e-Learning Group ThirdForce Upbeat as Interim Results Show Increased Sales and Operating Profits

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Employee training and development leader reports strong quarterly results.

The second half of this year will see us continue to integrate MindLeaders within the ThirdForce Group and we will have a full six-month contribution from our US acquisition. We see the opportunity to sell our ThirdForce products in the US and MindLeaders products in the UK in 2008. We also see opportunity to create and deliver new online learning products in new sectors such as the Care market

ThirdForce plc (AIM : THF), the international e-learning business headquartered in Ireland has reported interim results for the six months to 30th June, 2007.

Highlights

  • Successful acquisition of MindLeaders, a US based e-learning and employee development organization in US for €13.3 million
  • Oversubscribed institutional fundraising of €15.3 million

transforms balance sheet and net cash.

  • Six month Revenue of €9.0m
  • Like-for-like sales up 11% compared to a year ago.
  • Operating profit rises to €653K, reversing loss of €1.9m in H12006
  • Second half will include full six month contribution from MindLeaders acquisition in US (only 9 days contribution in first half)

The current year will be a banner year for Irish e-learning group ThirdForce and the company will emerge as the largest Irish and UK-based independent e-learning company with opportunities for future growth, ThirdForce Chief Executive Brendan O'Sullivan has stated.

Speaking as ThirdForce reported its interim results, Mr O'Sullivan said that the first half of 2007 had been a landmark period for the company. "In the first half of 2007 we saw revenues break €9m and had a like-for-like increase in sales of some 11%. We generated operating profits of €653,000, our balance sheet has been transformed after our €15 million share issue in June and we have net cash of more than €3.5 million.

"The second half of this year will see us continue to integrate MindLeaders within the ThirdForce Group and we will have a full six-month contribution from our US acquisition. We see the opportunity to sell our ThirdForce products in the US and MindLeaders products in the UK in 2008. We also see opportunity to create and deliver new online learning products in new sectors such as the Care market," Mr O'Sulllivan stated.

He added that the first half of 2007 has been a transformational period for ThirdForce, not just for the financial position of the company but also the overall strength of the business. "We see further growth ahead, both organic and by acquisition, and we are now in a strong position to pursue these growth ambitions.

"The MindLeaders acquisition has given us an entry into the American e-learning market, the biggest in the world. That acquisition has also produced an enlarged company with combined revenues last year of c. $40 million, EBITDA of c. $4 million, a portfolio of 2,000 e-learning courses and more than 2,500 customers in 20 countries. We look forward to further growth in the years ahead," Mr O'Sullivan stated.

Enquiries:
ThirdForce plc
Brendan O'Sullivan, CEO
614-781-7300

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