Channel Register

Horizon's Irish revenue falls

Down nearly nine per cent

By Kelly Fiveash • Get more from this author

Posted in IT Channel, 6th September 2007 13:36 GMT

System integrator and IT distributor Horizon Technology Group said overall first-half revenue rose by 11 per cent to €146,305, but it saw profits tumble in Ireland.

Horizon's Irish revenue was down 8.9 per cent to €27.9m compared to the same period of 2006.

Despite the profits drop, the firm said it expected prospects to improve in the Irish market.

"The recent growth experienced in the enterprise infrastructure market will persist, albeit in single digit percentages and with modest pressure on margins, in line with previous expectations," said Horizon.

The mixed results for the six months ended 30 June this year showed UK revenue up 18.2 per cent year on year to €119.2m.

Overall pre-tax (EBIT) profit increased by 27 per cent.

Horizon said it derives 80 per cent of revenue from the UK market and that it expects to see that figure continue to rise. ®