News blog
Ultima Networks
- BY: Andrew Hore |
- POSTED: 17/08/2011 |
Green products and IT services supplier Ultima Networks almost doubled its revenues in the first half of 2011.
Revenues grew from £785,000 to £1.54m, although pre-tax profit rose more slowly from £109,000 to £190,000. Ultima still has plenty of tax losses. Capitalised development spending increased from £232,000 to £260,000, although total amortisation rose from £21,000 to £77,000.
There was £576,000 in the bank at the end of June 2011.
Most of the growth in revenues came from the green products division, where revenues jumped from £412,000 to £1.1m. The division moved from loss to profit in the six months to June 2011. The introduction of new electric bicycle models helped with further designs due to be launched. There was a rise in sales to Continental Europe and demand is expected to continue to grow. However, currency movements have put pressure on margins.
There are still no revenues from the Spanish and Italian solar activities. The Spanish solar park should generate revenues in the second half. This project has a fixed tariff of 32 eurocents per kilowatt hour for a period of 25 years.
Ultima is still trying to connect its Italian project to the grid and a fall in feed-in tariffs means that the project was reconsidered but it is still viable because of lower solar module prices.
In the UK, Ultima plans to install solar technology in schools and generate revenues from the feed-in tariff. The first installations will be in the third quarter.
IT services improved its revenues and operating profit.
At 1.27p a share, Ultima is valued at £3.56m.
Ultima Networks wanted to change its name to Ultima but the Registrar of Companies rejected the request.
Download the August 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFAugust2011_23.pdf
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|