Airline software specialists Datalex to repay $6.5m warehouse debt over seven years

Datalex, the Irish-listed airline software specialist backed by billionaire Dermot Desmond, has agreed a seven-year deal with Revenue to repay its warehouse debt of $6.25m (€5.83m). The seven year phased payment arrangement (PPA) is longer than most agreed between Revenue and other companies. A report in the Irish Independent from June said 95pc of PPAs will be completed within the standard five years, with Revenue allowing 600 of them to be stretched out over longer time frames. During a call with analysts, Datalex’s chief financial officer, Steven Moloney said the company had entered a PPA with Revenue and was paying the balance from May 2024 over a period of seven years. Datalex secured another loan facility of €5m during the year from a company controlled by major backer Dermot Desmond, Tireragh. The warehouse scheme was set up in 2020 to help Irish businesses get through Covid. During its results, Datalex, which helps streamline retail offerings to passengers, recorded total revenue of $28.9m for 2023, up 23pc from a year earlier. Loss after tax for the year was $9.1m last year, an improvement from a loss of $11.5m reported in 2022. Datalex secured another loan facility of €5m during the year from a company controlled by Desmond, Tireragh. This brings its total loan facility to €15m, with a repayment date set for the end of this year. Around €13m has been drawn down so far. Datalex is working with advisers on planned equity funding to pay back this loan facility and provide enough working capital to invest in upcoming product launches and activations. Datalex is working with advisers on planned equity funding to pay back this loan facility The move is supported by Desmond, who owns just over 40pc of the stock market-listed software firm. Desmond has told the group he will procure support for the planned fundraising. If Datalex does not complete this fundraising, Desmond’s Tireragh vehicle has confirmed it will extend the termination date of the loan facility to the beginning of July next year and will provide a new loan of €10m if needed. ​ ​