ThirdForce reports revenue increase
E-learning company ThirdForce has reported an increase in revenue for the six months ending June 30 2008.
Revenues for the half-year were €13.5m, a 50% increase on the first half of 2007. The increase included a full six-month contribution from MindLeaders, the US e-learning company acquired for $18m (€12.6m) in 2007.
Operating profits increased marginally to €804,000, but were impacted negatively by the weakness of the US dollar and sterling. Profits would have more than doubled to €1.56m had exchange rates in the first half of 2008 remained the same as in the corresponding period in 2007.
ThirdForce’s net cash at June 30, 2008 stands at €4.49m, compared to €3.64m at June 30, 2007.
ThirdForce chief executive Brendan O’Sullivan said: “The first half of 2008 has been a period of solid growth for the company, although the currency translation to euro takes the gloss off our solid revenues and operating profits. On a like-for-like exchange rate, operating profits actually more than doubled to €1.56m driven by a 27% increase in organic profits and the full six-month contribution from MindLeaders.
“Obviously a cautious business sentiment and weakening currencies create an unhelpful trading environment and general challenges. However the diversification of our enlarged business and the strength of our balance sheet positions ThirdForce well to weather any retrenchment that might occur. This will ensure long-term growth regardless of short-term fluctuations.
“In the UK we are growing market share in our hospitality, food safety and care markets where demand remains strong and, in the first half, we achieved one of our core objectives of cross-selling products between the UK and the US.
“The food safety market in the US has considerable potential due to increased awareness in the hospitality sectors and the presence of few competitors to ThirdForce in the e-learning market. We have also introduced our MindLeaders product range to the UK and we now offer an e-learning alternative to the established suppliers in the UK corporate and small business market.”
