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By | ElectricNews.net 14th September 2006 13:08

Profits and revenue up at Horizon

The Sun always shines

Horizon Technology has reported revenue of €131.2m for the first half of 2006, up 39.5 per cent from the €94m posted for the same period last year.

The systems integration company, which announced its intention to acquire the Irish business software firm Enterprise Process Consulting (EPC) back in April, announced a gross profit of €18.7m for the six-month period, up 34.5 per cent from €13.9m last year. Diluted adjusted earnings per share were up 8.2 per cent from €3.89 to €4.21.

The Dublin-based firm also reported a 16 percent rise in trading profit to €4.4m, from €13.9m last year.

Horizon, which recently sold its distribution and channel services division Clarity Ireland to the British firm Westcoast for €6.2m, said that the company had built a strong foundation to sustain medium term growth.

"The first half of 2006 was a period of significant strategic and financial progress for the group," said Horizon's chief executive officer Gary Coburn.

"During the year, we delivered on our strategy of building additional partnerships with leading global IT vendors in our target markets, through a combination of acquisition and organic development."

The group said that during the six-month period it had increased market share with existing partners, invested in the development of newer vendor partners and added new partnerships and service lines in both the UK and Ireland.

"Horizon is a significantly changed business following the financial and strategic developments of the last months," said Cathal O'Caoimh, Horizon's chief financial officer.

"Not only is the business singularly focused on enterprise solutions, it also has a greater number of leading market positions and its financial capacity will be considerably enhanced following the disposal of the volume distribution division."

Horizon Technology, which was founded in Ireland back in 1998, currently employs 160 people at a software development centre in East Point business park in Dublin.

Copyright © 2006, ENN

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