Horizon makes half-year profit

Horizon Technologies has released results for the half-year ending June 30 2003.

Sales for the period were €128.5m, down by almost 6% year-on-year.

However, the company managed to make a pre-tax profit of €317,000 after making a loss of over €6m for the same period last year.

The company attributes this dramatic change in fortune to being able to dramatically cut its cost base.

In April this year, the company reported an EBITDA of €8m for the financial year ended 31 December, 2002 and a pre-tax loss of €12.47m, down from a loss of €22.87m the previous year.

During the period, it also consolidated into four business units.

The company has now issued a somewhat cautions outlook for the near future, saying that IT spending is yet to increase.

Commenting on the results, Executive Chairman, Samir Naji said: "Although the market has become less volatile, IT spending shows no sign of significant improvement in the short term."