Datalex claims to be well-positioned for sustainable profit growth

Datalex claims to be well-positioned for sustainable profit growth

The chief financial officer of Datalex has said the company is "well-positioned" to return to profit.

Niall O'Sullivan also said the troubled travel software company - which provides e-commerce capabilities for travel booking firms and airlines including Aer Lingus - expects to report earnings figures for 2019 ranging from a loss of $1m to a profit of $1m.

The pronouncement was made hours before the company holds its long-delayed annual shareholders' meeting in Dublin this morning.

Earlier this month, Datalex - which has been dogged all year by an internal accounting scandal, with far-reaching consequences - finally revealed a net loss of $50m (€45.4m) for 2018, compared to a profit of just over $7m for 2017.

"The comprehensive review of our cost base and numerous corrective actions taken ensures the company is now well positioned to return to stable and profitable growth," Mr O'Sullivan said.

Datalex also said, recently, that the ODCE - the State's corporate watchdog - is looking over an independent review, carried out by PwC earlier this year, into the company's accounting procedures.

More on this topic

 Large share of Cork, Kerry SME loans soured Large share of Cork, Kerry SME loans soured

Building a food industry that is the gold standardBuilding a food industry that is the gold standard

Bord na Móna seeking opportunities to redeploy 200 staffBord na Móna seeking opportunities to redeploy 200 staff

'No two days are the same,' says Sinead Lohan, head of treasury Investec Munster'No two days are the same,' says Sinead Lohan, head of treasury Investec Munster

More in this Section

Insurance costs forces another children's activity centre to 'hit the wall'Insurance costs forces another children's activity centre to 'hit the wall'

Business movers: The biggest appointments in Irish business this weekBusiness movers: The biggest appointments in Irish business this week

Savoy Cinema owner objects to developer’s planSavoy Cinema owner objects to developer’s plan

Apple Pay may be scrutinised by EU’s VestagerApple Pay may be scrutinised by EU’s Vestager


Lifestyle

Mountaintop monasteries, vicious-looking vultures, and a seriously impressive cable car.As Ryanair launches flights to Armenia, here’s why it deserves to be your next holiday destination

Jools Holland and his Rhythm & Blues Orchestra played a storming gig at Cork Opera House, writes Des O'Driscoll Live Music Review: Jools Holland and his Rhythm & Blues Orchestra

Concerns about people’s ability to access their own money have been growing – here’s what the debate is all about.Are we actually going to end up as a cashless society?

Esther N McCarthy mixes it up with spins on kitchen classics, Munster-based design news plus an absolute diamond of a poufMade in Munster: Wish list of the best products in the province

More From The Irish Examiner