Smoove ends year in line with expectations
By Josh White
Date: Tuesday 02 May 2023
(Sharecast News) - UK-based conveyancing platform provider Smoove said in a full-year update on Tuesday that it traded in line with the board's expectations, having in its product suite and routes to market.
The AIM-traded firm said revenue for the 12 months ended 31 March increased around 7% to £21m, compared to the previous year's £19m.
It also reported that its conveyancing completions grew 44% to 53,224, with remortgage completions making up the majority of the growth.
Smoove's cash balance at the end of the year was about £10m, compared to £20m at the end of the 2022 period.
The board put the decrease down to ongoing planned investment, and the return of £3.65m to shareholders in January.
It also announced new 'eConveyancer' relationships with Mojo, Legal & General, Chimnie, Adviser Services Holdings, and Unbiased.
The update also mentioned the release of a new eConveyancer user interface, which had received positive feedback from selected users, as well as new APIs that would allow for deeper integration with its partners' systems.
Smoove's platform for self-employed consultant conveyancing lawyers, Smoove Complete, also launched in late October and currently had 12 lawyers contracting with the platform, meeting management's expectations.
Smoove's outlook for 2024 profit was in line with the board's expectations, with a focus on executing a strategy that would broaden routes to market and provide greater diversity and resilience to revenue.
The company said its approach was aiming to generate positive returns across a variety of market conditions, while delivering a better experience to consumers and industry stakeholders.
"While last year was not without its challenges, we repositioned where necessary while the successful launch of new products added to our flexibility and resilience," said chief executive officer Jesper With-Fogstrup.
"The upswing during the fourth quarter was testament to the strength of our model as we successfully grew the number of instructions and completions.
"We remain extremely excited by the growth opportunity and confirm that our outlook for the 2024 financial year is in line with the board's expectations."
At 0821 BST, shares in Smoove were up 4.31% at 46p.
Reporting by Josh White for Sharecast.com.
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