Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Ultima expands in Europe
Legal software-to-solar power minnow Ultima Networks plans to launch a new electric bicycle model after losing an interim £10,000.
The Harlow, Essex-based company, whose chairman and chief executive Professor Humayun Mughal owns a 26.4 per cent stake, increased turnover 63 per cent in the six months to June and analysts foresee full-year pre-tax profits up 17 per cent to £315,000. AIM-quoted Ultima, which also plans to build photovoltaic solar power plants in Italy and Spain, sold 2,500 electric bicycles at £1,200 each last year and is designing a new model, similar to a British ‘ladies bike’ for the Dutch market, where consumers favour that design.
Mughal, who owns his Ultima holding though his Akhter electronics group and has backed the company since it was called Microvitec and made monitoring equipment, says the new bicycles will be launched early next year, with a £700 folding electric bicycle also on the drawing board. He envisages sales of £1 million and profits within three years from the bicycles, though he is also concentrating on Ultima’s solar power projects on the Continent.
The company has bought land and received planning permission for three one-megawatt power ‘parks’ in southern Italy, to exploit the 20-year ‘green energy’ guaranteed tariff regime introduced by the Rome government. Ultima also has a small pilot plant in Spain.
Mughal argues a typical ‘park’ costs £3.6 million per megawatt of capacity to set up and will yield £727,000 annual gross profits. With the legal software side progressing satisfactorily and financing itself, analysts reckon Ultima may need to consider a substantial fund raising in the form of equity and/or debt to develop this project.
Ultima shares have not made Professor Mughal’s or anyone else’s fortune as yet, having fallen from 2.5p six years ago to 1.6p today, valuing the company at £3.3 million. However, if the projects now at hand pay off, they could rally significantly.
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