RNS Number : 4379W
Ultima Networks PLC
31 January 2012
Ultima Networks plc
("Ultima" or the "Group")
31st January 2012
Ultima, the IT and Green Technology Company, is pleased to provide an update on trading following the end of its financial year on 31 December 2011.
The Board of Ultima are pleased to announce that it has seen growth in all of its operating divisions during the year ended 31 December 2011 and that it expects to report turnover and net profit ahead of market expectations. The Group operates through three divisions: IT Services, Green technology products and Green power. These divisions are involved respectively in the sale of software to the legal profession, the development and sale of specialist electrical goods and the development of clean power generation through solar installations in Spain, Italy and the United Kingdom.
The IT Services division provides computer application software and related support and other services to small and medium size legal practices in England and Wales. The division operates under the name Cognito Software Limited and during the year launched its latest integrated legal software suite which is marketed under the name "FiLos". The introduction of FILOS marketed alongside the existing software range is expected to attract interest from larger legal practices and spearhead the continued growth in the division's profitability.
The Green technology products division has seen continued growth in its range of electrically powered bicycles marketed under the brand names "Powacycle" and "Infineum". Significant sales growth in continental Europe more than compensated for the difficult market conditions for luxury goods in the UK. The division accounted for 58% of sales in 2011, is expected to increase in 2012 led by the introduction of new models, continued R&D activity and targeted marketing.
The Green power division completed over 500 KW of solar photovoltaic installations throughout the UK during 2011. It has retained ownership of 400 KW for future sale; in the meantime the generating capacity retained by the division will contribute to an increase in recurring revenue received under the "FITS" (Feed in tariff) programme estimated at £120,000 per annum. The installations met the 12th December 2011 deadline (set by the government in order to receive the higher tariff for the 25 year life of the scheme). The division is currently expanding its operations to include the Renewable Heat Installations using Ground Source Heat pumps, where the Feed in Tariff is currently available to commercial organisations and expected to be extended to domestic consumers by October 2012. The investment made into a 100KW solar park in Spain is operating and expected to increase its contribution to the division's revenue during 2012.
The continued investments in new technology with a strong R&D effort reinforces the company's focus on achieving growth and profitability through the introduction of new products and continuous attention to the company's competitive position.
Ultima also announces that on 19 September 2011 it transferred its trading platform from SEAQ to SETSqx (Stock Exchange Electronic Trading Service- quotes and crosses). SETSqx combines the existing non-electronic market maker quote with periodic electronic auctions designed to concentrate liquidity. The auctions allow both market makers and non-market makers to enter electronic limit orders and to participate in the auctions.
The Board of Ultima expects to release its results for the year ended 31st December 2011 during May 2012.
Ultima Networks plc 01279 821200
Prof. Humayun Mughal, Chairman and CEO
Allenby Capital Limited (nominated adviser and broker) 0203 328 5656
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