Smartforce gets upgraded forecast

Smartforce is attracting attention, with Davy Stockbrokers acknowledging its impressive first-quarter results and healthy alliance with DigitalMed, a subsidiary of one the largest hospital operators in the US.

Smartforce reported revenues of $61.3 million (€68 million) for the first three months of 2001, up 115 per cent year-on-year, and net profits of $2.27 million ahead of broker estimates.

Davy has upgraded its forecasts and is now forecasting revenues of $270 million this year followed by $380 million in 2002. Profits are expected to increase to $18.3 million in 2001 and $46 million next year.