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Horizon profits jump in '04
Exposed in Ireland
Horizon Technology Group's operating profits grew 38 per cent to €7m for 2004, up from just over €5m in 2003.
Operating profit margins at the specialist Sun Microsystems reseller increased from two per cent in 2003 to 2.5 per cent in 2004. Turnover rose 12 per cent from €250m to €281m over the year. As a percentage of turnover, operating costs excluding goodwill were reduced from nine per cent in 2003 to 8.5 per cent in 2004. Gross profit was up 13 per cent to €32.5m for the year ending 31 December 2004.
Turnover and gross profit for the enterprise solutions division each grew by 14 per cent in 2004. Turnover rose from €139m to €159m during the year. Turnover for the distribution and channel services division increased by 10 per cent in 2004 to €122m, up from €111m in 2003.
"Our exposure to the Irish economy, where we generate 52 pe rcent of turnover, has been a significant strength during 2004 and is expected to prevail in 2005," said Samir Naji, Horizon's chairman. "Horizon's strategy is to continue as a broad based supplier of IT products and services within the Irish market. The group will continue to drive its competitive advantages to grow turnover and utilise its operational gearing to increase earnings at a faster rate than turnover growth."
In 2004, Horizon's enterprise solutions division signed partnerships with BMC Software, EMC and Veritas. In addition, the firm established a new business service management unit with BMC Software.
Horizon was founded in Ireland in 1998 and currently employs around 200 people. ®