Profits at technology group Computerlinks slumped in the first half of the year, falling to just €23,000 from €1.33 million a year earlier but the figures were hailed by the company as very positive in a difficult climate. Sales at the group, which markets hardware and software products in the Republic, Britain, France, Germany and Switzerland, were down 4 per cent in the period at €77 million, while earnings per share were 41 cents before goodwill amortisation, down from 63 cents a year.

Mr Pierce Casey, whose company Fayrewood controls 51 per cent of Computerlinks and who is chairman of its supervisory board, welcomed the figures. "We are very pleased with the results, particulalry in view of the fact that the second quarter shows an increase on the first quarter, which traditionally should be stronger."

He stressed that all companies in the group had been profitable and cash generative in the second three months of the year.

E-Security was the star performer for Computerlinks, which also operates in e-business, server-based computing, internet working and training and consulting.

The group said it was consistently adjusting to the changing economic environment and the situation in the IT industry, but benefited from positive cashflow, an up-to-date product portfolio and steady profitability.