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Ultima Networks PLC (UTN)

  Print      Mail a friend       Annual reports

Thursday 02 September, 2004

Ultima Networks PLC

Interim Results

Ultima Networks PLC
02 September 2004



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


Chairman's Statement


I am pleased to report the Group has made good progress in the 6 months 30 June
2003. Sales have increased by 7% to £866,000              (£810,000, H1 2003)
and operating profit increased by 128% to £214,000 (£94,000, H1 2003). The Group
overheads were reduced by 30% to £369,000 (£531,000, H1 2003). Our objectives
for 2004 are to keep the structure of the existing businesses under constant
review and focus on opportunities for profitable growth. In addition we are
continuing to explore new business opportunities in related fields.


The IT and related services division contributed an operating profit of £130,000
(£33,000, H1 2003), an increase of 294% over the first half of 2003. Cognito
Software's turnover increased by 16% and profit increased by 270% and Integrated
Publishing's turnover decreased by 32% and profit increased by 17%. Cognito also
substantially completed phase 2 development of its Custodian and Probates
software, which is scheduled for marketing during the last quarter of 2004.
Networking business continued to face difficulties, further cost cutting steps
have been taken including relocation of Wireless production facility to Pakistan
from Canada. The Research and development of the Wireless products will continue
in Canada.


Renewable energy and other products division contributed a profit of £84,000
(£34,000, H1 2003), an increase of  147% over the first half of 2003. The
balance of the contract to install 'Grid connected Solar Plants' for
Hertfordshire County Council was completed in this half generating sales of
£192,300.


New business opportunities in the Telecom and Education sectors are being
incubated as divisions of the holding company and will be spun out as separate
subsidiaries if successful.


Interest payable for the 6 months to June was £103,000 (£109,000, H1 2003). In
March 2004 the company repaid £885,000 to 8% loan note holders, being capital of
£584,000 and interest of 301,000. Additional loans of £500,000 and £250,000 were
arranged with Lloyds Bank Plc and major shareholder Akhter Group Plc
respectively.  The interest included interest on the 8% loan notes up to 1 March
2004. The new financing arrangements are based on variable interest rates and
should result in lower interest for the Group depending on movement in base
rates.


There is no tax charge as the Group has accumulated losses.


1.  The profits for the six-month period are £111,000 compared with a loss
    of £15,000 for the same period in 2003.


2.  Financial highlights


•   Operating profit increased by 128% to £214,000 (£94,000 for H1 2003)

•   Group Turnover increased by 7% to £866,000 (£811,000 for H1 2003)

•   Profit for the financial period of £111,000 achieved (Loss of
    £15,000 for H1 2003)

•   Group Operating Expenses reduced by 30% to £369,000 (£531,000 for H1
    2003)

•   Profit per share of  0.06p ( Loss per share of  0.01p for H1 2003)

•   53% of Loan Notes (£584,000) and all outstanding interest (£301,000)
    repaid to shareholders.


Humayun A Mughal, Chairman
August 2004


Consolidated profit and loss account
                                                                  (Unaudited)     (Unaudited)     (Audited)
                                                                  First half 2004 First half 2003 Full year 2003
                                                         Note     £000            £000            £000

Turnover - continuing operations                         1        866             810             1,770
Cost of sales                                                     (283)           (212)           (657)

Gross profit                                                      583             598             1,113
Operating expenses                                                (369)           (531)           (925)
Exceptional operating item - gain on approval of cva              -               27              27

Operating profit - continuing operations                          214             94              215
Exceptional non-operating item - gain on disposal of              -               -               175
freehold

Profit on ordinary activities before  interest                    214             94              390

Net interest payable                                              (103)           (109)           (205)

Profit/(loss) on ordinary activities before taxation              111             (15)            185
Tax on profit/(loss) on ordinary activities                       -               -               (16)

Profit/(loss) for the financial period                            111             (15)            169

Basic earnings per share                                          0.06p         (0.01)p           0.09p


Consolidated balance sheet
                                                                   (Unaudited)   (Unaudited)     (Audited)
                                                                    30 June 2004  30 June 2003   31 Dec 2003
                                                                   £000          £000            £000

Fixed assets
Tangible fixed assets                                              3,036         3,233           3,082
Current assets
Stock                                                              222           301             131
Debtors                                                            751           490             628
Cash at bank and in hand                                           107           49              85


                                                                   1,080         840             844

Creditors - amounts due within one year                            (2,006)       (1,612)         (2,583)


Net current liabilities                                            (926)         (772)           (1,739)

Total assets less current liabilities                              2,110         2,461           1,343

Creditors - amounts due after one year                             (2,639)       (3,351)         (2,132)


Net liabilities                                                    (529)         (890)           (789)

Capital and reserves
Called up equity share capital                                     7,524         7,434           7,434
Share premium account                                              5,579         5,520           5,520
Revaluation reserve                                                1,080         1,102           1,080
Acquisition reserve                                                1,334         1,334           1,334
Profit and loss account                                       2    (16,046)      (16,280)        (16,157)

Deficit on shareholders' funds - equity                            (529)         (890)           (789)


Consolidated cash flow statement
                                                                   (Unaudited)   (Unaudited)     (Audited)
                                                                   First half    First half 2003 Full year 2003
                                                                   2004
                                                                   £000          £000            £000

Cash (outflow)/inflow from operating activities                    (42)          295             290

Returns on investment and servicing of finance                     (103)         (109)           (205)

Taxation                                                           -             -               -

Capital expenditure and financial investment                       (4)           (129)           121


Cash (outflow)/inflow before financing                             (149)         57              206

Financing                                                          171           (107)           (220)


Increase/(decrease) in cash in the period                          22            (50)            (14)


Notes

1.Segmental analysis
                                                                   (Unaudited)   (Unaudited)     (Audited)
                                                                   First half    First half 2003 Full year 2003
                                                                   2004
                                                                   £000          £000            £000
Turnover - continuing operations

United Kingdom                                                     861           807             1,687

North America                                                      5             3               83


Total                                                              866           810             1,770


IT and related services                                            484           542             1,179

Renewable Energy and other                                         382           268             591


Total                                                              866           810             1,770


Profit on Ordinary activities before interest

IT and related services                                            130           33              75

Renewable energy and other                                         84            34              113


Total                                                              214           67              188


Exceptional operating items                                        -             27              27

Exceptional non operating items                                    -             -               175


                                                                   214           94              390



2.Reserves
                                                                   At beginning  Profit for the  At end of
                                                                   of year       period          period
                                                                   £000          £000            £000

Profit and loss account                                            (16,157)      111             (16,046)


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 2003.

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

The comparative figures for the year ended 31 December 2003 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange