Horizon Computers, the computer services group based in Cork, is planning to float on the stock market early this summer.
The group postponed a planned flotation late last year due to stock market weakness, but is now believed to be gearing up for a float over the coming months, which will probably involve a share listing in both Dublin and London.
A company spokesman last night would only say that it is considering a number of options with regard to its future. Horizon is one of the State's largest independent providers of computer services and information technology products, with a strong growth record in recent years. It has significant business in systems integration, distribution, training and consultancy. The largest shareholder is founder Mr Samir Naji, who owns some 67 per cent of the equity.
His shareholding was diluted by a private placement of 16.25 per cent of the group's equity last year, under which institutional investors put in £5 million and private investors contributed a further sum of around £2.35 million. The placement valued the group at just over £45 million. Horizon employs 230 people in Ireland, the UK and Europe. NCB estimated in a document late last year that its 1998 turnover was £96.8 million (€122.91 million), with pre-tax profits of £2.3 million and after-tax profits of £1.1 million. It forecasts that turnover will rise to £115 million this year, with pre-tax profits of £4.3 million and after-tax earnings of £3.2 million.
The group has grown rapidly, making four acquisitions last year alone. Further acquisitions in the knowledge services and systems integration area are seen as likely.
Training and consultancy - or knowledge service - and systems integration are seen as the main growth areas for the group.
In knowledge services, the group is benefiting from the increasing trend by companies to outsource training, and it now operates 7 training centres across Europe. It is an authorised training partner for companies such as Cisco, Microsoft and Novell, and has multinational clients in the telecommunications sector. Web-based business was identified by Mr Naji last year as a strong growth area in this area of its operations.
Horizon is also a strong player in systems integration, specialising in UNIX-based systems, JAVA applications and Internet and intranet services.
Horizon was founded by Mr Naji in 1988. Last August, Mr Keven Melia, chairman and chief executive of electronic outsourcing group Manufacturers Service, was appointed as chairman.
