ANNUAL REPORT & ACCOUNTS 2023
SMOOVE PLC | 2023 ANNUAL REPORT & ACCOUNTS
Overview
- Highlights
- At a glance
- Our investment case
Strategic Report
- Our business model
- Our market
- Our strategy
- Chief Executive's statement
- Financial review
- Risk management
21 Stakeholder engagement and Section 172 (1) statement
24 Corporate social responsibility
Governance
28 Board of Directors
- Chairman's introduction to governance
- Corporate governance statement
- Remuneration Committee report
- Directors' report
- Independent auditor's report
Financial Statements
48 Consolidated Income Statement
- Consolidated statement of comprehensive income
- Consolidated Balance Sheet
- Consolidated statement of changes in equity
- Consolidated statement of cash flows
- Notes to the consolidated financial statements
- Parent Company Balance Sheet
- Parent Company statement of changes in equity
- Notes to the Parent Company financial statements
88 Company information
A leading provider of technology solutions to the UK home moving market
Operational highlights for the year ended 31 March 2023
- Conveyancing instructions up 5% on FY22 to 69,662. Conveyancing completions up 44% on FY22 to 53,224
- Significant growth in remortgage segment driven in part by new fees-assisted remortgage product line through Lloyds Banking Group
- Release of new eConveyancer user interface and APIs with the aim of increasing instructions and deepening relationship with introducers
- More than 85% of eConveyancer transactional cases now enabled on DigitalMove, handling more than 110,000 instructions to date
- Significant contractual wins including Mojo, Legal & General, Chimnie and Unbiased
- Smoove Complete, the Group's platform for self-employed Consultant Conveyancing Lawyers ("CCLs") launched in October and had 11 CCLs contracted at year end
- Return of capital of £3.65 million via tender offer for the repurchase of shares. Cash balance of £10.1 million at year end
53,224
Conveyancing completions
A conveyancing completion is when the conveyancing transaction has been marked as completed on the eConveyancer platform by the conveyancer and revenue is recognised.
69,662
Conveyancing instructions
A conveyancing instruction is the point where a customer chooses a conveyancer through the eConveyancer platform. This provides a strong indication of future revenues.
OVERVIEW | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS
Financial highlights and KPIs
2023 | £20.6m |
2022£19.2m
£20.6m +7.4%
2022: £19.2m
Revenue
Revenue is generated principally from the completion of conveyancing cases and also the associated sales of searches and ID checks.
£(5.8)m | 2023 |
£(5.4)m2022
£(5.8)m
2022: £(5.4)m
(Loss) before Tax
IFRS measure of profit which is after exceptional costs.
£(4.8)m | 2023 |
£(3.7)m2022
£(4.8)m
2022: £(3.7)m
Underlying EBITDA
Non-IFRS measure of profit which excludes depreciation, amortisation, finance charges, and non-recurring items not likely to impact future cash flows (see page 19).
2023 £10.1m
2022£22.0m
£10.1m
2022: £22.0m
Net cash
Cash balances at bank.
Must Reads
Our | Our | |
investment | ||
12 strategy | ||
04 | case | |
Our | To find out more visit | |
business | ||
hellosmoove.com | ||
08 | model | |
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SMOOVE PLC | 2023 ANNUAL REPORT & ACCOUNTS
At a glance
Our vision
To simplify and revolutionise the home moving and ownership experience for everyone.
Our mission
To deliver products and services that remove the pain, frustration, uncertainty, friction, stress and snail-like pace moving home currently takes.
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OVERVIEW | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS
What we do
We provide online digital platforms for everyone involved in the buying, selling and refinancing of property in the UK.
Our distribution channels
We have a multi-channel route to market through intermediaries (introducers) such as mortgage brokers, banks, building societies, estate agents, and direct-to-consumer websites.
Customer
We are a customer-focused technology and service business aiming to revolutionise how home moving and ownership can be a better experience for everyone involved. We understand how the housing market works and the frustration felt by consumers at the painstaking time it takes to complete a transaction which is why we marry technology and human assistance to deliver the very best customer service.
Digital
Smoove is investing in new technology to generate more value from its partner relationships, develop new revenue streams, and build products that improve the experience of consumers.
Experience
We have been delivering technological solutions for the property and legal industry since 2004 and have over
1 million transactions behind us. We continually strive to improve the home ownership experience while unlocking efficiencies and revenue earning opportunities.
Our strategy
We aim to continue to generate profitable growth using our three key strategic pillars:
#1. | #2. | #3. |
Demand | Smoove | Optimised |
Generation | Complete | Cross-Selling |
Use technology to | A platform business | Provide consumers |
generate significant | utilising our unique market | with great conveniently |
additional instruction | position and technology | available deals on |
demand from our | capabilities to develop | household finance and |
broadened network | a new conveyancing | utility products at a time |
of introducers | proposition delivered by | when they will be most |
self-employed Consultant | in need of those products | |
Conveyancing Lawyers | ||
("CCLs") |
Find out more on page 12
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Disclaimer
Smoove plc published this content on 20 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 07:57:05 UTC.