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15 Mar 2007
Horizon Technology Group has claimed it is in solid financial shape and better equipped to attack the enterprise space after closing the books on one of the most action-packed years in its history.
The firm’s preliminary results show its 2006 turnover from continuing
operations hiked 47 per cent to €258m as several recent acquisitions swelled the
top line.
After-tax profits also rose 30 per cent to €5.5m.
In February last year the London- and Dublin-listed firm swooped on UK security distributor EquIP (CRN, 6 February 2006). It quickly followed that up with the purchase of Irish SAP consultancy EPC (CRN, 17 April) and learning management vendor WBT (CRN, 11 August).
Topping it all off, Horizon then sold its Irish broadline distribution unit to rival Westcoast in September (CRN, 4 September).
The firm claimed that this spate of activity has left it better placed to address its core enterprise market.
Gary Coburn, chief executive at Horizon, said in a statement: “It is pleasing to have grown earnings after taxation by 30 per cent in a year in which we also made significant investments to enable continued growth in the future.
“With the acquisitions, disposal and organic developments completed in 2006, the business is more robust and has a sharper focus on the higher margin enterprise solutions market.”
Horizon also argued it had got off to a flying start to 2007, highlighting the extension of its IBM partnership into Ireland and new UK partnership with Oracle.
Further reading>>
Westcoast
acquires Clarity Ireland
Horizon
Technology Group swoops in on WBT Systems
Horizon
to become UK 'distribution integrator'
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