Horizon Technology Group expects most of its future growth to be organic despite acquiring a number of companies during the year, chief executive Mr Samir Naji said yesterday.
"We still expect most of our growth to be organic, supplemented by strategies in areas where we want to expand our skill set," he said after the company's a.g.m. in Dublin.
In March, Horizon acquired Internet agency Webfactory for £7.9 million (€10 million). This was followed in April by a £5 million acquisition of Managed Training Services. Last month, it bought London-based Internet solutions provider, Commerce Net Trading International, in a deal worth up to £18 million. It also recently acquired Client Solutions for £10 million.
In April, Horizon established i-fusion, an enterprise ASP, targeted at high-growth companies. While generating revenues of €43,000, i-fusion incurred a gross margin loss of €286,000 during the year.
Revenues in the year to June 2000 grew by 54 per cent to €296.4 million, the company said. Profit before tax increased by 126 per cent to €11.4 million.
