Irish travel technology company Datalex has reported increased revenues for the first half of the year.
The Dublin-based company – a global leader in airline e-commerce solutions – has also announced plans for a capital raise to cover debt repayments and working capital needs.
The company is looking to raise gross proceeds of around €25m in the capital raise.
Datalex grew its revenues by 3% year-on-year – to $13.2m – in the first half of this year. Some $3.5m of revenue last year came to an end with contracts with Virgin Australia and Scandinavian Airlines ending.
Gross profit for the first half of this year jumped 25% to $3.8m, but net losses grew by 2% to just over $6.1m.
Jonathan Rockett, CEO, said: “Looking at the first half of 2024, I am pleased at the continued progress we have made in building a solid foundation for future growth.
This growth centers on our offer and order management platform, that will help bring customers on a journey away from legacy technology that has held back innovation within the airline industry for decades. Our offer and order management capabilities give airlines the technology needed to capitalise on maximising the airline retail opportunity.
“Our airline customers have a shared vision of providing their passengers with a modern and seamless retailing experience and enabling them to do that is central to our product and platform offering.
“In H1, we have continued to invest in migrating some of our customers to this new platform, activated further capability for easyJet, and commenced the activation of our shopping and pricing capability for Air Macau, who will go-live in Q3 of this year.
“When I look at 2024 as a full year, the year on year revenue growth will be held back by some non-recurring revenue from 2023. However, we expect to see several positive steps that will start to come to fruition in the year but will be more evident in 2025. We do expect 2024 will be another year of platform growth and gross margin expansion which points to this positive trajectory for the business.”
