23rd Sep 2015 16:20
LONDON (Alliance News) - Ultima Networks PLC reported a narrowed pretax loss for the first half of 2015 as a result of posting exceptional costs in the previous year, and said that whilst the short-term economic outlook remains challenging it is positive it is in a position "to take advantage of any upturn."
The company operates two divisions, an IT services division, and a green technology division that develops and supplies electric powered bicycles and specialist electrical goods.
For the half year to end-June the company reported a pretax loss of GBP70,000, narrowed from a pretax loss of GBP181,000 a year before, despite revenue declining slightly to GBP615,000 from GBP674,000, mostly as a result of posting exceptional costs of GBP100,000 in the previous period.
Ultima said its IT Services division saw a small fall in revenue as legal practices continued to consolidate in a competitive market, however it continued to develop its flagship 'FiLos' legal software suite.
"The group having gone through a period of restructuring it intends to concentrate on growth in low risk recurring revenues, a continued effort to control central overheads and the expansion of the Company by a continued investment into the development of new products," said Chairman and Chief Executive Officer Humayun Mughal in a statement.
Shares in Ultima were untraded Wednesday. It last closed at 0.275 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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