addition to this, although EPS was forecast to grow 31.5% in 2019E it was forecast to grow just +5.88% in 2020. Revenue growth in both years was forecast to be <10%.

31-Oct-2018 – 109.5p – £71.0m – PER 15.6

Trading Update For The 6 Months To End September 2018 – Revenue and Profit in-line up 3% and 5% respectively. Warns slowing housing market (perhaps due to Brexit) may impact H2.

I sold out here in July and remain Neutral for now.

3-Dec-2018 – 77.4p – £50.2m – PER 11.7

Interim Results For The 6 Months To End September 2018 – Revenue up 3% to £15.79m (H1 2017: £15.28m), Underlying PBT up 6% to £2.89m (H1 2017: £2.74m), Adjusted Basic EPS up 7% to 3.73p (H1 2017: 3.49p), Net Debt stands at £3.4m (FY 2017: £2.3m) and the Interim Dividend is up 4%.

I sold out here in July and am not yet tempted to re-enter.

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