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Ultima Networks PLC (UTN)

  Print      Mail a friend       Annual reports

Tuesday 08 May, 2012

Ultima Networks PLC

Final Results

RNS Number : 8261C
Ultima Networks PLC
08 May 2012
 



Embargoed until 7am                                                                                                            8 May 2012

 

Ultima Networks Plc

("Ultima" or "the Company")

 

Final Results

for the Year Ended 31 December 2011

 

The Directors are pleased to announce the audited results of the Company and its subsidiaries (together the "Group" or the "Ultima Group") for the year ended 31 December 2011.

 

The Ultima Group's operations consist of 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.

 

FINANCIAL HIGHLIGHTS

 

·     Group revenue increased 55% to £2,970,000 (2010: £1,919,000)

·     Group administration expenses increased 52% to £1,224,000 (2010: £807,000)

·     Operating profit for the year increased 37% to £486,000 (2010: £356,000)

·     Net profit increased 43% to £517,000 (2010:£364,000)

·     Earnings per share of 0.19p (2010: 0.13p)

·     Net asset per share of 1.25p (2010: 1.07p)

·     Cash at the bank, or on short term bank deposits, was £388,000 at 31 December 2011 (31 December 2010: £663,000)

 

OPERATIONAL HIGHLIGHTS

 

·     Completed installation of over 1MW Solar PV generation capacity.

·     Installed mid-range (50KW) PV Solutions in the UK.

·     Initiated development of Ground Source renewable Heat Solutions in the UK.

·     Substantial increase in green technology products due to success of new models in Europe.

·     Roll out of FiLos legal software suite continuing.  

 

Prof. Humayun Mughal, Chairman and CEO, commented, "The Group's performance in 2011 has been impressive, with all divisions successfully moving forward with new projects. Our strategy and philosophy is simple: to grow low risk recurring revenue elements of the business, to develop environmentally friendly products and to stay ahead of competition through continuous investment in R&D programmes across all the operating divisions.

 

"Over the last five years, we have increased revenue and delivered profitability to our shareholders. As we roll out new products and invest in innovative environmental schemes we are confident our performance in the coming years will continue this trend."

 

 

For Further Enquiries:

Ultima Networks plc                                                                                                  01279 821200

Prof. Humayun Mughal, Chairman and CEO

 

Allenby Capital Limited (nominated adviser and broker)                                              0203 328 5656

Nick Naylor

Nick Athanas

 

Leander (Financial PR)                                                                                             07795 168 157

Christian Taylor-Wilkinson

 

 

 

 

CHAIRMAN'S STATEMENT

 

Introduction

 

I am pleased to report that during the year the Group continued to make considerable progress in all divisions and increased pre-tax profit by 37% compared to the previous financial year.  During the year, the Group's Green Power division was granted approved installer status under the solar photovoltaic ("PV") systems Microgeneration Certification Scheme.  This certification has allowed the Green Power division to bring the installation experience it has developed in Spain to the UK market and provide "PV" solutions to its customers typically of 50KW size. The division has now installed over 1MW of Solar PV generation capacity and is planning to apply the experience gained in the provision of PV renewable energy solutions to the installation of Renewable Heat solutions under the RHI (Renewable Heat Incentive) Feed in Tariff, which comes into effect in the UK in October 2012. The target market for this division will be over 5 million households in the UK that do not have a mains gas supply and can benefit from the introduction of RHI Feed in Tariff.

 

IT Services commenced the roll out of the FiLos legal software suite which has contributed to an increase in the division's turnover.  The division is committed to a continuous programme of research and development designed to increase the scope and appeal to medium and larger legal firms.

 

The Green Technology Products division, following the launch of new models, saw a substantial increase in demand from continental Europe for its specially designed range of electric bicycles. Growth in this market is expected to continue although economic uncertainty within the Eurozone may impact short term prospects.  Some improvement is expected in the UK market as consumer confidence improves and as new bicycle models are introduced to the market during 2012.

 

The last financial year saw an overall increase in sales and operating profit across the Group which is a result of the Group's strategy of continuous investment in research and the development and deployment of new products and services.

 

Financial Results

 

In the year ended 31 December 2011, the Group achieved sales of £2,970,000 (2010:£1,919,000) with an operating profit of £486,000 (2010:£356,000).

 

The pre-tax profit for the Group was £483,000, an increase of 37%, (2010:£353,000) and the net profit for the financial year increased by 43% to £517,000 (2010:£364,000).

 

The Group had cash at the bank of £388,000 (2010:£663,000).  Cash was utilised in the year to deploy   solar PV installations in the UK. Cash was also used to fund continued development of software by the IT Products division and the design of electric bicycles by the Green Products Division. Any balance of cash funds not required for working capital purposes is being placed on short term bank deposit to maximise interest receivable.

 

IT Services division

 

The IT Services division made an operating profit of £14,000 (2010:£377,000) on sales of £915,000 (2010:£831,000). This 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 from two locations (Midlands and South West England) under the name "Cognito Software Limited". The division's management team has focused on improving the scope of the FiLos software suite and increasing its appeal to larger legal practices whilst maintaining good relations with the existing client base. This has been achieved through a mixture of high quality customer service and rapid response to the needs of clients during a year which has continued to experience restructuring within the legal profession.

