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Thursday 25 September, 2008


Half-yearly report

                               Ultima Networks Plc
                           ("Ultima" or the "Company")

              Interim Results for the six months ended 30 June 2008

Ultima announces its half yearly results for the six months ended 30 June  2008.
Ultima  operates through two divisions: the Services Division and  the  Products
Division. The Services Division develops and supplies computer based application
software  and services to the legal profession, whilst the Products Division  is
responsible  for the development and sale of consumer and specialist  electronic
goods  including a recent move into the distribution of solar panels  for  large
scale energy generation.

Highlights for the period

  ·    Turnover up 24% to £0.84m (H1 2007: £0.68m)
  ·    Pre tax profit down 21% to £55,000 (H1 2007: £70,000)
  ·    Debt free with cash at bank of £1.03m
  ·    Launched the latest Legal IT product "Cognito Office"

Highlights since the period-end

  ·    Acquisition of JCS Computer Software  - highly complementary and
       strengthens market position

  ·    Distribution agreement with Silicon CPV Plc heralds move into large scale
       solar power

Professor Humayun Mughal, Chairman and CEO, commented:
"I am pleased to report that the six months ended 30 June 2008 has been a period
of  strong sales growth and has seen an evolution in the operating activities in
the  Company. The Company remains debt free with cash at bank of over £1 million
at 30 June 2008 which leaves it well placed for further growth.

Our  main  objective going forwards continues to be the profitable expansion  of
the  company  through  a  mixture  of organic  growth  and  the  acquisition  of
complementary  businesses.  We  continue to focus  on  the  improvement  of  the
operating  contribution from the Services Division and the continued  growth  of
our Products Division to achieve this objective.

I  am  excited by our recent move into renewable energy through the distribution
agreement  with Silicon CPV plc a photovoltaic technology company  and  we  have
high  hopes  that  this will lead to a shift in revenues  for  Ultima.  We  look
forward to announcing further news in this regard in the short term."

                                                               25 September 2008


Ultima Networks Plc                        01279 821 200
Humayun  Mughal,  Chairman  and Chief Exec
Anthony Klein

Blomfield Corporate Finance Limited        020 7489 4500
Alan MacKenzie
James Pinner

Haggie Financial LLP                       020 7417 8989
Nicholas Nelson
Kathy Boate

Chairman and Chief Executive's Statement


The Company continues to make excellent progress with overall turnover up by 24%
from the first half of 2007.

In  a trading update on 21 July 2008, we reported that sales of software to  the
legal  profession had seen a mild slowdown given the transition to  an  upgraded
product  in  the  latter  part of the period which had created  a  diversion  of
internal resources from front line marketing. Our investment in R&D has  enabled
the successful launch of the latest product "Cognito Office ".

On  23rd  September 2008 the Company announced the acquisition of  JCS  Computer
Solutions  Limited  ("JCS")  and  its merger  with  Cognito  Software  Ltd,  the
Company's  legal  software  brand.  Although  only  small,  the  acquisition  is
significant  in  that it positions Cognito Software Ltd as a leading  player  in
this  sector,  able to offer a greater diversity of complementary products.  The
purchase  consideration  was  £268,000  representing  excellent  value  for  the
Company's shareholders given JCS's net assets of £108,000 and last reported pre-
tax profit of £65,000.

The  period  under review saw the completion of the development  of  the  latest
incarnation  of  electric  bicycle which was launched  to  encouraging  industry
acclaim  at the end of July. The directors believe that this product  using  the
Company's  own  lightweight  battery technology,  is  the  most  highly  evolved
electric  bicycle in the world. An active promotional campaign is  underway  and
the response is encouraging.

In  a  recent  development last month, the Products Division entered  the  solar
energy  products  market  via  a distribution agreement  with  Silicon  CPV  Plc
("SCPV").  SCPV has advanced the process of mass solar power generation  through
its  own concentrated photovoltaic technology (a proprietary technology designed
to  increase the efficiency over traditional photovoltaic cells). The  Company's
role will be to act in the distribution of SCPV's solar panels to the installers
of large scale solar farms which, it is hoped, will provide significant revenues
in future years.

