Horizon acquisitions point towards brighter future

ISEQ-listed systems-integration company Horizon Technology has reported a 34.5% increase in gross profit for the six months to June 30 this year, compared with the same period last year.

Gross profit was at €18.8m for H1 2006.

Trading profit for the period increased 16%, from €3.8m to €4.4m.

The company put its increased profits down to a number of acquisitions in Ireland and the UK, including channel specialist EquIP and consulting partner EPC.

Other developments in the period include the disposal of the distribution and channel-services division and the development of a team of specialists to build a storage business in the UK.

Excluding acquisitions and developments, revenue grew 18.4% year-on-year and 36.6% sequentially.

Diluted eps was at 4.21c, an increase of 8.2% for shareholders, after a 10% placing in February.

CEO Gary Coburn said: “The first half of 2006 was a period of significant strategic and financial progress for the group.

“During the year, we delivered on our strategy of building additional partnerships with leading global IT vendors in our target markets, through a combination of acquisition and organic development.

“These recent business developments provide Horizon with a solid foundation to sustain medium term growth and broaden our relationships with major IT vendors.”

Horizon was founded in 1988 and is listed on the Dublin and London stock exchanges.