Software firm Datalex said it had achieved "good progress" last year as earnings before interest and tax grew and its cash performance improved, although the firm reported an overall loss for 2010.
In its annual report, the company said earnings before interest, tax, depreciation and amortisation grew by more than $3 million to $3.1 million last year. It recorded a $5 million improvement in cash performance, generating $600,000 compared to a reduction of $4.2 million in 2009.
Total revenue for the year was $26.8 million, in line with 2009, while transaction revenue was $300,000 lower at $13 million, as a result of the disruption caused by the volcanic ash cloud in the second quarter of the year.
In the second half of the year, the company's performance strengthened, with revenue rising 6 per cent to $6.3 million compared to 2009.
Operating costs were lower at $26.6 million before product development was taken into account.
"We are now operating with a 31 per cent lower cost base than we were two years ago, while serving a bigger customer base," Datalex said.
The company recorded a pretax loss of $2.1 million, narrower than the $4.5 million loss in 2009. This included amortisation of product development of $4.7 million, compared with $4.1 million in 2009.
When the impact of product development was discounted, the loss narrowed to $200,000, compared with $4.9 million a year earlier.
Over the year, the company signed six new customers, including a new deal with Air China, the world's largest carrier by market value.
The company said it was "optimistic" about the coming year, although the uncertain global economic outlook and oil price volatility posed challenges.
"We are also pleased to report that the majority of contract completions are leading to renewals, and we are confident that these renewals, together with the new business we are winning, will lead to net business growth in 2011," Datalex said.
Headquartered in Dublin, Datalex has offices in Europe, Asia Pacific and the US, and is listed on the Irish stock exchange.
