Thirdforce sees 14% drop in pre-tax losses

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

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.

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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.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas