Transware moves to AIM

Irish e-learning and localisation content company Transware has announced that it is to withdraw its quotation on the main London stock exchange and move to AIM.

The company has also announced results for the year ended June 30 in which, while revenues were up 22.9% at £12.81m, operating profits were down to £435,840 from £1,996,720 in 2001.

The company took a $1.8m charge for the ending of its agreement with SkillSoft (formerly SmartForce).

The company said: "The royalty arrangements entered into with SmartForce in the early part of the financial year have been terminated by mutual arrangement. Transware has achieved a small profit from the transaction and been released from the obligation to make any further payments to acquire future royalties."

The charge was taken as the group wrote of the amount previously capitalised as an intangible asset.