E-learning group, Thirdforce plc, yesterday reported a 14 per cent fall in full-year pre-tax losses to €1.53 million.

The Dublin and London-listed group's interim results for the year to June 30th show turnover grew 20 per cent to €4 million from €3.33 million in 2002.

The company bought e-learning specialist, Electronic Paper, earlier in the year, and this contributed €2.3 million to revenues. Thirdforce's ongoing business, the development and licensing of liquid crystal display (LCD) technology, accounted for €1.7 million.

Electronic Paper made an operating profit of €270,000, while continuing operations lost €1.5 million.

Total operating losses were €1.23 million. Pre-tax losses for the year fell by 14 per cent to €1.53 million from €1.76 million. Basic losses per share were more than halved, falling to 3.14 cent from 7.6 cent.

The company had a net debt at June 30th of €1.25 million, less than a quarter of last year's figure of €5.3 million.

Total assets less liabilities were €8.8 million, while the profit and loss account deficit grew to €17 million from €15.4 million.

Thirdforce changed its name from Rapid Technologies during the year, after completing the Electronic Paper purchase.

This was the first step in a re-engineering programme on which the board decided in 2001.

It also licensed its Screenkey LCD technology to SK Interfaces Ltd for five years during the period.