Computer distributor Horizon Technology said today operating profits rose 38 per cent to just over €7 million in 2004.
The company's two divisions enterprise solutions and distribution both performed strongly, the company said. The profit rise was largely driven by an increase in IT spending in Ireland.
Enterprise solutions, which comprises the system integration and the application consulting businesses, accounted for 56.5 per cent of sales and increased 14 per cent on the previous period. Distribution accounted for the balance and grew 10 per cent.
The company also gave an upbeat of its prospects for the year ahead, saying that the Irish economy has been a "significant strength" during 2004 and the market's strength is expected to prevail in 2005.
Horizon chairman and founder Samir Naji said the company intends to continue as a broad-based supplier of IT products and services within the Irish market.