Horizon Technology warned today that earnings would be lower than expected and that trading conditions are likely to remain challenging in 2003.
The group said earnings growth is dependent upon an improvement in the technology market that remains uncertain.
Despite a challenging environment, Irish operations are performing in line with expectations, Horizon said. Revenue in the group's British operation will be below expectations but this will be mostly offset by an improvement in gross profit margins and cost cuts across the group.
However, Horizon said its balance sheet remains strong and the group continues to be cash generative.
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Net debt at December 31st will be lower than market expectations.