The fledgling aeronautical software company Airtel has reported losses of £291,859 sterling (£364,823) in its first year of trading. The company, which is listed on the London OFEX market, recorded turnover of £1.3 million sterling from its incorporation in July 1998 to June 30th last. Operating expenses during that period were £787,332.

In its first annual report, Airtel chairman, former Labour Party leader Mr Dick Spring, said losses of this magnitude are not unusual for a start-up company, although the figure is higher than analysts had expected.

Mr Spring said the company has been investing in infrastructure and other resources which were necessary to achieve a healthy earnings stream. Airtel was linked to the Dublinbased company Inflight ATI, which aborted a planned flotation on the Luxembourg market during the summer. Inflight ATI develops aircraft financial services facilities.

Its chairman is former Taoiseach Mr Albert Reynolds.