Transware release good half year results

Irish e-learning localisation company Transware [LSE:TRW.L] announced results for the half year.

During the year the company achieved growth in both revenue and profit. Revenue for the six months was up 46% to £6.3m (€7.9m) [2000:£4.3m] (€5.4m) with EBITDA up 111% to £1.3m (€1.65m) [2000: £0.6m] (€.76m).

Pre-tax profit rose by 37% to £ 0.62m (€0.8m) [2000:£0.45m] (€0.57m). Earnings per share also rose. In an effort to increased profitability it has cut its operating costs by £1m (€1.2m).

During the period Transware continued its growth within the e-learning sector securing orders from both existing and new clients. In July 2001, it entered into a new and closer six year strategic relationship with SmartForce - its largest customer.

Other organisations supplied during the period included McGraw-Hill, Oracle, and UNESCO. It is currently carrying out e-learning localisation projects in a number of sectors, including the oil exploration, medical, legal and health and safety sectors. Of particular note three US quoted customers, Digital Think, NCR and Stellent, have placed orders collectively worth over $2m (€2.3m) in the last few months.

Transware is broadening its service offering to include content transformation. This is a service designed for a company that is seeking to transform content which already exists within its organisation in forms such as manuals, into a consistent online format. The product Transware is developing 'erudign' is a tool for organisations to use for content management. It is scheduled for launch in the summer of 2002.

Commenting on the results, Brian Raven, Chairman said: "I am especially pleased to report that over the last six months Transware has continued its unblemished record of sustained growth in revenue and profit, despite the difficult economic climate. The long term commitments we have from a number of our clients, combined with our sharp focus on productivity and cost control are the cornerstones of our success."

Transware presently employs around 250 people, most of these in Ireland.