Horizon Technology executive chairman Mr Samir Naji took a 20 per cent pay cut in the year to the end of June, receiving a total of €177,000 (£139,399) compared to his €222,000 package the previous year.

Chief executive Mr Charles Garvey received a total of €204,000 - €3,000 less than he received in 2000 - while finance director Mr Cathal O'Caoimh received €94,000 for the four-and-a-half months he has spent in the position since mid February.

Mr Naji's pay cut follows a difficult year for Horizon, when the group plunged from a €11.3 million profit to a €16.5 million loss - partly due to a downturn in business but also due to a €21.1 million exceptional restructuring charge. Mr Naji owns almost 51 per cent of the company.