Irish educational software firm Riverdeep said its third-quarter net loss narrowed to $4.4 million (#5 million) from $7.8 million in the second quarter and $6.4 million a year earlier.

The group reported a sharp rise in revenues to $14.8 million, 590 per cent higher than in the third quarter of last year.

Contract value, which represents new business generated during the quarter, increased by 441 per cent to $21.1 million from $3.9 million in the previous quarter.