Financial Summary

In the six months to 30 June 2008 the Group achieved increased sales of £841,000
(H1 2007: £678,000) and a pre-tax profit of £55,000 (H1 2007: profit £70,000).

The  Services  Division  made  an operating loss of  £21,000  (H1  2007:  profit
£27,000)  on  sales  of  £264,000 (H1 2007: £287,000). This  division  comprises
Cognito  Software a provider of application software and services to  the  legal
profession  and Integrated Publishing Systems whose activities have been  merged
into  Cognito  Software  in  order  to improve  management  control  and  reduce

The  Products  Division contributed an operating profit  of  £51,000  (H1  2007:
profit  £24,000) on sales of £577,000 (H1 2007: £391,000). This division  solely
comprises  UTN  Solutions  (North)   and has had  continuing  success  with  its
PowaCycle  branded range of electric bicycles, which have been  complemented  by
the regular introduction of new models and are increasingly being sold through a
growing number of appointed dealers throughout the UK.

Due  to  the expected availability of brought forward losses, there has been  no
adjustment for taxation in the period.

Prof. Humayun Akhter Mughal
Chairman and Chief Executive Officer

Consolidated Income Statement
Six Months ended 30th June 2008
                              Unaudited  Unaudited   Audited
                              Half Year  Half Year      Full
                                   2008       2007      2007
                                   £000       £000      £000

Revenue                             841        678     1,564

Cost of Sales                       326        208       452

Gross Profit                        515        470     1,112

Selling and administration          485        419       883

Other operating income                -         -          4

Operating Profit                     30         51       233

Finance Income                       25         19        43
Finance Costs

Profit before taxation               55         70       276

Tax Income/(expense)                  -         12      (11)

Profit/(loss) for the period         55         82       265
attributable to equity
holders of the parent

Basic and diluted earnings
per share derived
from total and continuing          0.03       0.04      0.13

All of the Company's operations are classified as continuing.

Consolidated balance sheet
                              30/06/2008   30/06/2007  31/12/2007
                               Unaudited    Unaudited     Audited
                                    £000         £000        £000


Non Current assets
Property, plant and                  119          123         120
Intangible assets-                    39            5           6
development costs
Deferred tax asset                     5            4           5
                                     163          132         131
Total noncurrent assets

Current assets
Inventories                          240          254         257
Trade and other receivables          218          139         284
Cash and cash equivalents          1,028          907       1,026

Total current assets               1,486        1,300       1,567

Total assets                       1,649        1,432       1,698


Current liabilities

Trade and other payables              95           85          97
Current tax liabilities               16           36          69
Corporation tax liability             29            5          29
Accruals and deferred income         285          321         335

Total current liabilities            425          447         530

Total liabilities                    425          447         530

Net assets                         1,224          985       1,168


Called up share capital            7,554        7,554       7,554
Share premium account              5,602        5,602       5,602
Other reserves                         -        1,334           -
Retained earnings               (11,932)     (13,505)    (11,988)

Total equity                       1,224          985       1,168

Consolidated cash flow statement
                                   Unaudited   Unaudited   Audited
                                   Half Year   Half Year      Full
                                        2008        2007      2007
                                        £000        £000      £000

Cash flows from operating
Operating profit for the                  30          51       233
financial period
Depreciation and amortisation              9           8        17
(Increase)/decrease in                    17        (46)      (49)
Decrease/(Increase) in trade and          66          95      (50)
other receivables
Increase/decrease in trade and         (105)        (50)         9
other payables and accruals

Net cash generated from operating         17          58       160

Investment activities
Interest received                         25          19        43
Purchase of property, plant and          (5)           -       (5)
Intangible development costs            (35)         (2)       (4)

Net cash flow from investing            (15)          17        34

Net movement in cash and                   2          75       194

Cash and cash equivalents at the       1,026         832       832
beginning of the period

Cash and cash equivalents at the       1,028         907     1,026
end of this period

Consolidated statement of changes in equity

(i) Six months ended 30 June 2008 -

                 Called     Share   Other    Retained     Total
                  Share   Premium Reserve    Earnings    equity
                   £000      £000    £000        £000      £000
At 1 January      7,554     5,602       -    (11,988)     1,168
Profit for            -         -       -          55        55
the period

