Ultima, the IT and Green Technology Company, is pleased to announce its unaudited interim results for the six months ended 30th June 2011.
Highlights for the period
- Turnover increased by 95.7% to £1,536,000 (H1 2010: £785,000)
- Operating profit increased by 77.3% to £195,000 (H1 2010: £110,000)
- Debt free with cash at bank of £576,000 as at 30 June 2011 (30 June 2010: £305,000)
- Successful launch of new range of electric bicycles
- Development of Solar Energy for schools initiative in the UK
Ultima operates through three divisions: the IT Services division, the Green technology products division and the Green power division. The IT Services division develops and supplies computer based application software and services to the legal profession, the Green technology products division develops and supplies electric powered bicycles and specialist electrical goods whilst the Green power division is focused on the development of clean power generation through solar power installations in the United Kingdom and Solar parks in Spain and Italy.
Professor Humayun Mughal, Chairman and CEO, commented:
"I am pleased to report that all divisions performed well during the six months ended 30th June 2011. Ultima has achieved group operating profit of £195,000 (H1 2010 : £110,000). The continuous investment into research and new product development has seen all divisions make progress despite market conditions remaining uncertain. The IT Services division has continued the roll out of its FiLos legal software suite which has had good reviews and a positive reception from existing and new clients. The green technology products division has seen a substantial increase in demand for its range of electric bicycles bolstered by the introduction of new models. The range will be supplemented by new designs expected to be released during 2011. The Green power division has concentrated on the development of its free solar energy programme for schools in the UK with the initial installations expected to be commissioned during Q3 2011.
Our main objective going forward continues to be based upon the growth of low risk recurring revenues and the expansion of the company by a mixture of organic growth, through continued investment into the development of new products and an increase in solar energy generation, complemented by a highly selective acquisitions policy.
I am delighted to report the progress made by all divisions and the successful introduction of a range of new products. Substantial investment has been made in creating opportunities for growth in the development of solar energy initiatives which will strengthen the group's green credentials and provide a platform for growth in recurring revenues."