Horizon improvements helped by cost cuts

IT consultancy group Horizon has released preliminary results for the year to December 31, 2003.

Operating profits rose by 28.6% to €5.1m, the fourth consecutive increase in half-yearly operating profit.

The group's pre-tax profits reached almost €700,000 improving on the previous year's losses of €12.5m.

Reflecting a strong improvement in services revenue and the group's focus on reducing operating costs, EBITDA margin and operating profit margin increased by 24% and 67% respectively.

Pre-tax return on investment also increased to 55.6%.

Samir Naji, chief executive of Horizon said:

"Against a difficult market backdrop in 2003, Horizon continues to deliver maningfl earnings improvement."

Horizon said that although revenue in the group's Irish EIS business was down on 2002, gross profit margins in the Irish business continue to be healthy, assisted by the group's focus on increasing services content.