Green products and legal software supplier Ultima Networks says that sales of electric bicycles were disappointing in the second half.
Sales to mainland Europe have been disappointing. A new subsidiary is being launched in the Netherlands in order to increase brand awareness and Ultima hopes to rebuild its market share.
This means that 2012 revenues will be lower than the £2.97m reported in the previous year. Interim revenues dipped from £1.54m to £1.42m. That meant that the group lost £34,000, compared with a previous interim profit of £190,000.
Ultima has installed PV solar systems in the UK with a 1.1MW capacity. A pilot solar energy scheme is being evaluated by the Mexican Department of Education.
Ground source heat and air source heat systems have had their initial test installations. At the beginning of September, the government will launch the Renewable Heat Initiative, allowing users of this technology to receive a subsidy that will cover all installation costs over a period of seven years.
The legal software business is steady and it has significant recurring revenues.
A0.82p a share, down 0.23p, Ultima is valued at £2.3m.
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