25 May 2012

Ultima wins distribution deal

14/10/2009 Robert Tyerman

Cash and carry group Macro has agreed to sell Ultima Networks’s PowaCycle electric bikes at some of its stores

Cash and carry group Macro has agreed to sell Ultima Networks’s PowaCycle electric bikes at some of its stores

Cash and carry wholesaler Makro UK has agreed to sell electric bicycles supplied by legal software-to-solar power minnow Ultima Networks.

Initially, 27 Macro UK stores around Britain will sell the AIM-quoted company’s ‘high-quality, mid-range’ PowaCycle Salisbury LPX model. Harlow, Essex-based Ultima says it expects its other electric bicycle models to be introduced ‘in the near future’ by Macro UK, which is part of the German Metro Group, a leading international cash and carry combine with more than 600 stores in 30 countries.

Wassim Mughal, head of Ultima’s electric bicycle division, says ‘the PowaCycle Salisbury LPX is one of the most popular electric bicycles ever to be sold in the UK. We are confident its sales will be even more buoyant now that it is being offered by Macro’.

Wassim’s father, Professor Humayun Mughal is chief executive officer and 26.4 per cent shareholder of Ultima, which lost an interim £10,000 on sales up 63 per cent. Analysts expect full-year pre-tax profits of £315,000 from the company, whose depressed shares, highlighted here last month at 1.6p, have bounced 56 per cent to 2.5p, valuing the company at £5.1 million.

Those with a taste for speculation should hold on.

Tags: AIM, Deals & contracts

Sector: Software & Computer Services

Companies: Ultima Networks

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