Horizon Technology hit by falling revenue and bad debt provision increase of €0.8 million
By Finfacts Team
Jan 10, 2008, 09:45

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Horizon Technology Group, the distributor of information technology products in the UK and Ireland, today issued a year-end trading update and announce that it intends to release preliminary results on 13 March 2008.

Horizon’s revenue, which has become increasingly weighted towards the end of each quarter, was lower than expected in December, partly due to orders slipping into 2008. The directors anticipate that diluted adjusted EPS in 2007 will show single-digit growth.

Horizon said that the group’s bad debt provisions need to be strengthened by €0.8 million to reflect an exposure to a significant UK customer whose business has gone into Administration.

The group says it has performed ahead of expectation in terms of cash generation and market share growth. Having generated approximately €11 million of cash flow in 2007 and with net cash at 31 December 2007 of approximately €4 million, the group says that it is in a very strong financial position.

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