Transware makes a loss

Transware, the Irish e-learning localisation company, said full-year pretax results before exceptionals slipped into the red, hit by the poor economic conditions in the US.

In a statement releasing its full year to June results, the company said the significant downturn in trading has placed a strain on the company's working capital position.

Chairman Brian Raven remained positive saying: "The board is optimistic that the new sales team's activities will soon begin to produce significant results."

Sales fell to £8.59m ( €12.58m) from £12.80m ( €18.74m) the previous year.

For the full-year pretax loss before exceptionals was £1.90m (€2.78m), versus profit of £2.1m (€3.07m) last year

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