E-learning group ThirdForce said its profits and revenues for the six months to the end of June were negatively impacted by the weakness of the US dollar and sterling.
The company reported a pre-tax loss of €904,000 for the six month period compared to a profit of €553,000 the same time last year.
Revenues rose to €13.5m from just over €9m in the first half of last year after the acquisition of the MindLeaders group. It said the integration of the company was progressing very smoothly and the US company is now an integral part of the ThirdForce group.
Without the negative currency effect, revenues would have been €15.3m, the company said.
'The first half of 2008 has been a period of solid growth for the company, although the currency translation to euro takes the gloss of our solid revenues and operating profits,' commented CEO Brendan O'Sullivan.
He said the diversification of the firm's enlarged business and the strength of its balance sheet positions it to weather the 'unhelpful trading environment and general challenges'.
He said ThirdForce continues to assess the market for further acquisition opportunities that will add growth and value to the group.
