Irish travel software company Datalex said revenue fell 9 per cent in 2021 due to ongoing disruption from Covid-19.
However, the company trimmed its losses for 2020 and posted a $1 million (EUR0.95 million) increase in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) last year.
In its full-year results released Thursday, Datalex said revenue for 2021 was $25.5 million, down 9 percent from 2020, as airlines continued to delay non-essential projects.
Revenue declined 16 percent from 2020, not including a positive $2 million one-time transaction.
Adjusted EBITDA for 2021 was $2.4 million versus $1.4 million, while after-tax losses for the year were $4.9 million, an improvement from $6.5 million dollars in 2020.
Cash on hand at the end of 2021 was $8.3M, up from $3M in 2020, reflecting spending controls and a successful fundraising over the past year.
Datalex also has access to an undrawn credit facility of 10 million euros through the end of the year, it said.
However, the company said the ongoing impact of the pandemic, particularly in China, and the ongoing war in Ukraine are “challenges for the travel industry”.
“We are well positioned to benefit from a full global recovery, having properly sized our cost base and secured the support of our investors, although the speed of this recovery is difficult to assess,” the company said in a statement today.
Datalex will hold its Annual General Meeting in Dublin on May 26th.
The group continues to invest in products and pricing powered by artificial intelligence, with an AI production trial concluding in 2021.
Virgin Australia chose Datalex as its airline technology partner last December, with “several” other customer opportunities in the pipeline, the group said.
Datalex Chief Executive Sean Corkery said the group had “delivered a solid financial performance in a year dominated by Covid-19”.
“We look forward with confidence as airlines begin to reconsider and accelerate their investments in digital and retail technology,” he said.
“Datalex is in a strong position to capitalize on this and is well positioned to deliver steady, sustainable growth.”
https://www.independent.ie/business/irish/airline-it-firm-datalex-saw-revenues-fall-in-2021-due-to-covid-hit-41595571.html Airline IT firm Datalex saw sales fall in 2021 due to the Covid hit