Horizon Technology said today it has made significant progress in its restructuring plan by eliminating debt, adding that it is now in a cash-positive position.
The company managed to generate cash of €40 million from a net debt position of €34.7 million at the start of the year, although this was mainly due to cost cutting.
Revenue for the year to December was 18.5 per cent down on 2001 due to weak demand in the distribution and channel services division.
Mr Samir Naji, executive chairman and chief executive of Horizon described 2002 as a "period of significant progress for the group."
He pointed out that in an uncertain trading environment where confidence is fragile, the group has generated operating profits, has improved its cash position and has consolidated into four core and profitable businesses.
"These achievements mark a notable turning point for the group," he said.
