Thirdforce has reported pre-tax losses of €266,664 for its first six months as a fully focused e-learning firm.

The performance to the half-year to December 31st came on turnover of €5 million, which was four times higher than sales recorded in the equivalent period of 2002 by Rapid Technology, the precursor to the new firm.

Thirdforce was created last March when Rapid acquired private e-learning firm Electric Paper. The company has since then worked to build scale in the e-learning market.

Operating losses for the six months to the end of December came in at €211,428.

The company would, however, have reported an operating profit of about €600,000 in the absence of a currency hit related to euro strength.

Loss per share was 0.26 cents, down from 3.98 cents for the old company in the equivalent six months a year earlier.

Thirdforce has changed its year-end from April to December to bring it into line with the reporting calendar of Electric Paper.

Thirdforce chairman Mr Pat McDonagh told shareholders yesterday that Thirdforce was progressing "in line with the expectations of the board".

He said senior management was focusing on the firm's next acquisition and was "pleased with developments", but stopped short of naming specific bolt-on targets.

Shares in Thirdforce closed unchanged at 30 cents in Dublin last night.