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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ultima Networks | LSE:UTN | London | Ordinary Share | GB0005895098 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5655K Ultima Networks PLC 30 April 2003 ULTIMA NETWORKS PLC Chairman's Statement Trading Performance The Group continues its progress towards profitability despite difficult business conditions within the trading year. The gross margin for the current year increased from 42% (2001) to 67%. Net operating expenses reduced by 41% to #1.38 million (2001: # 2.33 million). This substantially completes the restructure. The Group continued to focus on areas of the business where profitable growth can be achieved. Good progress has been made by our software division where turnover increased by 20% to #1,133,000 (2001: #947,000). This resulted in an operating profit of #211,000 (2001: #94,000). Cognito Software Limited ("Cognito"), our legal accounting and workflow management software company, performed particularly well with an increase of over 12% in the number of users since January 2002 and an increase in recurring revenues of over 22% compared to 31 December 2001. In contrast, the networking division's results continued to be disappointing and further steps have been taken to eliminate non-profitable elements of this business. The networking division's turnover decreased by 74% to #893,000 (2001: #3,444,000). This resulted in an operating loss of #42,000 (2001: loss #269,000). Financial highlights *Group turnover down 41% to #2,026,000 (2001: #3,408,000). *Group gross profit margin increased from 42% to 67%. *Group net operating expenses reduced by 41% from #2.33 million to # 1.38 million. *Software Division turnover up 20% to #1,133,000 (2001: # 947,000). *Networking Division turnover down 74% to #893,000 (2001: #3,444,000). Outlook Investment in research and development continued across the Group. In the software division approximately #68,000 was spent in the period on developing new products and enhancing the existing product range. Developments included web enabling the existing products and the introduction of new products such as digital dictation and voice recognition software. In our networking products company, SilCom Manufacturing Technology Inc. ("SilCom"), development continues on the wireless links product range. The company is developing a gigabit bandwidth link, which is now in field trial stages. Research and development costs incurred in the period on this product were approximately #92,000. At present the Group is researching into providing renewable energy and energy efficient products and services. More information about the results of this new venture will be given in the interim results. The first quarter of 2003 was in line with management expectations with continuing cost controls and focus on profit generation. Operational Overview NETWORKING DIVISION Networking Services Our Networking Services operations specialise in providing complete network solutions to a range of clients in both the public and private sectors. Since the relocation to Burnley from last year our Network Management Centre has successfully maintained existing services and installations with reduced levels of staff costs. Networking Products Our Networking Products operation, SilCom, based near Toronto, Canada, has traditionally specialised in the design and manufacture of products, including network management software, for the Local Area Network (LAN) marketplace. SilCom is now concentrating on widening its wireless product offering where the Directors' believe significant opportunities exist. SOFTWARE DIVISION Cognito software built upon last year's consolidation of the business and there was record growth in 2002. Sales projections for 2002 rested largely upon a steady stream of DOS to Windows conversions and the rollout of Case Management Systems and concurrent with both, an increase in the numbers of users. In May 2002 there was 30% shortfall in projected revenues but immediate corrective action was initiated to arrest the anticipated shortfall. These actions must be set forth as the core element to improve revenue generation and sustainable growth in the coming year and beyond. The product is witnessing increasing operational stability, with a major version release incorporating several product improvements. Integrated Publishing Supplies Limited ("IPS") continued to consolidate its client portfolio with the addition of a Liverpool based publishing house incorporating several titles early in the year. In keeping with this consolidation, the recurring revenue stream has registered growth. In addition, IPS has undertaken to deliver a number of enhancements for existing customer installations responding to their growing business needs as well as providing for chargeable support and services outside the scope of the maintenance remit. This has resulted in IPS now being poised for growth in terms of application functionality and a product line for web integration has been invested in, which will be launched at Newstec 2003 in May in Brighton. The management is confident that this addition to the product portfolio will provide an attractive proposition to existing and prospective clients offering business efficiency and immediate return on investment. RENEWABLE ENERGY DIVISION This division has been set up as part of the holding company to explore business opportunities in the renewable energy sector. This exercise will initially be confined to the Group's existing customers base. Consolidated profit and loss account for the year ended 31 December 2002 2002 2001 #000 #000 Turnover Continuing operations 2,026 3,408 Discontinued operations - 983 -------------- -------------- Turnover 2,026 4,391 Cost of sales (672) (2,533) -------------- -------------- Gross profit 1,354 1,858 Net operating expenses (1,381) (2,327) Exceptional credit on approval of voluntary arrangement 158 980 Exceptional credit on - 291 provision for onerous leases Exceptional operating - 274 costs Analysis of operating profit ----------------------------------------- Continuing operations 131 843 Discontinued operations - 233 ----------------------------------------- Operating profit 131 1,076 -------------- -------------- Profit/ (loss) on 253 (1,061) termination of an operation -------------- -------------- Profit on ordinary 384 15 activities before interest Exceptional gain on - 779 extinguishment of debt Interest payable and (219) (281) similar charges -------------- -------------- Profit on ordinary 165 513 activities before taxation Tax on profit on ordinary 36 63 activities -------------- -------------- Profit for the financial 201 576 year ============== ============== Basic earnings per share 0.10p 0.30p ============== ============== Diluted earnings per 0.10p 0.30p share ============== ============== Consolidated balance sheet at 31 December 2002 2002 2001 #000 #000 #000 #000 Fixed assets Tangible 3,148 3,229 assets Current assets Stocks 156 32 Debtors 514 705 Cash at bank 99 74 and in hand -------------- -------------- 769 811 Creditors: (1,402) (4,107) amounts falling due within one year -------------- -------------- Net current (633) (3,296) liabilities -------------- -------------- Total assets 2,515 (67) less current liabilities Creditors: (3,450) (1,101) amounts falling due after one year -------------- -------------- Net (935) (1,168) liabilities ============== ============== Capital and reserves Called up 7,434 7,434 share capital Share premium 5,520 5,520 account Revaluation 1,102 1,124 reserve Other 1,334 1,334 reserves Profit and (16,325) (16,580) loss account - deficit -------------- -------------- Deficit of (935) (1,168) shareholders' funds ============== ============== Analysis of shareholders' deficit Equity (6,442) (6,675) interests Non-equity 5,507 5,507 interests -------------- -------------- (935) (1,168) ============== ============== Consolidated cash flow statement for the year ended 31 December 2002 2002 2001 #000 #000 Cash flow statement Cash (outflow)/ inflow from (521) 359 operating activities Returns on investments and (219) (149) servicing of finance Taxation 1 - Capital expenditure and (1) 15 financial investment --- -------------- --- -------------- Cash (outflow)/ inflow 225 before management of liquid resources and financing (740) Financing 765 (84) --- -------------- --- -------------- Increase in cash in the 25 141 year === ============== === ============== NOTES 1. GOING CONCERN The Group has net liabilities of #0.9 million and net current liabilities of #0.6 million at 31 December 2002. However, the Directors consider it appropriate to prepare the accounts on the Going Concern basis based on continued financial support of Akhter Group plc. 2. DIVIDEND The board recommends that no dividend will be paid. 3. SEGMENTAL ANALYSIS 2002 2001 #000 #000 === === TURNOVER Networking Division 893 3,444 Software Division 1,133 947 ------------ ------------ Total 2,026 4,391 ============ ============ 2002 2001 #000 #000 PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST Networking Division (42) (269) Software Division 211 94 Group overheads (38) (294) Exceptional non-operating items (excluding gain on extinguishment of debt) 253 484 ------------ ------------ Total 384 15 ============ ============ 4. EXCEPTIONAL OPERATING ITEMS 2002 2001 #000 #000 Gain on approval of Company Voluntary Arrangement ("CVA") Ultima Networks PLC - 271 SilCom Manufacturing Technology 19 389 Inc UTN Solutions (North) Limited 139 221 Integrated Publishing Systems - 41 Limited Cognito Software Limited - 58 ---------------- ---------------- 158 980 ================ ================ Other Release of onerous lease provision - 291 (Ultima Networks PLC) ================ ================ Microvitec plc pension plan - 274 provision (Ultima Networks PLC) ================ ================ The exceptional profits in the current year represent the difference between actual payments made or to be made in settlement of the voluntary arrangements and the estimate liability to the creditors within the scope of voluntary arrangements at the date of approval. In accordance with FRS12 'Provisions for liabilities and contingent assets', provision has been made in earlier years' accounts in respect of obligations under onerous leases and an actuarial deficit on the Microvitec plc New Pension and Life Assurance Plan. These liabilities fell within the scope of the Company Voluntary Arrangement entered into on 9 November 2001 and accordingly the provisions have been released to the profit and loss account as part of the exceptional gain on approval of the voluntary arrangement in 2001 EXCEPTIONAL NON-OPERATING ITEMS 2002 2001 #000 #000 Ultima Networks PLC Gain on extinguishment of debt (see note 28) - 779 ============== ============== Loss on closure of business - (1,061) ============== ============== Gain on liquidation of subsidiary 253 - ============== ============== The loss on closure of a business above is the transfer of goodwill previously written-off directly to reserves to the profit and loss account in respect of UTN Solutions (South) plc. On 18 April 2002 a subsidiary of the Group, UTN Solutions (South) plc was placed in creditors voluntary liquidation. Consequently the company is no longer under the control of the Group. The gain arising reflects the net liabilities of the company (excluding any inter-group balances) at the date of liquidation no longer due from the Group. UTN Solutions (South) Limited ceased trading during 2001. 5. TAXATION 2002 2001 #000 #000 Corporation Tax Current tax on income for the year - (63) Adjustments in respect of prior 68 - years ---------------- ---------------- Current taxation 68 (63) Deferred taxation Net origination (reversal) of timing (104) - differences ---------------- ---------------- Tax on profit on ordinary (36) (63) activities ================ ================ There is no UK corporation tax charge for the year due to the availability of trading losses brought forward and tax losses incurred during the year. The Group has significant trading losses carried forward which will impact on future taxation charges. 6. PROFIT/(LOSS) PER SHARE The basic and diluted earnings per Ordinary Share has been calculated taking into account the same weighted average number of Ordinary Shares and profit attributable to shareholders. 7. ANALYSIS OF NET DEBT At beginning At end of year Cash flow of year #000 #000 #000 Cash at bank and in 74 25 99 hand Bank loans and - (1,708) (1,708) overdrafts Other loans (1,800) 943 (857) -------------- -------------- -------------- (1,726) (740) (2,466) Loan notes (1,101) - (1,101) -------------- -------------- -------------- (1,101) - (1,101) -------------- -------------- -------------- Total (2,827) (740) (3,567) ============== ============== ============== 8. OTHER INFORMATION This preliminary statement, which has been agreed with the auditors, does not constitute the Company's statutory financial statement for the year 31st December 2002. Statutory financial statements for 2001 have been delivered to the Registrar of companies, whereas those for 2002 have been approved, audited but not filed. The auditors have reported on the financial statements for the year ended 31December 2002; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The Annual Report for 2002 will be posted to shareholders by 30 May 2003 and will be available to the public from the Company's registered office at Ultima Networks PLC, Akhter House, Perry Road, Harlow CM18 7PN. This information is provided by RNS The company news service from the London Stock Exchange END FR NKKKDBBKDOQN
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