 

The division continued to make substantial investment into the development and enhancement of products which is expected to result in an overall increase in the client base for the full range of Cognito software solutions. The outlook for the division is for continued improvement in overall performance and profitability based on attention to client needs and the benefits arising from the supply of quality software solutions to a niche market sector.

 

The profile of the legal software market during 2011 continued to change as firms merged or withdrew from the market. The move towards consolidation in the market is expected to continue as the government introduces changes to the level of legal aid support available.

 

The division has a policy of actively considering opportunities available to grow through acquisition and will continue to review the market to identify potential targets.

 

Green Technology Products division

 

The Green Technology Products division made a profit of £47,000 (2010:£3,000) on sales of £1,735,000 (2010:£1,088,000). The division substantially increased turnover through improved sales of its premium range of electric bicycles into continental Europe.  Consumer demand in the UK remained weak as the demand for luxury consumer products continued to be undermined by a lack of confidence in the economy. 

 

The Board expects that market demand in the UK will improve during 2012 as the division introduces new models designed and targeted to meet the aspirations of a new generation of consumers looking to adopt green technology as an alternative to the increasingly high environmental and operating cost associated with conventional modes of transport.  The new models will widen market coverage and are expected to add to the divisions' market share and profitability.

 

Green Power division

 

The Green Power division contributed revenue of £320,000 (2010: £Nil).   The division commenced a programme of installing PV (Photovoltaic) solar energy solutions targeted at the mid-range (up to 50KW) to schools and onto industrial roofs.  The strategy was based upon the supply of PV systems without capital cost to the participating organisation, with the division receiving revenue through the receipt of the government backed feed-in tariff scheme, introduced into the UK April 2010. This strategy was modified and extended to include Engineering Procurement and Construction (EPC) contracts whereby the division designed and supplied turnkey solutions for an agreed cost. The division reached an important milestone during the year as the total level of generating capacity passed the 1MW (Megawatt) level and the Board is confident of being able to capitalise on this significant achievement.

 

During the last quarter of 2011 the government announced radical changes to the level of the FIT (Feed in Tariff) for new installations completed after 12 December 2011. Although the introduction of the proposed changes have been challenged by the Solar PV industry, the impact has been to reduce the prospect of continued growth in this sector which has seen the imposition of substantially lower rates of FIT.

 

The division intends to continue to supply turnkey solar PV solutions on an EPC basis. The division is also developing Ground Source Renewable Heat installation capability where we see a substantial growth opportunity in the future.

 

In Italy the division has entered into an agreement with ENEL Spa to provide a connection to the Italian MV (Medium Voltage) grid. The connection will be for a 1MW "Greenhouse" design solar park situated on the 22 hectares of land owned by the Company in the Puglia region of Southern Italy. The design and planning consent for the project are expected to be completed during 2013.

 

Other Operating Income

 

Other operating income of £405,000 (2010: £5,000) was a contribution from intercompany charges and profit on solar installations.

 

Outlook

 

Despite tough economic conditions the outlook for the Group remains positive. The Group's strategy and philosophy continues to be based on the growth of low risk recurring revenues, the development of environmentally friendly products and a commitment to research and development in all the operating divisions.

 

The continued research and investment into areas of new technology and development of existing products has improved the Group's competitive position and provides a solid bedrock for continued growth in sales.

 

 



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

 

 

 

 


2011

£000

 

2010

£000

 

Revenue

 


2,970

1,919

Cost of sales

 


(1,665)

(761)

Gross profit

 


1,305

1,158

Administration expenses

 


(1,224)

(807)

Other operating income

 


405

5

Operating profit

 


486

356

Finance income

 


(3)

(3)

Profit before taxation

 


483

353

Taxation recovery

 


34

11

Profit for the year


 

517

 

    364

Other comprehensive income:

Exchange difference on translating foreign operations


    (26)

   (34)

Total comprehensive income for the year attributable to equity holders of the parent


    491

     330

 

Basic and diluted earnings per share - pence

 


 

0.19

 

0.13

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011


2011

£000

2010

£000

 

 

ASSETS




 

Non-current assets




 

Property, plant and equipment


2,145

1,223

 

Intangible assets - development costs


1,042

843

 

Goodwill


118

118

 

Intangible assets - other


152

163

 

Deferred tax assets


-

-

 





 

Total non-current assets


3,457

2,347

 




 

Current assets




 

Inventories


500

419

 

Trade and other receivables


611

564

 

Cash and cash equivalents


388

663

 





 

Total current assets


1,499

1,646

 





 

Total assets


4,956

3,993

 





 

LIABILITIES




 

Non-current Liabilities




 

Deferred tax


53

48

 





 

Total non-current liabilities


53

48

 





 

Current liabilities




 

Trade and other payables


998

543

 

Current tax liabilities


37

110

 

Accruals and deferred income


378

335

 





