E-learning company Thirdforce said today it is confident its strategy of diversifying beyond the IT market would reap rewards despite a fall in operating profits.
The Dublin-based company said the cost of acquiring, which amounted to €1.2 million, caused operating profit to fall from €1.3 million in 2004 to €669,000. Revenues were up almost 5 per cent to €12.6 million.
In September Thirdforce acquired Creative Learning Media, the integration of which is progressing satisfactorily, the company said.
The restructuring of the business, which included the creation of two new business divisions and planned increases in working capital requirements, has led to the increase of the group's net debt from €2 million to €6.7 million.