| 18.2°C Dublin

Datalex returns to trading on the stock market


Datalex is  a travel software company (Stock image)

Datalex is a travel software company (Stock image)

Datalex is a travel software company (Stock image)

Troubled Irish travel software firm Datalex will resume trading on Euronext Dublin immediately.

In a brief statement the company said it noted an announcement today by Euronext Dublin that the listing and trading of the company’s ordinary shares has been restored and will resume with immediate effect.

Datalex was rocked with an accounting scandal early last year. It emerged that the company had materially misstated its first-half results for 2018 after a huge over-run on costs, primarily related to a contract with Lufthansa. A dispute between Datalex and the airline is now in mediation.

Commenting on the Euronext Dublin announcement, Datalex CEO, Sean Corkery, said: “A fundamental ambition of the new board and management team has been to achieve a return to trading of the company’s ordinary shares on Euronext Dublin, thereby allowing our current shareholders to trade and our future shareholders to have the opportunity to invest in Datalex.

This is another key milestone for Datalex. Most importantly,this is an indicator to our customers, and to all our stakeholders, that Datalex is future-focused and primed for a return to growth and profitability.”

Last month billionaire financier Dermot Desmond has agreed to pump up to an additional €10m into the company, whose customers include airlines worldwide including Aer Lingus, China Air and JetBlue.

Datalex said the additional €10m debt facility would be drawn down only if required and would require shareholder approval.

It increases Mr Desmond's debt commitment to the company to more than €21m. He owns nearly 30pc of Datalex.

Online Editors