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Ultima Networks

  • BY: Andrew Hore |
  • POSTED: 23/05/2011 |

Legal software and green products supplier Ultima Networks improved its profit in 2010 as it benefits from investment in new products.

Revenues edged ahead from 1.87m to 1.92m in 2010. The growth has come from each of the software and green products divisions. All of the growth in profit from 214,000 to 353,000 has come from the software division. The green products division continues to make a small contribution.

The legal software business is yet to see the full benefits of its new FiLos software launched last year. This should attract larger customers.

Trading conditions remain tough for the electric bicycles business. Sales are better elsewhere in Europe.

A 100kw solar park in Spain has begun operating and it is receiving a fixed revenue over 25 years. Ultima is also looking into the supply of solar systems to schools based on the UK feed-in tariff scheme. Ultima hopes to negotiate the connection of its Italian solar park to the national grid.

There was 663,000 in the bank at the end of 2010. The main cash outflow is on the development of solar power generation projects and new software. The 412,000 capitalised was similar to last year.

The order book is good and Ultima is keen to grow the software business through acquisition.

At 1.43p a share, Ultima is valued at 3.94m.

Download the May 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFMay2011_20.pdf

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