Losses after tax at air travel software firm, Datalex, narrowed last year to $4.9m, down from $6.5m a year earlier, despite reduced turnover.
The company recorded revenues of $25.5m for the full year, a 9% decrease on 2020 when a one-off $2m gain is included, but 16% lower when the item is excluded.
Despite this, earnings before interest, tax, depreciation and amortisation rose to $2.4m from $1.4m a year earlier.
The company described the financial performance as solid given the year was dominated by the Covid-19 pandemic.
"We made good progress executing against our product-led growth strategy and announced our selection by Virgin Australia to support their technology roadmap," said CEO, Sean Corkery.
"We look forward with confidence as airlines begin to reconsider, and accelerate, their investment in digital and retailing technology."
"Datalex is in a strong position to take advantage of this and is well placed to achieve steady, sustainable growth."
The company said that while the global airline industry is recovering from Covid, the pace varies by geographical region.
"The continuing impact of Covid-19, especially in China where Datalex has a number of customers, and the ongoing geopolitical crisis in Ukraine are challenges for the travel industry," it said.
"We are well placed to benefit from a full global recovery after right sizing our cost base and securing support from our investors, although the speed of that recovery remains difficult to gauge."
Datalex ended the year with a cash balance of $8.3m following close cash management and a successful capital raise during the year.
It continues to have access to an undrawn loan facility of €10m, available until December 31.
The business also continued to invest in new products, including AI-powered pricing, which was trialled during the period.
