ThirdForce six-month losses cut to €572,000

LOSSES at ThirdForce, the e-learning company, narrowed to €572,000 in the first six months of the year.

The company, which has expanded through acquisitions in the past 18 months, said it was profitable at operating level this year and its business plan targets were ahead of track.

The loss for the six months to the end of June 2004 was better than the €609,000 it recorded this time last year. Revenues, at €5.8 million, at the half-year stage, were up 114% on last year and an improvement on the €5 million it booked in the six months to the end of December 2003.

ThirdForce made an operating profit before non-recurring items of €623,000, reversing an operating loss of €136,000 a year ago.

Managing director Brendan O’Sullivan said yesterday that the company had walked away from another acquisition because the price was too much to justify.

The aborted takeover cost ThirdForce €212,000. The company is one of the largest e-learning firms in Ireland.

Its most successful product is the supplier of the European Computer Driving Licence content.

Its also has agreements to improve the skills of workers in Britain.

Mr O’Sullivan added that the company is looking to extend its relationship with key international publishers and skills training agencies.

In May it joined forces with Harcourt, a subsidiary of giant book publisher Reed Elsevier, which will see it provide content for a range of the British firm’s brands. ThirdForce has made two key acquisitions since March 2003.

The takeover of Electric Paper for €15.5m transformed the company, which had until then manufactured computer keyboards.

In February, it purchased Dublin-based AV Edge for about €515,337.

Shares in ThirdForce, traded on London’s Alternative Investment Market, closed flat at 25 cent yesterday.

Its shares have nearly doubled in the past year.