Green products and legal software supplier Ultima Networks hopes for a stronger second half after it fell into loss in the first half of 2012.
Revenues dipped from £1.54m to £1.42m with both the legal software and green technology divisions reporting revenue declines with the latter falling into loss. That meant that the group lost £34,000, compared with a previous interim profit of £190,000.
Electric bicycle sales have declined but new bicycle models will be launched in the second half. Ultima no longer offers free solar energy for schools following the feed in tariff changes but it will generate £60,000 a year for 25 years from the projects it did complete. The focus has changed to ground source heat installations.
The Spanish solar operations were hit by adverse weather conditions and this reduced output. There is a fixed tariff of €0.32/kwh for 24 years. A special HybridPV system has been designed for the Mexican market.
There are still no revenues from the Italian renewable energy operations. The options for the development of the renewable energy park in the Puglia region are being reviewed. A 1MW voltage connection has been agreed with ENEL.
There was £258,000 in the bank at the end of June 2012.
At 1.07p a share, Ultima is valued at £3m.
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