E-learning firm Thirdforce saw a significant turnaround in its fortunes, recording a rise of 160 per cent in its operating profit for the year ended December 31 2007.
The company's full-year figures saw operating profit increase from €1 million in 2006 to €2.6 million by the end of 2007, with earnings per share rising to €1.27 per share from 71 cent a year earlier.
This took into account the 6 per cent fall in revenues in the UK and international markets excluding the US, brought about by the e-learning firm's decision to cut down on their low-margin hardware revenues and focus on more lucrative renewable contracts instead.
"Overall revenue and profitability grew and our cash position, following a successful fundraising during the year, is excellent. This performance was achieved in a challenging global market against a background of steep declines in US Dollar and Sterling exchange rates," said Pat McDonagh, Thirdforce chairman.
The company has made a number of acquisitions in recent times, one of the most significant being MindLeaders in 2007, which gave it a strong foothold in the US market. In the past four years, Thirdforce has also bought The Electric Paper Company, AV Edge, and Creative Learning Media.
The acquisition of MindLeaders has already had an impact, contributing to the 35 per cent rise in revenue at the firm to €22.8 million for the year.
