Lastminute.com, the online retailer, today announced narrowing losses and pledged to achieve profitability in the next quarter.
The company has reduced its cost base by £8.8 million in 2002 but still had the resources to acquire Destination Holdings Group and the Franco-Italian website, Travelselect.
The narrowing losses reflect not only cost cutting measures but also a significant increase in sales. Lastminute generated £61 million of transactions in the third quarter, resulting in turnover of £8.3 million. This was almost double the total for the same period last year.
“These results demonstrate the further shift towards group profitability and positive cashflow. All metrics show underlying improvement and development,” said chairman Allan Leighton.
At the close of trading today, shares in Lastminute were up by a penny at 96½p.