At 30 June        7,554     5,602       -    (11,932)     1,224

(ii) Six months ended 30 June 2007 -

                 Called     Share   Other    Retained     Total
                  Share   Premium Reserve    Earnings    Equity
                   £000      £000    £000        £000      £000

At 1 January      7,554     5,602   1,334    (13,587)       903
Profit for            -         -       -          82        82
the period

At 30 June        7,554     5,602   1,334    (13,505)       985

(iii) Year ended 31 December 2007 -

                 Called     Share   Other    Retained     Total
                  Share   premium Reserve    Earnings    Equity
                   £000      £000    £000        £000      £000

At 1 January      7,554     5,602   1,334    (13,587)       903
Profit for            -         -       -         265       265
the year
Transfer              -         - (1,334)       1,334         -
At 31             7,554     5,602       -    (11,988)     1,168

1.   Segmental Reporting

  Ultima  operates  two  main business segments, IT and  related  services  (the
  Services Division) and electronic and other products (Products Division).  The
  revenue  and net operating profit (before interest and tax) generated by  each
  segment are summarised as follows:-

                              Unaudited     Unaudited    Audited
                              Half year     Half year       Full
                                   2008          2007       2007
                                   £000          £000       £000
United Kingdom                      841           678      1,564

Total                               841           678      1,564

Services Division                   264           287        701
Products Division                   577           391        863

Total                               841           678      1,564

Operating profit before
exceptional items
Services Division                  (21)            27        148
Products Division                    51            24         85

Total                                30            51        233

2. Basis of preparation
   The   consolidated  interim  financial  statements  have  been  prepared   in
   accordance  with  the  AIM  Rules  for Companies  and  prepared  on  a  basis
   consistent  with  the  recognition measurement  principles  of  International
   Financial  Reporting  Standards  ("IFRS")  as  adopted  by  the  EU  and  the
   accounting policies set out in the group's financial statements for the  year
   ended 31 December 2007.

   The  consolidated interim financial statements are unaudited and include  all
   adjustments  which management considers necessary for a fair presentation  of
   the  group's financial position, operating results and cash flows for  the  6
   month periods ended 30 June 2008 and 30 June 2007.

   As  permitted,  the  group has chosen not to adopt IAS 34 `Interim  Financial
   Statements'  in  preparing these interim financial statements  and  therefore
   the  interim  financial  information is not  in  full  compliance  with  IFRS

   The  preparation of interim financial statements requires management to  make
   judgements,  estimates  and  assumptions  that  affect  the  application   of
   policies  and  reported  amounts  of  assets  and  liabilities,  income   and
   expenses.  Actual results may differ from these estimates.

   These  interim  financial statements have been prepared under the  historical
   cost convention.

3. Taxation
   Due to the expected availability of brought forward losses, no provision has
   been made for application of taxation for the period under review..

4. Dividends
   The company has not proposed or declared an interim dividend.

5. Earnings per share
   Basic  earnings per share has been calculated based on the profit on ordinary
   activities after taxation and the weighted average number of shares in  issue
   for  the  period  of 204,747,964 (June 2007: 204,747,964 and  December  2007:
   204,747,964). There are no options having a dilutive impact on  earnings  per

6. Other information
   This  interim statement was approved by the board on 23rd September 2008  and
   has  not  been audited by the company's auditors Grant Thornton UK  LLP.  The
   comparatives  for the full year ended 31 December 2007 are not the  Company's
   full  statutory accounts for that year. A copy of the statutory accounts  for
   that  year,  which  were  prepared under IFRS,  has  been  delivered  to  the
   Registrar   of  Companies.  The  auditors'  report  on  those  accounts   was
   unqualified, did not include references to any matters to which the  auditors
   drew  attention  by way of emphasis without qualifying their report  and  did
   not contain a statement under section 237(2)-(3) of the Companies Act 1985.

   A  copy  of  this interim statement is available at the Company's  registered
   office  at  Ultima Networks plc, Akhter House, Perry Road, Harlow,  CM18  7PN
   and on the company's website:                                                                 

a d v e r t i s e m e n t