Datalex
plc
Full Year Trading Update for
Year ended 31 December 2023
Dublin, Ireland, 20 March 2024: Datalex plc ("Datalex", the "Company" or the "Group")
(Euronext Growth Dublin: DLE), a market leader in airline
e-commerce solutions, today provides an update on trading for the
period 1 January 2023 to 31 December 2023.
2023 was a turnaround year for the
global aviation industry. Datalex benefitted from this recovery and
reports positive revenue growth in 2023, as passenger traffic
volumes further recover and airlines continue to invest in their
e-commerce technology.
Key
Highlights:
The Group expects to report the
following headline figures for the year ended 31 December 2023
(unaudited):
› Total revenue for 2023 was $28.9 million, a 23% year-on-year
increase (2022: $23.5 million).
› Platform revenue increased by 3% to $11.5 million (2022: $11.1
million) and services revenue increased by 47% to $16.4 million
(2022: $11.2 million). Services revenue growth is primarily
attributable to the increased volume of activation and
transformation projects that occurred in 2023. These projects will
positively impact platform revenue in future years.
› Total operating costs before exceptional items in 2023
increased by $0.3 million to $35.3 million (2022: $35.0
million).
› Adjusted EBITDA loss of $2.9 million for 2023, which is an
improvement of $2.4 million versus 2022 (2022: Adjusted EBITDA loss
$5.3 million).
› Loss after tax for the Group for 2023 fell to US$9.1 million
compared to a loss after tax in 2022 of US$11.5 million.
› Our cash as at 31 December 2023 totalled US$5.8 million (2022:
US$6.5 million). A net cash outflow from operations (US$7.1
million) and outflows to fund product development (US$1.4 million)
were offset in part by proceeds of borrowings (US$8.6 million),
contributing to a decrease in cash of US$0.8 million during the
year.
Outlook:
The Group entered 2024 with a strong
recurring revenue base and has a solid pipeline of growth that will
be unlocked as new customers are activated further. During periods
of heavy activation, services revenue will be elevated relative to
platform revenue. Activations timelines are dependent on customer
requirements. As go-live milestones are achieved, higher margin
platform revenue is expected to materially drive revenue growth,
with expectations that this will be most pronounced commencing in
2025.
Jonathan Rockett, CEO, commented:
"The Group achieved a number of
positive milestones during 2023 that have set a solid foundation
for 2024 and beyond.
A significant step in 2023 was the
renewal of our partnerships with Air China, Air Transat, JetBlue,
Edelweiss and Aer Lingus. In addition to these renewals with
existing customers, the Group entered into new partnerships with
LATAM Airlines and Air Macau in 2023. Another highlight was EasyJet
going live with our Merchandiser product - being the start of a
multi-year activation project.
We have a number of transformation
projects continuing in 2024 and 2025 for our new and existing
customers. These projects are important steppingstones to unlock
value for our customers and for Datalex.
We are currently reviewing our
longer-term strategy and how we can maximise long-term value
creation for our customers and shareholders. A key focus for the
Group is to ensure that we continue to prioritise operational
excellence across all areas of our business. Efficiency and
productivity will be important to achieve our goal of improving
bottom line performance in addition to top line revenue growth.
Further updates will be furnished when appropriate".
Notice of results for full year 2023
will be issued in due course and details will be available on the
Company website https://investors.datalex.com once
finalised.
ENDS
Contact Information
Investor Enquiries
Neil McLoughlin, Datalex
plc
+353 1 806 3500
investor.relations@datalex.com
Media Enquiries
Eavan Gannon, Powerscourt
+353 87 236 5973
Datalex@powerscourt-group.com
About Datalex
Datalex's purpose is to transform
airline retail. Datalex is a market leader in airline retail
technology, offering unique products that enable airlines to drive
revenue and profit as digital retailers. Datalex has a strong track
record of delivering digital retail transformation for progressive
airline brands worldwide. The Group is headquartered in Dublin,
Ireland, and maintains offices across Europe, the USA and China. In
2023, Datalex was awarded the 'Great Place to Work®' and 'Best
Workplaces in Tech™' certifications. Datalex plc is a publicly
listed company, on Euronext Growth, Dublin. Learn more at
www.datalex.com
Disclaimer
This announcement contains
forward-looking statements. These statements relate to the future
prospects, developments and business strategies of Datalex.
Forward-looking statements are identified by the use of such terms
as "believe", "could", "envisage", "estimate", "potential",
"intend", "may", "plan", "will" or variations or similar
expressions, or the negative thereof. Any forward-looking
statements contained in this announcement are based on current
expectations and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by those statements. If one or more of these risks or
uncertainties materialise, or if underlying assumptions prove
incorrect, Datalex's actual results may vary materially from those
expected, estimated or projected. Any forward-looking statements
speak only as at the date of this announcement. Except as required
by law, Datalex undertakes no obligation to publicly release any
update or revisions to any forward-looking statements contained in
this announcement to reflect any change in events, conditions or
circumstances on which any such statements are based after the time
they are made.