Travel software firm Datalex narrowed its operating losses to $11.2 million in 2002, an improvement from a loss of $29.4 million in 2001.
Datalex chief executive Mr Neil Beck said the results were in line with expectations. He added the company saw an improvement in trading conditions in the second half of 2002 and this should carry through this year resulting in positive cashflows by the end of the year.
Revenues fell by 11.3 per cent to $25.8 million but this was offset by a rise in gross margin increased to 28.4 per cent, up from 19.7 in the previous year. Operating expenses were cut to $18.5 million from $35.1 million in 2001.
Datalex provides technology to the travel industry covering functions such as online bookings and scheduling. Datalex's customers include Aer Lingus, American Express and Thomas Cook.