Smoove plc saw revenues increase by 7.4% to £20.6m from £19.2m in the previous year, despite heightened uncertainty in the housing market, according to its latest set of results.
The results for the 12 months ended 31st March 2023 gross profit remained steady at £7.8 million, with an underlying EBITDA loss of £4.8m, which reflects investments in the core eConveyancer business and new product areas.
The underlying and statutory loss before tax were £5.6m and £5.8m respectively, while net cash stood at £10.1m, following a £3.7m capital return via a Tender Offer in January 2023.
The period witnessed significant operational progress, including the release of a new user interface for eConveyancer, an increase in the number of cases enabled on DigitalMove to 85%, and a 44% growth in conveyancing completions to 53,224. The company also saw significant contractual wins, including Mojo, Legal & General, Chimnie, and Unbiased.
Post the reporting period, Smoove announced a strategic partnership with Mortgage Advice Bureau (Holdings) plc, enhancing its market reach by offering conveyancing comparison services to MAB’s 2000+ advisers.
The number of Consultant Conveyancing Lawyers (CCL) contracted with Smoove Complete increased to 18, a growth of 7 from the period end.
Smoove’s CEO, Jesper With-Fogstrup (pictured), said: “The growth in our remortgage volume demonstrates our ability to adapt to market conditions while the development of a new user interface and APIs for eConveyancer provides a strong platform for future growth.
“Smoove Complete’s early results are promising and suggest latent demand among conveyancers for a way of working that is flexible, innovative, and customer focused.”
The company also confirmed that discussions with PEXA Group Limited regarding a possible cash offer for Smoove’s entire share capital are still ongoing. Under the requirements of the Takeover Code, PEXA must announce its intentions by 14th July 2023.
