Portfolio

ULS to take 'relatively minor' hit from contract loss

By Iain Gilbert

Date: Friday 20 Sep 2019

ULS to take 'relatively minor' hit from contract loss

(Sharecast News) - ULS Technology said on Friday that it will take a "relatively minor" hit to its full-year results from the loss of a contract.
The AIM-listed business-to-business platform provider said it will continue to provide services to the unnamed customer during its notice period but expects the loss of the contract to dent pre-tax profit by £400,000 to £500,000 from the year ended 31 March 2021.

Otherwise, ULS said trading remains "robust" in the face of market headwinds, with both its ULS and CAL operating divisions continuing to add new customers, reducing customer concentration.

It also said that the Digital Move product was receiving "very positive" feedback and has now been used by more than 1,000 consumers.

Chief executive Steve Goodall said: "Whilst we are never pleased to lose a customer, especially one with whom we have enjoyed a strong working relationship, up to this point we have been pleased with our win-rate this year and we have every confidence our customer strategy is working.

"Whilst we are aware of the difficult market conditions prevailing in the UK housing market, we remain confident in our ability to provide excellent customer service and build a successful business through the cycle."

At 1015 BST, the shares were down 12.4% at 46.86p.

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