 

Total current liabilities


1,413

988

 





 

Total liabilities


1,466

1,036

 





 

Net assets


3,490

2,957

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

 

 






2011

£000

2010

£000

EQUITY




Capital and reserves attributable to equity holders of the parent




Called up share capital


8,299

8,269

Share premium account


5,843

5,831

Other reserves


202

202

Retained Earnings


           (10,835)

           (11,352)

Translation of foreign operations


(19)

7







3,490

2,957

  

 

 

 

 

 

 

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2011

 

 








2011

£000

2010

£000

 

Profit for the financial year



517

364

 

Taxation expense



 (34)

(11)

 

Interest



3

3

 

Comprehensive income



(26)

(34)

 

Depreciation charges



34

8

 

Amortisation of intangibles



166

39

 






 

Operating profit before changes in working capital



660

369

 






 

Decrease/(Increase) in inventories



 (81)

(80)

 

Decrease/(Increase) in trade and other receivables



(47)

73

 

(Decrease)/increase in trade payables and other capital liabilities



425

(127)

 






 

Cash (used in)/generated from operations



957

235

 






 

Taxation



39

14

 






 

Net cash (used in)/generated from operating activities



996

249

 






 

Cash flows from investing activities





 

Purchase of property, plant and equipment



( 956)

(61)

 

Development expenditure



(354)

(408)

 

Other intangibles



-

-

 

Net proceeds of ordinary shares issue



42

-

 






 

Net cash used in investing activities



  (1,268)

(469)

 






 

Cash flows from financing activities





 

Interest received



(3)

(3)

 






 

Net cash generated from financing activities



(3)

(3)

 






 

Net (decrease)/increase in cash and cash equivalents



  (275)

(223)

 






 

Cash and cash equivalents at beginning of the period



663

886

 






 

Cash and cash equivalents at end of the period



388

663

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR YEAR ENDED 31 DECEMBER 2011

 

 

 


Called up share

capital

£000

Share premium

 

£000

Other reserves

 

£000

Retained earnings

 

£000

Translation of foreign operations

 

£000

Total

Equity

 

£000

Year ended 31 December 2011








As 1 January 2011


8,269

5,831

202

(11,352)

7

2,957

Share Issue


30

12




42

Total comprehensive income for the year


 

-

 

-

 

-

 

517

 

(26)

 

491









At 31 December 2011


8,299

5,843

202

(10,835)

(19)

3,490

 

 








Year ended 31 December 2010








As 1 January 2010


8,269

5,831

202

(11,716)

41

2,627

Total comprehensive income for the year


 

-

 

-

 

-

 

364

 

(34)

 

330









At 31 December 2010


8,269

5,831

202

(11,352)

7

2,957

Year ended 31 December 2010








 

 

The Group operates in the United Kingdom, Italy and Spain.

At 31 December 2011, the Group is organised into three divisions and two principal business segments:

 

·      IT and related services (comprising legal and publishing application software)

 

·      Green technology including Green power(comprising electric bicycles, energy saving lamps, educational electronic kits and development of solar power (in the UK)

 

 

 

 

 

 

 

 

The segmental results for the year ended 31 December 2011 are as follows:

 



IT and related services

UK

£000

Green technology

UK

£000

Green

Power

ITALY

£000

Unallocated

 

 

£000

Group

 

 

£000








Revenue


915

2,055

-

-

2,970








Depreciation


2

4

-

28

34

Amortisation


83

77

4

2

166

Interest payable


-

3

-

-

3

 

Operating profit/(loss)


14

498

(26)

-

 

486

 

 

The segmental results for the year ended 31 December 2010 were as follows:










IT and related services

UK

£000

Green technology

UK

£000

Green technology

ITALY

£000

Unallocated

 

 

£000

Group

 

 

£000








Revenue


831

1,088

-

-

1,919








Depreciation


2

2

-

4

8








Amortisation


10

24

5

-

39








Interest payable


-

2

-

1

3








Operating profit/(loss)


377

3

(24)

-

356






















The other information of the segments are as follows:

 




2011


IT and related services

UK

£000

Green technology

UK

£000

Green technology

Italy

£000

Unallocated

 

 

£000

Group

 

 

£000















Segment assets


1,024

1,016

957

1,959

4,956

Segment liabilities


(168)

(512)

(47)

(739)

(1,466)








Net assets


856

504

910

1,220

3,490















STATEMENT

 

This statement was approved by the directors on the 4th May 2012. This statement does not constitute the group's statutory accounts for the year ended 31 December 2011. Statutory accounts for the year ended 31 December 2010 have been delivered to the Registrar of Companies. The auditor's report for those accounts was unqualified and did not contain any statement under section 495 of the Companies Act 2006. The auditor's report for the accounts to 31 December 2011 is unqualified.

 

The Annual report and Accounts, including the notice of annual general meeting for 2011 will be made available to the shareholders and the public on the Company's web site (http://www.ultima-networks.co.uk) and the Company will make a further announcement in this regard at the appropriate date.

 

 

 

 

 


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