Stephen King would struggle to fit as much horror into 115 pages. The Datalex annual financial statement is one grisly revelation after another. From being a normal developer of e-commerce software for the airline and travel trade, with a bright future, the company has been transformed into an accounting monster, with a sorry past.
The root of most woe at the company, where Dermot Desmond is the largest shareholder, is referenced in its annual statement simply as the Deployment. It is a fixed-fee contract to roll out an e-commerce platform for the airline group Lufthansa. Datalex “significantly underestimated “the time to completion” on the ground-breaking contract. It started counting its revenue chickens before they had hatched.
As a result, the company materially overstated revenues on
