Horizon Technology Group reported a 22 per cent rise in earnings per share in 2004 as the company benefited from tight cost control and higher revenues.

The firm, which distributes technology systems in the Irish and British markets, also posted a 38 per cent increase in operating profit to €7.04 million for the 12 months to the end of December 2004.

Earnings per share increased to 8.67 cents, up from 7.11 cents in 2003, according to its 2004 financial results published yesterday.

Annual turnover in 2004 was €281.2 million, up from €250.3 million a year earlier.

This was boosted primarily by gains in market share, said the board of Horizon Technology Group.

Pre tax profits were €5.7 million, up from €686,000 in 2003.

In an outlook statement the firm said the overall market turnover in the technology integration and distribution sector would be hampered this year due to unit price depreciation.

However, the measured market recovery experienced during 2004 would continue, it added.

"Rigorous cost control and the group's ability to leverage growth in earnings from greater utilisation of operational capacity provide an opportunity to convert even modest turnover growth into superior returns for shareholders," it concluded.

Horizon Technology Group, which was founded in 1988 by the entrepreneur Samir Naji - who is currently chairman of the company - was one of the stars of the Irish technology industry during the 1990s boom.

But the firm was hit hard by the downturn in the technology industry and has underwent a restructuring that resulted in declining turnover in both 2002 and 2003.

Mr Naji said the firm's exposure to the Irish economy, where it generated 52 per cent of its turnover, was a significant strength during 2004.

He said this was expected to prevail during 2005.

The firm had net debt worth €4.5 million at 31st December 2004.

Shares in Horizon Technology Group on the Irish Stock Exchange closed at €1.22 up 2 cent.