First half profit up at Horizon Technology Group

Irish distribution group reports healthy first half

Irish system integrator and distributor Horizon Technology Group has posted a 39.5 per cent year-on-year rise in turnover for the first half of 2006.

Its turnover for the six months to 30 June was €131.2m, up from the €94m achieved in the same period of 2005. Excluding acquisitions and developments, revenue grew 18.4 per cent year-on-year.

Gross profit rose 34.5 per cent from €13.9m in the first half of 2005, to €18.7m this year. Trading profit also increased by 16 per cent from €3.8m to €4.4m over the same period.
Earlier in the month (CRN, 4 September 2006) distributor Westcoast acquired Clarity Distribution, the Irish distribution arm of Horizon, for €118.6m.

Gary Coburn, chief executive of Horizon, said in a statement: "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," he added.

Cathal O'Caoimh, chief financial officer at Horizon, said: "Horizon is a significantly changed business following the financial and strategic developments of the past months. Not only is the business singularly focused on enterprise solutions, it also has a greater number of leading market positions and its financial capacity will be considerably enhanced following the disposal of the volume distribution division."