Horizon sees turnover increase
Acqusitive distributor sees five per cent jump in 2005
Distributor and systems integrator Horizon Technology Group saw its turnover grow by five per cent, compared to 2004, for its financial year ended 31 December 2005.
The group, which recently acquired security distributor equIP for £10.5m (CRN, 2 February) generated a turnover of euros 294m during 2005 compared to euros 281m for the year ended 31 December 2004. Horizon also saw its net profit jump eight per cent from euros 32m at the end of 2004 to euros 35m for the end of its financial year 2005.
Gary Coburn, chief executive at Horizon, said: "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 said.
Horizon also saw a seven per cent increase in its trading profit to euros 9.1m from euros 8.5m at the end of December 2004. The group's 2005 trading profit figure also represented a 0.1 per cent increase as a percentage of its total turnover to 3.1 per cent.
Cathal O'Caoimh, chief financial officer at Horizon, added: "Strong performance in the enterprise solutions division and the group's operational gearing has delivered EPS growth of 9.6 per cent for 2005.
“Growth in enterprise solutions, all of which is organic, has been achieved through market share gains, operational gearing and effective capacity utilisation. Horizon has now increased trading profit and EPS in each of the last four years," she said.