Feeds

Horizon sees rise in revenues, earnings

And investment set to drive figures in 06 too

Build a business case: developing custom apps

Horizon Technology reported revenues of €294m for the year ending December 2005, up 5 per cent on the €281m it posted for 2004.

Earnings for the systems integration company, a major supplier of Sun Microsystems products, were up 10 per cent from €8.88 per diluted share in 2004 to €9.73 at the end of last year.

Horizon's trading profit rose 7 per cent year-on-year to €9.1m from €8.5m, while its trading margin grew from three per cent in 2004 to 3.1 per cent in 2005. The 2005 results mark the fourth consecutive year in which trading profit and diluted earnings per share increased, the company noted.

The company's gross profit also increased from €32.5m in 2004 to €35.2m for the year ending 31 December 2005. This marks a rise of 8 per cent year-on-year.

In a statement, Horizon said its enterprise solutions division performed very strongly with revenue rising 10.4 per cent and trading profit increasing by 12.8 per cent. Enterprise solutions now account for 88 per cent of the combined trading profits of the firm's two operating divisions.

Horizon's distribution and channel services business had a challenging year, however, with intense price competition, continued volume increases, unit price depreciation and margin contraction, resulting in a revenue fall of three per cent from €122m in 2004 to €118m in 2005. Trading margin was down from 1.5 per cent to 1.1 per cent year-on-year.

"[The year] 2005 represents a period of significant strategic and financial progress for the group," Horizon chief executive officer Gary Coburn 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."

Over the past 18 months, Horizon entered into new deals with a number of leading enterprises including IBM, EMC Corporation, Veritas Software Corporation, BMC Software, Acer Corporation and O2.

In addition, the firm bought British internet security company EquIP Technology in February for €15.5m and placed more than 7m new ordinary shares with institutional investors.

Although the firm didn't provide an estimate for fiscal 2006, it does anticipate that modest market growth will continue due to investment in technology by corporate customers, particularly in the telecommunications sector.

Horizon Technology, which was founded in Ireland back in 1998, currently employs 160 people at a software development centre in East Point business park in Dublin.

Copyright © 2006, ENN

The essential guide to IT transformation

More from The Register

next story
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?