Irish interactive learning group Riverdeep's shares rose by almost 3% today after the US House Appropriations Committee and the Senate agreed to increase federal education funding.
Bernie Lardner, an analyst with Davy Stockbrokers, said that significant progress has been made recently on the final version of federal education appropriations bill which has yet to be signed.
Lardner said: 'The House Appropriations Committee has passed a version of the bill which increases federal education funding by $7bn in fiscal 2002 to $49.2bn, while the Senate has approved a version increasing overall educational spending by $6.3 billion to $48.5bn.'
'Both are significantly greater than Bush's original request for $44.5 billion and represent an increase of 15/17% year on year in federal education funding,' Lardner added.
All this shows the continued commitment in the US to education and the use of technology to improve student performance providing a strong back-drop for Riverdeep's continued growth, Lardner concluded.
Riverdeep shares closed 10 cents higher at 3.50 euros in Dublin this evening.
