DUBLIN E-LEARNING firm ThirdForce had a "transformative year" in 2007, largely due to a stronger than expected contribution from US acquisition MindLeaders.
The Dublin- and London-quoted firm yesterday reported a 35 per cent increase in revenues to
22.8 million for 2007.
The preliminary results show a pretax profit of
80,000, compared to a loss of
3.48 million in 2006. In a statement, the company said "differing goodwill impairment charges were a significant factor in that swing".
ThirdForce began the year with net debt of
5.3 million but, following a
15 million share placing in June 2007, finished the year with net cash of
4.2 million. The fundraising also facilitated the $18 million purchase of MindLeaders.
Cash generated from operations came in at
700,000 for the year.
Group chief executive Brendan O'Sullivan said the next step was to look at the over 2,000 titles in the MindLeaders portfolio to see what could be sold to existing customers in Ireland, Britain and Middle East.
ThirdForce predominantly provides electronic training in the hospitality, healthcare and technology sectors.
Mr O'Sullivan said there was a modest reduction in revenues from Britain as ThirdForce focused on higher margin renewable contracts and reduced its "exposure to the lower margin hardware business".
Revenue outside the US fell 6 per cent, according to a statement from chairman Pat McDonagh.
