Irish travel software firm Datalex has recorded a net loss after exceptional items of $3.9 million for 2011, compared to a loss of $2.1 million a year earlier.
Datalex attributed the loss to a €2.1 million write-off of trade receivables relating to the conclusion of litigation with the Australian travel group the Flight Centre last year, and a $0.4 million provision linked to Spanair, which ceased trading earlier in January.
Loss before tax and before exceptional items totalled $1.4 million as against $2.1 million in 2010.
The company said it had achieved good progress last year as earnings before interest, taxes, depreciation, and amortization (Ebitda) rose by 42 per cent to $4.3 million from $3.1 million in 2010.
Cash reserves increased by $1.4 million to $12.5 million over the same period.
Total revenue in 2011 was $28 million, a rise of 4 per cent on the $26.8 million recorded a year earlier. Transaction revenue in the period was up 2 per cent to $13.2million.
The company predicted a "significant increase" in transaction revenue this year due to the full impact of revenue from customers who began using its software in 2011 and from new contract secured in 2012.
"With the projected increases in transaction revenue and customer numbers in 2012, it is anticipated that our operating leverage will improve in 2012, as our product strategy delivers bottom line benefits," the company said.
Total operating costs before product development and deferred project costs were $27.7million last year, up from $26.6 million a year earlier.
Datalex said it secured 8 new contracts last year including deals with Delta and United Airlines.
The company said that while challenges remain in the aviation sector, it was optimistic about its prospects for 2012.
"Our new business pipeline remains strong and we are confident that our business will continue on a solid growth trajectory and deliver further significant growth in Ebitda, cash generation and Enterprise Value through 2012."
