Conveyancing provider ULS Technology has revealed “a robust financial performance in a challenging housing market”.
The business, which has a one-third stake in the HomeOwners Alliance, has reported on the six months to the end of September.
It also indicated that a new development, called DigitalMove, is set to transform the business and reduce conveyancing time.
ULS said that in the six months to the end of September, revenue was £14.5m – down from £15.8m on the same time last year, but this was expected.
Pre-tax profits rose by 3% to £2.37m.
The business said that it has continued to invest in DigitalMove, with 46 conveyancing firms now using it regularly.
ULS chief executive Steve Goodall said that initial feedback about DigitalMove was “extremely positive” and that it has the potential for all conveyancers in the country to use it.
He said: “We believe that this is the right time to increase the rate at which we are investing in this product and to accelerate its development and rollout.
“While this will initially impact profitability, we are targeting doubling profitability within three years of the investment.”