Spring software firm sees losses hit €457,7779

A SOFTWARE company chaired by the former Tánaiste and Labour Party leader Dick Spring has seen its losses nearly double.

Airtel ATN, which is based in Dublin and develops software for air traffic navigators, saw its loss for the year to end June 2003 rise from €277,791 to €457,779.

The company is listed London’s Ofex market for small companies has been chaired by Mr Spring since it was floated.Turnover for the year fell heavily as the aviation industry remained in a slump, Mr Spring said in a statement with the company's accounts.

Sales for the year also dropped sharply from €1.2 million in 2002 to €617,601.

“The year just finished was another challenging year for Airtel ATN. The aviation industry continued to experience difficulty with the result that funding of many ATN related programmes being deferred. This in turn led to a lack of demand for Airtel ATN's products and services,” Mr Spring said.

He added that while the financial performance “certainly brings into the question the viability of Airtel ATN’s business” it is the board's opinion that it has a “promising, profitable, future”.

“Expenditure on ATN was low in the past year; this was for the most part due to deferred projects which are expected to come back on-stream in the future.

"Our policy is to endure the current difficult trading circumstances through strict cost control and cash management to be in position to reap the rewards when the ATN market improves,” Mr Spring added.

The company has been hit hard since September 11, 2001, which hit all aviation related company, and has laid off a number of workers from its base in Dublin.

At last Friday’s closing share price, the company was valued at just €540,000.