Smoove plc has announced a 7% increase in revenues to approximately £21m during the financial year, driven by a 44% growth in conveyancing completions to 53,224.
The firm also reported a 5% growth in conveyancing instructions to 69,976, with year-end cash balance at around £10m.
CEO Jesper With-Fogstrup (pictured) commented on the company’s performance: “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.
“The upswing during Q4 FY23 was testament to the strength of our model as we successfully grew the number of instructions and completions.”
The company’s strong progress with Smoove Complete, a platform for self-employed Consultant Conveyancing Lawyers (CCLs), has seen 12 CCLs signing up since its launch in October 2022.
Additionally, Smoove plc’s new eConveyancer user interface has received positive feedback, and the release of new APIs is expected to deepen integration with introducers.
Smoove plc remains focused on executing a strategy to broaden routes to market, provide greater revenue diversity and resilience, and generate positive returns across various market conditions.
The outlook for FY24 profit is in line with the Board’s expectations, with the company’s cash burn expected to significantly reduce in the current financial year.
Recent weeks have seen Smoove linked with a takeover with reports of an approach from Aussie firm PEXA.
