Technology group Horizon has reported a 35 per cent rise in gross profits to €18.8 million in the six months to the end of June 2006 compared with €13.9 million in the same period last year.

The group's revenues rose by 39.5 per cent from €94 million to €131 million. Announcing the figures yesterday, Horizon chief executive, Gary Coburn, said the first half of this year was a period of significant strategic and financial progress for the group.

"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," he said.

The group made a trading profit of €4.4 million, up from €3.8 million. Earnings per share were 4.21 cent, up 8 per cent on the first half of 2005 of 3.89 cent. No interim dividend was declared. The group said it increased market share with existing partners and had added partnerships and service lines through a combination of organic developments and acquisitions in both the UK and Ireland.

Horizon claims it is now the clear market leader in the UK channel for Sun Microsystems, Nortel Networks, Juniper Networks, F5 Networks and Blue Coat Systems. Earlier this month, it announced its exit from the volume distribution market with the sale of its distribution and channel services division.

Horizon chief financial officer Cathal O'Caoimh said the group was a significantly changed business following the financial and strategic developments of the past months. "Not only is the business singularly focused on enterprise solutions, it also has a greater number of leading market positions and its financial capacity will be considerably enhanced following the disposal of the volume distribution division," he said.