Horizon weathers decline in turnover to report a 20% rise in profits

COMPUTER distributor Horizon Technology Group has reported a 20% rise in pre-tax profits to €4 million. The company said increase in interim profits came despite a 1.2% decline in turnover to €148.9m.

"These results reflect excellent progress for the group. Good customer satisfaction resulting in market share gains in the UK and Ireland, a high level of control of costs and the addition of new vendor partnerships have enabled Horizon to continue growth in profitability for the seventh consecutive half-year period," chief executive Gary Coburn said.

He added that the first six months of the year saw continuation of the recovery in the IT market.