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Ultima Networks plc (UTN)

  Print      Mail a friend       Annual reports

Thursday 28 September, 2006

Ultima Networks plc

Interim Results


                               Ultima Networks plc


                                 Interim Report
                                  30 June 2006



                            Registered number 1435584

Chairman's Statement

I am pleased to report that in the six months to 30 June 2006 the Group returned
to  profitability with an operating profit of £105,000 (H1 2005: loss  £138,000)
and increased Group sales of £654,000 (H1 2005: £475,000). All of the continuing
businesses reported operating profits.

The  IT  and  related services division made an operating profit of £95,000  (H1
2005: loss £137,000) on sales of £345,000 (H1 2005: £349,000). This division now
comprises   Cognito  Software  and  Integrated  Publishing  Systems   after   C2
Communications  and  SilCom,  the  two unprofitable  businesses,  were  sold  in
November  2005  and closed in December 2005 respectively. Cognito Software,  the
provider of application software and services to the legal profession,  was  the
major  contributor  to this division with a much improved performance  over  the
first half of 2005.

The other products division contributed an operating profit of £10,000 (H1 2005:
loss  £1,000) on sales of £309,000 (H1 2005: £126,000). This division  comprises
UTN  Solutions  (North) and the holding company. The holding  company  does  not
generate any sales, but contributes the property rental income reported as other
operating  income.  UTN Solutions (North) has found success with  its  PowaCycle
branded  range  of electric bicycles and is looking to build upon  this  success
with  the launch of a new bicycle battery based on polymer technology, which  is
lighter in weight and has a larger capacity than that currently offered.

Pre-tax  profit of the group was £3,000 (H1 2005: loss £242,000).  The  taxation
charge  of  £23,000 (H1 2005: £nil) has been calculated at the current estimated
tax  rate  of  19% and comprises deferred tax charges of £14,000 and corporation
tax  charges  of  £9,000. The loss for the financial period  after  taxation  is
£20,000 (H1 2005: loss £242,000).

In  July 2006, the holding company announced it had exchanged contracts for  the
sale, to an unconnected third party, of its freehold property in Bradford for  a
cash  sum  of £4.2m. The sale is expected to be completed on 29 September  2006.
The  proceeds from the sale will be applied primarily in repaying the  loans  to
Lloyds TSB Bank plc and Akhter Group plc, which are both secured on the property
as  well  as  repayment of the outstanding 8% unsecured loan notes  and  accrued
interest. The balance remaining after these repayments will be used for  working
capital purposes and to fund investment in the profitable expansion of the Group
when appropriate opportunities become available.


Humayun Akhter Mughal
Executive Chairman

28 September 2006



Consolidated profit and loss account
Six months ended 30 June 2006

                                       Half     Half     Full
                                       year     year     year
                                  Note 2006     2005     2005

                                              Restated
                                       £000     £000     £000
Turnover
Continuing operations                   654      409      968
Discontinued operations                   -       66      106

                                    1   654      475    1,074

Cost of sales
Continuing operations                  (194)     (90)    (238)
Discontinued operations                   -      (23)     (89)

                                       (194)    (113)    (327)

Gross profit
Continuing operations                   460      319      730
Discontinued operations                   -       43       17

                                        460      362      747

Selling and administration
expenses
Continuing operations                  (474)    (378)    (738)
Discontinued operations                  (1)    (249)    (371)

                                       (475)    (627)  (1,109)

Other operating income
Continuing operations                   120      127      247


Operating profit / (loss)
Continuing operations                   106       68      239
Discontinued operations                  (1)    (206)    (354)

                                     1  105     (138)    (115)

Exceptional item - discontinued           -        -      (35)
operations

Profit / (loss) on ordinary             105     (138)    (150)
activities before interest and
taxation

Net interest payable and similar       (102)    (104)    (210)
charges

Profit / (loss) on ordinary               3     (242)    (360)
activities before taxation

Taxation                                (23)       -      (40)

Loss for the financial period       2   (20)    (242)    (400)





Basic and diluted (loss)/ earnings
per share - pence
Continuing operations                 (0.01)   (0.02)    0.01
Discontinued operations                   -    (0.10)   (0.19)



Consolidated balance sheet
At 30 June 2006

                                       Half     Half     Full
                                       year     year     year
                                 Note  2006     2005     2005

                                       £000     £000     £000
Fixed assets
Tangible assets                   3   3,864    4,054    3,907

Current assets
Stocks                                   99      158      114
Debtors                                 204      330      232
Cash at bank and in hand                 14       61        4


                                        317      549      350
Creditors: amounts falling due    4  (1,804)  (1,667)  (1,674)
within one year


Net current liabilities              (1,487)  (1,118)  (1,324)


Total assets less current             2,377    2,936    2,583
liabilities

Creditors: amounts falling due    5  (2,009)  (2,377)  (2,195)
after more than one year


Net assets                             368      559       388



Capital and reserves
Called up share capital              7,554    7,554     7,554
Share premium account                5,602    5,602     5,602
Revaluation reserve                  2,071    2,142     2,071
Other reserves                       1,334    1,334     1,334
Profit and loss account          2 (16,193) (16,073)  (16,173)


                                       368      559       388




Consolidated cash flow statement
Six months ended 30 June 2006


Cash flow statement
                                       Half     Half     Full
                                       year     year     year
                                 Note  2006     2005     2005

