Lastminute.com reduces losses

LONDON - Lastminute.com, the online travel service, has reported significantly reduced Ebitda losses for the second quarter down to 拢3.2m, a 66.4% year-on-year fall, as its UK and French operations hit operational profitability.

The company reported that its UK and French units hit operational profitability in the second quarter, which was one quarter earlier than had been expected.

The firm reported improved rates of customer conversion, rising to 18.3% from 11% last time. Registered subscribers leaped 60.2% to more than 5m, compared with 3.1m last time.

Total transaction value for the quarter grew by 46.6% to 拢40.8m, compared with 拢27.8m in the second quarter of 2001.

Pre-tax profit for the quarter grew by 59.3% year on year to 拢6.1m from 拢3.9m.

Allan Leighton, the Lastminute chairman, said: "The early delivery of operational profitability in the UK and France ensures that Lastminute.com is well placed to meet expectations for the overall group in the near term. We are also in a position to build upon our recent major UK acquisition and lead the consolidation of the online travel sector in Europe."

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