Irish e-learning business ThirdForce generated €9 million in revenue during the first six months of its financial year and has reported an operating profit of €653,000, compared to a €1.9 million loss for the corresponding period last year.
A €15 million share issue in June, a like-for-like increase in sales of 11 per cent and net cash of more than €3.5 million contributed to the transformation of the company balance sheet.
ThirdForce chief executive Brendan O'Sullivan described the first half of 2007 as "a landmark period for the company" and said he was confident that, through both "organic growth and acquisition", the company was in a strong position to move forward.
"This year the firm will emerge as the largest Irish and UK-based independent e-learning company, with opportunities for future growth. The second half of this year will see us continue to integrate MindLeaders within the ThirdForce Group and we will have a full six-month contribution from our US acquisition," Mr O'Sullivan said.
In June, ThirdForce completed the €12.7million acquisition of the US based MindLeaders. Through this purchase, the company is aiming for further strategic business growth across North America.
MindLeaders is ThirdForce's fourth acquisition in four years. In 2005, it added to its base in IT skills and assessment with a move into the hospitality and leisure sector with the acquisition of Creative Learning Media. IT and basic skills group The Electric Paper Company Ltd and AV Edge Ltd were added in 2003 and 2004 respectively.
"We see the opportunity to sell our ThirdForce products in the US and MindLeaders products in the UK in 2008, with opportunity to deliver in new sectors such as the care market. MindLeaders is a strong and profitable organisation with excellent people, innovative products and the potential to capture significant new business across North America," Mr O'Sullivan said.
ThirdForce is a provider of e-learning solutions and services to over two million people in education, government, healthcare, hospitality and commercial organisations worldwide.
It currently employs 130 people and as well as its Irish operation, ThirdForce also has offices in Britain and Canada. The company provides some 2,000 e-learning courses to approximately 850 organisations worldwide.
