Ultima's loss

Ultima's posts a loss before interest and depreciation of £2.4m for the year to the end of December, up from £156,000 in 2013. Revenues fell to £1.4m - down from £2.3m a year ago.

Chairman and chief executive Prof Humayun A Mughal said: "2014 has been a difficult year for Ultima as it became evident that development projects outside the United Kingdom were becoming increasingly challenging and taking a disproportionate degree of management and financial resources.

"The board reviewed the economic outlook in the eurozone and wider global market place and decided that the group should concentrate effort in its established markets.

"To achieve these objectives the group has substantially written down the value of its investment in the development of Solar Farms in Italy, suspended development and deployment of its hybrid solar power solutions and concentrated distribution of its electric bicycle range through established UK channels. The group continues to invest in a program of development and improvement in both its legal software and renewable energy solutions and considers this to be crucial for competitive positioning of the Group's current and future products."

At 2:20pm: (LON:UTN) Ultima Networks PLC share price was -0.1p at 0.28p