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Ultima Networks PLC (UTN)

  Print      Mail a friend       Annual reports

Monday 22 September, 2003

Ultima Networks PLC

Interim Results

Ultima Networks PLC
22 September 2003



Ultima  Networks PLC('the Group) -Statements of  Interim Results

Chairman's Statement

The Group made an operating profit of £94,000 compared with an operating loss
last year of £8,000.  The gross margin for the current half-year increased from
68% (H1 2002) to 74%.  Net operating expenses reduced by 36% to £531,000 (H1
2002: £828,000) whilst R&D expenditure increased to £136,000 (H1 2002: £80,000).
The Group will continue to invest into its product and services for the future.

The Group continued to focus on areas of the business where profitable growth
can be achieved.  Our software division continued to make progress, where
operating profit has increased by more than 17% to £74,000 (H1 2002: £61,000).
Cognito Software, our legal accounting and workflow management software company,
performed well with an increase of 5% in recurring revenues compared to 30th
June 2002.

In contrast, the networking division's results continued to be disappointing and
steps are continuing to be taken to reduce costs and eliminate non-profitable
elements of this business.

The Group has been exploring business opportunities in renewable energy through
a division set up for this purpose.  The company received its first significant
contract from Hertfordshire County Council worth over £450,000 for the
installation of solar panels at 15 schools in its district.  £112,000 was
invoiced in this period.  As this is the first major installation it will only
produce a modest contribution to profits.  The company is continuing to promote
solar energy and develop other opportunities in renewable energy applications.

The Cognito Software operations relocated to new premises during the period.
New premises were purchased on 2nd May for £120,000 and the sale of the previous
building, Flair House, completed on 11 August 2003.  The sale of Flair House
generated net proceeds of £251,000.


Financial highlights

•    Operating profit of £94,000 achieved versus a loss of   £8,000 (H1 2002).

•    Group Turnover down 28% to £810,000 (H1 2002: £1,119,000)

•    Group gross profit margin increased from 68% to 74% (H1 2002).

•    Group net operating expenses reduced by 36% from £828,000 to £531,000 
     (H1 2002).

•    Loss before tax reduced by 87% to £15,000 (H1 2002: £112,000)

•    Loss per share 0.01p  (H1 2002: 0.06p)

•    Cash inflow from operating activities is £295,000 compared with a cash 
     outflow from operating activities of £814,000 (H1 2002)

•    The Net Debt reduced from £3,567,000 at 1st January 2003 to £3,410,000 at 
     30th June 2003

Humayun A Mughal, Chairman
                                                            19th September 2003


Consolidated profit and loss account
for the six months ended 30 June 2003                             (Unaudited)     (Unaudited)     (Audited)
                                                                  First half 2003 First half 2002 Full year 2002
                                                         Note     £000            £000            £000
Turnover - continuing operations                         1        810             1,119           2,026
Cost of sales                                                     (212)           (362)           (672)

Gross profit                                                      598             757             1,354
Net operating expenses                                            (531)           (828)           (1,381)
Exceptional credit on approval of voluntary arrangement           27              139             158
Exceptional operating (costs)/profit                              -               (76)            -

Operating (loss)/profit - continuing operations                   94              (8)             131
Exceptional non-operating item - loss on closure of               -               -               253
business

(Loss)/profit on ordinary activities before taxation and
interest                                                          94              (8)             384
Net interest payable                                              (109)           (104)           (219)

(Loss)/profit on ordinary activities before taxation              (15)            (112)           165
Tax on (loss)/profit on ordinary activities                       -               -               36

Unrecovered (loss)/profit for the financial period                (15)            (112)           201

(Loss)/profit per share and diluted (loss)/profit per             (0.01)p         (0.06)p         0.10p
share


Consolidated balance sheet
                                                            (Unaudited)     (Unaudited)     (Audited)
                                                            30 June 2003    30 June 2002    31 Dec 2002
                                                            £000            £000            £000
Fixed assets
Tangible fixed assets                                       3,233           3,173           3,148
Current assets
Stock                                                       301             233             156
Debtors                                                     490             691             514
Cash at bank and in hand                                    49              67              99

                                                            840             991             769
Creditors - amounts due within one year                     (1,612)         (1,927)         (1,402)

Net current liabilities                                     (772)           (936)           (633)

Total assets less current liabilities                       2,461           2,237           2,515

Creditors - amounts due after one year                      (3,351)         (3,553)         (3,450)

Net liabilities                                             (890)           (1,316)         (935)

Capital and reserves
Called up equity share capital                              7,434           7,434           7,434
Share premium account                                       5,520           5,520           5,520
Revaluation reserve                                         1,102           1,124           1,102
Acquisition reserve                                         1,334           1,334           1,334
Profit and loss account                                2    (16,280)        (16,728)        (16,325)

Deficit on shareholders' funds - equity                     (890)           (1,316)         (935)


Consolidated cash flow statement
                                                             (Unaudited)     (Unaudited)     (Audited)
                                                             First half 2003 First half 2002 Full year 2002
                                                             £000            £000            £000

Cash (outflow)/inflow from operating activities              295             (814)           (521)

Returns on investment and servicing of finance               (109)           (60)            (219)

Taxation                                                     -               -               1

Capital expenditure and financial investment                 (129)           (1)             (1)

Cash (outflow)/inflow before financing                       57              (875)           (740)

Financing                                                    (107)           868             765

(Decrease)/increase in cash in the period                    (50)            (7)             25



Notes

1. Segmental analysis
                                                             (Unaudited)     (Unaudited)     (Audited)
                                                             First half 2003 First half 2002 Full year 2002
                                                             £000            £000            £000
Turnover
Networking division - continuing operations                  110             661             893

Software division - continuing operations                    432             458             1,133

Renewable Energy division - continuing  operations           148             -               -
Other revenue                                                120             -               -

Total                                                        810             1,119           2,026



2. Reserves

                             At beginning    Exchange rate  Loss for
     £000                    of year         movements      the period

Profit and Loss Account      (16,325)        60             (15)        (16,280)




3. Dividends

 The Board is not recommending the payment of an interim dividend at this time.

4. Other information

These interim results are prepared on the basis of accounting policies that are
consistent with those set out in the Annual Report for the year ended 31
December 2002.

This interim report was neither audited nor reviewed by the auditors.

The comparative figures for the year ended 31 December 2002 have been extracted
from the Group's statutory accounts for the financial year.  Those accounts have
been reported on by the Company's auditors and delivered to the Registrar of
Companies.  The report of the auditors was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.



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