Online travel group CNG has warned of lower earnings than expected for the year 2004.
A company statement released this morning said the full year revenue mix was expected to be somewhat different from that originally forecast.
The company says the roll-out of CNG's proprietary Travel Lodging Connector (TLC) hotel booking tool was back-ended towards the end of 2004.
CNG said that with the roll out of TLC, merchant bookings should gain significant momentum in the coming months, and the CNG Board says it remains confident that the company is on target to meet performance expectations for 2005.
Chief executive Mr Finbarr Power said: "We are disappointed that in the face of a changed market environment, conversion rates of high margin hotel bookings couldn't be made up in time for the year end 2004.
"However, we are very pleased with the market acceptance of TLC and the response from travel agents and hotels alike. We fully expect this momentum to continue as product enhancements are added in the course of the New Year."