Internet services group Horizon Technology has carried out a major management shakeup. Chief executive Mr Samir Naji becomes executive chairman, where he will concentrate on the group's strategic planning and corporate development.

News of the shake-up came with Horizon's half-year results which showed a 55 per cent rise in pre-tax profits to €4.4 million (£3.5 million).

Mr Naji's move means he takes over from Horizon's non-executive chairman, Mr Kevin Melia, although Mr Melia will remain on the Horizon board as a non-executive director. Group operations director Mr Charles Garvey succeeds Mr Naji as chief executive while Mr Cathal O'Caoimh becomes chief financial officer.

Horizon's results for the halfyear were ahead of expectations on turnover to €183.3 million. Earnings per share were 71 per cent higher at 5.2 cents and an interim dividend will be paid.

The bulk of sales came in Horizon's Internet services operations where sales more than doubled from €52 million to €106.5 million, while operating profits rose 142 per cent to €12.4 million. Sales in Horizon's distribution operations were up 16.5 per cent to €76.7 million but operating profits fell to €5.6 million from €5.9 million.

Iona Technologies director Mr Kevin Melia has sold 28,750 shares in the company at $53 each, realising just over $1.5 million (€1.67 million).