Ultima Networks Plc. said it is well placed for further growth even as its pretax profit shrank in the six months to June from that a year earlier and sales increased. The company said it is debt free and has cash in the bank of over 1 million pounds as at June 30, 2008.

Pretax profit in the first half amounted to 55,000 pounds on revenue of 841,000 pounds against pretax profit of 70,000 pounds on revenue of 678,000 pounds a year earlier, the company said.

Professor Humayun Mughal, chairman and chief executive of the company, said: 'Our main objective going forwards continues to be the profitable expansion of the company through a mixture of organic growth and the acquisition of complementary businesses.