Travel software company Datalex made a loss of $33.1m during the first half of last year, according to revised accounts just published.
The company had originally reported a profit for the period of $2m.
The firm was forced to withdraw the original results earlier this year after it emerged that they were incorrect, following a breakdown in internal controls which failed to detect accounting irregularities.
Datalex also issued its financial statements for the first six months of this year this evening.
They show the company recorded a loss after tax of $6.9m, compared to the loss of $33.1m sustained in the same period last year.
The losses so far this year include exceptional charges of $2.4m, with $2.0m of restructuring costs and $0.5m of professional fees incurred.
Revenue from the company's platform increased by 15%, but revenue from contracts with customers was $22.6m, down 9% compared to the same period of 2018 due to lower levels of revenue-earning services.
In order to guarantee short-term liquidity, the company received an equity funding injection and secured loan facility worth €10m in the first half of the year from shareholder, Dermot Desmond.
The company says the guidance it issued in September, which predicted adjusted earnings before interest, tax, depreciation and amortisation in the range of $-1m to $+1m for this year on the back of flat revenues of $45m is unchanged.
Datalex also revealed this evening that it plans to hold an extraordinary general meeting on December 20th.
This is to discuss what, if any, measures should be taken to deal with the fact that the net assets of the firm are now less than half of the called-up share capital of the company.
In such circumstances, the Companies Act requires an EGM to take place.
Sean Corkery, CEO of Datalex, said the issuance of the financial statements represents an important milestone for the company.
"New internal control and reporting procedures have been implemented and the finance function has been strengthened to prevent a recurrence of accounting irregularities such as occurred in 2018," he said.
"The publication of the financial statements means that the Group is now up to date in terms of its financial reporting obligations."
He said the firm can now focus more fully on the medium to longer term growth of the business.
"We are already seeing the benefits of an improved delivery model, with greater focus on execution and providing early value to our customers," he stated.
"We also have a heightened concentration on new business, with a pipeline of new opportunities and ongoing positive dialogue with potential new customers, some of which are at an advanced stage."
