Horizon profits grow by 30%

IRISH Group Horizon Technologies reported a 30% profit growth of over €5.5 million after tax for 2006.

The company integrates and distributes information technology products in Ireland and Britain. Over 75% of its revenue now comes from Britain.

Revenue for 2006 reached over €257m — up 46.9% on 2005 (€157m).

This is from organic growth of 19.2% and contributions from acquisitions.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) is up 20.7% year-on-year.

After the impact of the share placing in February 2006, diluted adjusted earnings per share grew 11%.

Horizon’s chief executive, Gary Coburn, said: “It is pleasing to have grown earnings after taxation by 30% in a year in which we also made significant investments to enable continued growth in the future.

“With the acquisitions, disposal and organic developments completed in 2006, the business is more robust and has a sharper focus on the higher margin enterprise solutions market,” he said.

Highlights of 2006 include acquiring an Irish SAP consulting partner called EPC and also a security specialist and IP networking firm EquIP in Britain. It also bought a learning management solutions provider, WBT, also in Britain.

Last year saw the company sell its distribution and channel services division called Clarity Ireland for €6.2m in cash to Westcoast, which also assumed responsibility for the working capital debt of €9.1m.

The company included in its highlights the generation of second half 2006 profits from Horizon Enterprise Systems, which is the British-based IBM channel partner established in 2005.

Looking to the future, developments for 2007 include the establishment of a new Oracle Corporation partnership in Britain.