Horizon admits takeover talks

'May or may not lead to acquisition'

By John Oates • Get more from this author

Posted in IT Channel, 13th March 2008 11:31 GMT

Horizon Technology Group - the Irish reseller company - told the Stock Exchange this morning that it has been approached by a possible buyer for the firm.

The statement said the approach may, or may not, lead to an offer for the company of €1.18 a share. Horizon shares have been trading on the Irish exchange for about €0.40 but jumped 115 per cent to just over €1.

Horizon also announced a six per cent rise in profits this morning on revenues which grew 12 per cent.

Prelimary figures for the year ended 31 December 2007 showed Horizon brought in revenues of €288.2m and made a profit after tax of €5.9m. Ebitda was €10.6m or 3.7 per cent of revenue. Earnings per share were 9.39 cents.®