                                       £000     £000     £000

Cash inflow / (outflow) from       6    183     (288)      56
operating activities

Returns on investment and          7    (81)     (84)    (169)
servicing of finance

Taxation                                  -        -        -
Acquisitions and disposals                -      (45)     (45)
Capital expenditure and financial  7    (17)      (6)      (8)
investment


Cash inflow / (outflow) before           85     (423)    (166)
financing

Financing                          7   (176)     (68)    (251)


Decrease in cash in the period          (91)    (491)    (417)





Reconciliation of net cash flow to
movement in net debt
                                       Half     Half     Full
                                       year     year     year
                                 Note  2006     2005     2005

                                       £000     £000     £000

Decrease in cash in the period          (91)    (491)    (417)

Cash outflow from decrease in debt      176       75      258
financing



Decrease / (increase) in net debt        85     (416)    (159)
from cashflows



Movement in net debt in the period       85     (416)    (159)
Net debt at the start of the         (3,248)  (3,089)  (3,089)
period


Net debt at the end of the period  8 (3,163)  (3,505)  (3,248)


NOTES

1. Segmental reporting
                                    Half year   Half year    Full year
                                       2006       2005         2005
                                                Restated
                                       £000          £000            £000
Turnover
United Kingdom                          654        475        1,067
North America                             -          -            7

Total                                   654        475        1,074


IT and related services                 345        349          745
Other products                          309        126          329

Total                                   654        475        1,074

Profit / (loss) on ordinary activities
before interest

IT and related services                 95        (137)        (206)
Other products                          10          (1)          91

Total                                  105        (138)        (115)


2. Profit and loss account
                                       £000

At 1 January 2006                   (16,173)
Loss for the financial period           (20)

At 30 June 2006                     (16,193)


3. Tangible Fixed Assets
                                    Freehold land      Plant and
                                    and buildings      Machinery        Total
                                         £000                £000              £000
Cost or valuation
At 1 January 2006                       4,020              118          4,138
Additions                                   -               17             17

At 30 June 2006                         4,020              135          4,155

Depreciation
At 1 January 2006                         118              113            231
Charge for period                          58                2             60

At 30 June 2006                           176              115            291

Net book value

At 30 June 2006                         3,844               20          3,864

At 1 January 2006                       3,902                5          3,907


4. Creditors: Amounts due within one year

                                                  Half year     Half year   Full year
                                                    2006           2005       2005
                                                    £000      £000          £000

Bank overdraft                                       285            315        184
Bank loans                                           253            238        246
Akhter Group loan                                    113            119        110
8% unsecured loan notes                              517            517        517
Accrued interest re 8% unsecured loan notes           97             56         76
All other creditors, accruals and deferred income    539            422        541

                                                   1,804          1,667      1,674

5. Creditors: Amounts due after more than one year

                                                 Half year      Half year    Full year
                                                   2006           2005         2005
                                                   £000              £000         £000

Bank loans                                        1,346          1,600        1,475
Akhter Group loan                                   663            777          720

                                                  2,009          2,377        2,195


6. Reconciliation of operating profit to net cash inflow

                                                 Half year      Half year    Full year
                                                    2006           2005        2005
                                                    £000      £000           £000

Operating profit / (loss)                            105           (138)       (115)
Depreciation                                          60             73         150
Loss on disposal of fixed assets                       -              -          31
Decrease / (increase) in stocks                       15            (28)         16
Decrease in debtors                                   14             86         106
Decrease in creditors                                (11)          (281)       (132)

Net cash inflow / (outflow) from
operating activities                                 183           (288)         56


7. Analysis of cashflows

                                                  Half year       Half year    Full year
                                                    2006            2005          2005
                                                    £000       £000     £000
Returns on investment and servicing of finance
Interest paid                                        (81)            (84)         (169)

Acquisitions and disposals
Purchase of shares in subsidiary                       -             (45)          (45)

Capital expenditure and financial investment
Purchase of tangible fixed assets                    (17)             (6)           (8)


Financing
Issue of ordinary share capital                        -               7              7
Bank loan draw downs                                   -              80             80
Repayment of bank loans                             (122)           (109)          (226)
Repayment of other loans                             (54)            (46)          (112)

Net cash outflow from financing                     (176)            (68)          (251)


8. Analysis of net debt
                                            At 1 January 2006    Cash flow      At 30 June 2006
                                                   £000                £000       £000


Cash at bank and in hand                              4               10              14
Bank loans and overdrafts                        (1,905)              21          (1,884)
Akhter Group loan                                  (830)              54            (776)

                                                 (2,731)              85          (2,646)
8% unsecured loan notes                            (517)               -            (517)

Total                                            (3,248)              85          (3,163)


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

10. Other information
These interim results have been prepared on the basis of accounting policies that are consistent with those set out in
the Annual Report for the year ended 31 December 2005.
This Interim Report was neither audited nor reviewed by the auditors.
Restatement:
Other operating income has been previously reported in Turnover. Therefore, Turnover in the six months ended 30 June
2005 has been restated in this interim report to exclude this income.
The comparative figures for the year ended 31 December 2005 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 Interim Report is also available on the company's website, www.ultima-networks.co.uk