The Channel logo

News

By | Kelly Fiveash 10th January 2008 12:47

Horizon downplays drop in profits

Blames Xmas and stricken UK customer

System builder and IT distributor Horizon Technology Group said today that revenue fell below expectations in the last quarter partly because of a dip in orders in December.

It also said in a trading statement that "a significant UK customer whose business has gone into administration" meant it was adding €800,000 to bad debt provision.

The firm did not reveal which beleaguered company owed the outstanding debt to Horizon.

The Ireland-based firm, which derives most of its business from the UK, said it expects diluted adjusted earnings per share in 2007 to show modest growth in the single digits.

In its last set of quarterly results, Horizon reported mixed fortunes with profits tumbling by nearly nine per cent in its Irish division, while in the UK revenue was up more than 18 per cent.

Despite the slowdown in orders, which the disty claimed had simply "slipped", it said it was "in a very strong financial position" for the year ahead.

Horizon shares fell by nearly five per cent in the City this morning following the trading update.

The firm will release its preliminary results for the year ended 31 December 2007 on 13 March. ®

alert Send corrections

Opinion

Microsoft CEO Satya Nadella
Stranded_ships

Chris Mellor

Thousands of layoffs announced as spinning rust enters its death spiral

Chris Mellor

BTIG analysts ponder Pure's position and fall in (qualified) love

Features

Tough question, pic via Shutterstock
Honest mistake with your licensing? Audit police look at it on a 'case by case basis'
Kevin Turner
Last of Steve Ballmer's old guard heads for the exit
Wind turbine, image via Shutterstock