Datalex shares resume trading on Euronext Dublin

Updated / Tuesday, 14 Jul 2020 10:49

Datalex CEO Sean Corkery said today was a milestone for the travel software company
Datalex CEO Sean Corkery said today was a milestone for the travel software company
Shares of travel software company Datalex slumped over 23% today as they resumed trading on Euronext Dublin after they were suspended in April 2019 due to a delay in the publication of its full year results for 2018.

“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,” the company’s chief executive Sean Corkery said. 

He said the move was “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,” the CEO added. 

Datalex undertook an audit of its 2018 accounts last year after a review discovered “significant accounting irregularities” at the firm. 

A PWC report said the company’s figures for the first six months of 2018 were “materially overstated”, with some revenue recorded before it had actually been received.  

A delay to Datalex’s publication of full year results led to the suspension of its Dublin-listed shares in April, while chairman Paschal Taggart and CEO Aidan Brogan also resigned.

In April of this year, Datalex said it was including a targeted redundancy programme in its cost cutting plan as part of measures to deal with the Covid-19 impact. 

The company said the travel restrictions imposed to control the spread of Covid-19 were having a significant and negative impact on its airline customers. 

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