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

Chris Mellor

Drives nails forged with Red Hat iron into VCE's coffin
Sleep Cycle iOS app screenshot

Trevor Pott

Forget big-spending globo biz: it's about the consumer... and he's desperate for a nap
Steve Bennet, ex-Symantec CEO

Chris Mellor

Enormo security firm needs to get serious about acquisitions

Features

Windows 8.1 Update  Storeapps Taskbar
Chinese Buffet self-service
Chopping down the phone tree to scrump low-hanging fruit
An original member of the System/360 family announced in 1964, the Model 50 was the most powerful unit in the medium price range.
Big Blue's big $5bn bet adjusted, modified, reduced, back for more
Microsoft CEO Satya Nadella
Redmond needs to discover the mathematics of trust