Conveyancing fintech expert Smoove announced gross profit of £7.8 million and revenues up 13% to £19.2 million.
The conveyancing firm, formerly known as ULS Technology, is the platform used by thousands of estate agents.
It also revealed an underlying EBITDA loss of £3.8 million for the year ending March 31, which was due to investment in the eConveyancer business.
Conveyancing completions rose 11% to 37,104, and instructions were up 20% to 66,394.
The Smoove brand with a pink logo and hellosmoove.com website were created in April when the firm decided a new look was needed. Earlier this month, the company launched an estate agency pilot called Smoove Start.
Smoove is proposing to return £5 million in capital to shareholders through a tender offer, subject to agreement at an AGM in late September.
Jesper With-Fogstrup, Smoove CEO, (pictured) says: “Our proposal to return capital to shareholders will allow us to create value for investors while at the same time ensuring we retain funds to continue to invest in the technology and business developments required to deliver our strategy.
“The investment we have made in eConveyancer, including fully integrating the DigitalMove offering, has allowed us to further grow routes to market and consolidated our position as one of the leading conveyancing platforms in the UK.
“Overall, we are pleased with the headway we have made with our growing portfolio of products and services including the recent roll out of Smoove Start following a successful pilot with estate agents,” he says.
Go to Publisher: Proptech Archives – The Negotiator
Author: David Callaghan