Online travel sales company Lastminute.com this morning reported first quarter financial results that show sales and customer numbers increasing, whilst losses deepen.
Total transactions for the quarter reached £20.2 million in value, a 53% increase quarter on quarter and up from just £4.8 million for the same period a year earlier. The number customers making purchases via the site rose from 28,687 in Q4 1999 to 234,549 this time. However, despite this growing business, net losses at Lastminute were up 23.6% at £11.7 million. Furthermore, the number of registered users remained static quarter on quarter at 2.8 million.
Allan Leighton, chairman of Lastminute, described the figures as satisfactory, adding that there is ‘solid growth in key metrics.’ “As we have said before, there is a lot to do. However, our strong brand, our widening offer, the successful integration of [French online travel company] Degriftour, our new technology platform and our cash position continue to provide us with confidence as we build the business towards profitability,” he said.
Lastminute floated on the London Stock Exchange in March 2000, at the height of the dotcom boom. As a result its performance is seen to some degree as a barometer of the performance of the online sector and ‘new economy’ in general.
At 2:34pm today shares in Lastminute were up 1½p at 71p.
