Enterprise growth on the Horizon

6 Sep 2007

Irish technology services player Horizon Technology Group plc has seen gross profits increase 44pc for the first six months of the year, based on revenues of €146.3m which were up 11pc on last year.

Horizon chief executive Gary Coburn attributed the half year performance to growth in the company’s enterprise application and services businesses, up 78pc in the six months, which now account for a third of the group’s earnings.

“The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth,” Coburn said.

The company reported a 27pc increase in earnings before interest and taxes (EBIT) to €4.6m, up from €3.1m a year earlier.

Horizon’s chief financial officer Cathal O’Caoimh said that operating margins are up 40 basis points to 3.2pc.

“Very positive cash flow generated €8.8m funds from operations and eliminated net debt at the period end,” O’Caoimh said. “Horizon is well positioned, both operationally and financially, to deliver continued earnings growth.”

By John Kennedy