Revenues, but also losses, rise at ThirdForce

5 Apr 2007

Irish AIM-listed e-learning company ThirdForce has reported a 33pc increase in revenues for 2006 to €16.8m for 2006. However, pre-tax losses at the company reached €1.4m, up from €1.2m in 2005.

ThirdForce said, however, that operating profit increased 51pc to just over €1m from €669,000 last year.

The company said it saw a net cash inflow from operating activities of €2m.

ThirdForce claims to be the largest independent e-learning provider in the UK, which is the world’s second largest market for e-learning.

It boasts FTSE 100 clients such as BP and Whitbread and concentrates heavily on the health and food safety market, which covers hotels, restaurants, forecourts and leiure centres.

The company’s stated strategy is to build up a global e-learning business through a combination of acquisitions and organic growth.

“The foundations of our success lie in our strong strategic relationships with well funded government bodies and leading corporates in search of cost effective ways to train their populations and workforces,” commented ThirdForce chief executive Brendan O’Sullivan.

“The successful expansion of our business, beyond IT literacy and across a broad range of vocational learning markets has shown a positive impact in our core UK business and we now have a product portfolio that is relevant to the wider global markets.

“While we are a market leader in e-learning, we are also a learning company who are constantly evolving,” O’Sullivan continued.

“With new clients, new people, new products and new premises, I have every confidence that we have the capability to develop our reputation as a global leader in the provision of e-learning,” he concluded.

By John Kennedy