Ultima Networks edged up its underlying operating profits in 2007.
The previous year’s pre-tax profits benefited from a £462,000 property disposal gain. The legal IT and electric bicycles supplier improved operating profits from £225,000 to £233,000 on 12% higher at £1.56m. That’s not a big increase in profits but it masks a good performance from the other products division, which includes PowaCycle electric bicycles. Its operating profit improved from £5,000 to £85,000.
PowaCycle electric bicycles are sold through 50 dealers. This summer a new premium priced bicycle range under the Infineum brand is being launched. It has a stackable battery that enables the rider to choose how much battery they need for each journey.
The legal IT business took on more people to integrate its new document management software with its existing suite of software. That will be completed in July.
Ultima is looking for acquisitions and has £1m in cash. It is targeting the legal IT sector.
The shares slipped 0.53p to 2.35p, valuing the company at £4.81m. That equates to 18 times historic earnings.
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