Horizon turnover up 17.3%

Horizon Technology Group has announced turnover growth of 17.3% in its interim results for the six months to June 30, 2004.

Horizon said the increase was driven by market share gains in the UK and Ireland.

"In the first half of 2004, the IT markets in the UK and Ireland experienced the initial stages of a measured recovery, in line with the board's expectation," Horizon said today.

First-half operating profit increased 31.6% year-on-year to €3.3m, representing the fifth consecutive increase in half-yearly operating profit.

Commenting on the 2004 first half results, Horizon chairman Samir Naji said: "Horizon's turnover growth was significantly ahead of the broader market. Sustainable efficiency and productivity gains are driving growth in market share. Active management of these factors translates to a 28.8% growth in adjusted diluted EPS during the period in review."

Horizon is a technical integrator and distributor of information technology products in the UK and Ireland.

The company predicted that the "measured recovery" in the IT sector would continue in the second half of the year.

"Unit volumes and services delivered will continue to grow but, as a result of unit price performance improvements, industry turnover growth will be measured," the company said.