Smoove : 2022 - Annual Report

ANNUAL REPORT & ACCOUNTS 2022

SMOOVE PLC  |  2022 ANNUAL REPORT & ACCOUNTS

Overview

1. Highlights
2. At a glance

1. Our investment case

Strategic Report

1. Our business model

1. Our market

1. Our strategy

1. Chief Executive's statement

1. Financial review

1. Risk management

21 Section 172 (1) statement and stakeholder engagement

24 Corporate social responsibility

Governance

28 Board of Directors

1. Chairman's introduction to governance

1. Corporate governance statement

1. Remuneration Committee report

1. Directors' report

1. Independent auditor's report

Financial Statements

46 Consolidated Income Statement

1. Consolidated statement of comprehensive income
2. Consolidated Balance Sheet
3. Consolidated statement of changes in equity
4. Consolidated statement of cash flows
5. Notes to the consolidated financial statements

1. Parent Company Balance Sheet
2. Parent Company statement of changes in equity
3. Notes to the Parent Company financial statements

88 Company information

A leading provider of technology solutions to the UK home moving market

Operational highlights

• Conveyancing instructions up 20% on FY21 to 66,394. Conveyancing completions up 11% on FY21 to 37,104
• More than 85% of eConveyancer transactional cases now enabled on DigitalMove, handling more than 88,000 instructions to date, a 72% increase on the previous year
• Growth of broker channel with 10% growth in the number of active users to 2,207 from 1,998 at the end of FY 2021
• More broker networks using the platform, with several significant contractual wins across B2B and B2C including Chase de Vere, Moneyfacts and Haysto
• Built on existing long-standing relationship with Lloyds Banking Group to add new service providing support for a fees assisted remortgage product line in England and Wales
• Launched pilot of Smoove Start, the estate agency service, which will be rolled out to the wider market in the coming months after positive feedback
• Continued investment in operating platform including user experience enhancements, data platform, and customer management tools

37,104

Conveyancing completions (continuing operations)

A conveyancing completion is when the conveyancing transaction has been marked as completed on the eConveyancer platform by the conveyancer and revenue is recognised.

66,394

Conveyancing instructions (continuing operations)

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

Financial highlights and KPIs

2022£19.2m

202119.2 £16.9m

£ m +13%

2021: £16.9m

Revenue

(continuing operations)

Revenue is generated principally from the completion of conveyancing cases and also the associated sales of searches and ID checks.

£(5.4)m

2022

£(3.8)m

2022

£(5.4)m		£(3.8)m
£(2.4)m	2021	2021	£0.4m
2021: £(2.4)m		2021: £0.4m
(Loss) before Tax		Underlying EBITDA
(continuing operations)		Non-IFRS measure of profit which
IFRS measure of profit which		excludes depreciation, amortisation,
	finance charges, and non-recurring
is after exceptional costs.
	items unlikely to affect future cash
		flows. See page 19.

2022	£20.0m	Must Reads
2021	£24.0m
£20.0m		Investment		Our
04	case	12	strategy
2021: £24.0m
Net cash
Cash balances at bank.		Our		To find out more visit
			business
		08		hellosmoove.com
		model

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SMOOVE PLC  |  2022 ANNUAL REPORT & ACCOUNTS

At a glance

Our vision	Our mission
To simplify and	To deliver products
revolutionise the home	and services
moving and ownership	that remove the
experience for everyone.	pain, frustration,
	uncertainty, friction,
	stress and snail-like
	pace moving home
	currently takes.

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OVERVIEW

What we do

We provide digital platforms for everyone involved in the buying, selling and remortgaging of property in the UK​.

Our distribution channels

We have a multi-channel route to market including white label services through introducers, the lender channel, direct solutions for business partners, as well as a growing footprint in estate agents​.

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 help drive automation and build products and services for estate agents, conveyancers, mortgage brokers and lenders that ultimately benefit and improve the experience for consumers.

Experience

We have been delivering technology 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.

Demand Generation

Forming deeper relationships, finding new customers and generating even greater demand

#2.

Digital Evolution

Accelerating investment in the delivery of new technology to provide a better, truly digital consumer experience

#3.

Optimised Cross-Selling

Provide consumers with great conveniently available deals on household finance and utility products at a time when they will be most

in need of those products

Find out more on page 12

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