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Ultima Networks

  • BY: Andrew Hore |
  • POSTED: 13/01/2008 |

Software and technology products Ultima Products says trading improved last year and itplans to grow through acquisition. 

The other products division now accounts for 55% of turnover with demand improving for the PowaCycle electric bicycle and energy saving SaverLamps.

In 2006 Ultima reported profits of £548,000 on turnover of £1.4m. That includes a £462,000 gain on a property disposal. In the six months to June 2007, Ultima reported profits of £70,000 against £3,000 the previous year.

After years of financial problems the sale of its property assets left it with £907,000 in the bank at the end of June 2007. It wants to use that to help finance acquisitions.

On a rolling basis, the profits for the 12 months to June 2007 were £156,000. There are nearly £6m of tax losses available. The shares rose 0.25p to 0.8p following the trading statement. That values Ultima at £1.64m.

The full year results will be published in April 2008, which is a month earlier than last year.

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